Equity Long-Short

Mo Aziz

Capital markets veteran with 25 years across sell-side and buy-side research, investor relations, and fund management. Currently publish independent equity research (Mofferies Investment Research, via Smartkarma) spanning semiconductor memory (DRAM/NAND/HBM), foundry, semiconductor equipment and advanced packaging, gold and cross-asset strategy, financials forensics, and APAC IPOs — with a standing watchlist of 190+ companies across 41 countries. Background includes deep aviation-sector expertise (airlines, airports, OEMs, lessors, air cargo, travel/OTAs). Approach centers on identifying cyclical inflection points and mispriced risk across sectors, translated into explicit, actionable calls.

SK HYNIX (000660KS, SKHY US) 2Q26 Results: The Consensus Miss We Flagged — And Why We Add Into It

SK Hynix (000660 KS): 25% Rebound Revives Leveraged ETF AUM

Samsung Electronics (005930 KS): 2x Leveraged ETF AUM Retreats as Performance Drag Mounts

SK Hynix (000660KS, SKHY US) — 29 July Judgment Day: Q2 Preview and the Premium's Date with Gravity

SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #3 | 18–25 July 2026

SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #2 | 28 June – 17 July 2026

Equity Bottom-Up

<ul>
<li>The stock is driven by its ETFs, not earnings: realised vol ~1.4x hotter since the 27 May 2x-ETF launch, retail down ~70%, regulators tightening from 5 August.</li>
<li>We sit below consensus at ~KRW58tn Q2 operating profit vs ~KRW64tn street. A print the market calls a "miss" lands on our model and leaves Fair Value intact.</li>
<li>Reiterate BULLISH, Long SK Hynix. Top-quartile ROE at a median multiple, Nvidia's HBM4 lock de-risks demand, and 29 July results should resolve the ETF-driven drawdown upward.</li>
</ul>


The stock is driven by its ETFs, not earnings: realised vol ~1.4x hotter since the 27 May 2x-ETF launch, retail down ~70%, regulators tightening from 5 August.
We sit below consensus at ~KRW58tn Q2 operating profit vs ~KRW64tn street. A print the market calls a "miss" lands on our model and leaves Fair Value intact.
Reiterate BULLISH, Long SK Hynix. Top-quartile ROE at a median multiple, Nvidia's HBM4 lock de-risks demand, and 29 July results should resolve the ETF-driven drawdown upward.


SK HYNIX (000660KS, SKHY US): 29 July - Mark It, Circle It, Put in on Your Fridge