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

Equity Bottom-Up

<ul>
<li>SK Hynix owns 56% of the global HBM market with a three-year sold-out backlog at 72% operating margins — a structural moat, not a cycle peak.</li>
<li>The Nasdaq ADR listing (SKHY, 10 July) unlocks an estimated US$9.2bn in phased passive index demand; the 39-day window to VanEck SMH inclusion is the optimal entry point.</li>
<li>Initiating BUY, KRW 3,500,000 KRX / US$212 ADR target; 10.5x FY2026E forward P/E — the lower bound of the bull case.</li>
</ul>


SK Hynix owns 56% of the global HBM market with a three-year sold-out backlog at 72% operating margins — a structural moat, not a cycle peak.
The Nasdaq ADR listing (SKHY, 10 July) unlocks an estimated US$9.2bn in phased passive index demand; the 39-day window to VanEck SMH inclusion is the optimal entry point.
Initiating BUY, KRW 3,500,000 KRX / US$212 ADR target; 10.5x FY2026E forward P/E — the lower bound of the bull case.


SK Hynix Inc. (000660 KS / SKHY US) — Initiation