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 ADR: US$200bn Book, US$26.5bn Raised — Marking Our Calls to Market on Debut Day

SK Hynix (000660 KS | SKHY US): Nosebleed Monday, Not a Bloodbath — Fundamentals Say Stay Bullish

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

SK Hynix (000660 KS): Buy the Supercycle's Crown Jewel

Equity Bottom-Up

<ul>
<li>The ADR listing broadens investor access and could drive US$9.2bn of passive inflows. However, the outcome might be different than most are currently modelling.</li>
<li>Two-Way fungibility kills the TSMC premium analogy — arbitrageurs will compress the spread to near-parity before July 15. </li>
<li>We remain BUY with TP of KRW3,500,00 (12x FY2027E earnings). The real bull case remains 56% HBM share, sold-out 2026 capacity, and &gt;72% operating margins.</li>
</ul>


The ADR listing broadens investor access and could drive US$9.2bn of passive inflows. However, the outcome might be different than most are currently modelling.
Two-Way fungibility kills the TSMC premium analogy — arbitrageurs will compress the spread to near-parity before July 15. 
We remain BUY with TP of KRW3,500,00 (12x FY2027E earnings). The real bull case remains 56% HBM share, sold-out 2026 capacity, and &gt;72% operating margins.


SK Hynix ADR: The TSMC Analogy Is Intellectually Lazy — Here Is What Actually Matters