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

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

Samsung & SK Hynix: The Richest Cheap Stocks in Global Tech, With More Cash Than the Mag 7 Combined

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

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>2Q26 operating profit of KRW60.5tn missed the ~KRW64tn street but printed a record 76% margin, landing in our KRW58–61tn "bear miss" band.</li>
<li>Ignore the 118% net margin — it is inflated by a ~KRW63tn one-off investment gain. The operating quarter, ~10 customer LTAs and HBM4 mass shipment are the real read.</li>
<li>Reiterate BULLISH, Fair Value KRW3,500,000 (10.5x FY2026E EPS KRW300,355), ~+126% upside. The 28 July flush to KRW1,550,000 (~5.2x) triggered our add; net cash is a third of market cap.</li>
</ul>


2Q26 operating profit of KRW60.5tn missed the ~KRW64tn street but printed a record 76% margin, landing in our KRW58–61tn "bear miss" band.
Ignore the 118% net margin — it is inflated by a ~KRW63tn one-off investment gain. The operating quarter, ~10 customer LTAs and HBM4 mass shipment are the real read.
Reiterate BULLISH, Fair Value KRW3,500,000 (10.5x FY2026E EPS KRW300,355), ~+126% upside. The 28 July flush to KRW1,550,000 (~5.2x) triggered our add; net cash is a third of market cap.


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