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.

Tencent (700 HK) 2Q2026 Results Preview: The Gaming Scare Is a Head-Fake, the Shorts Are Mistaken

Alibaba (9988 HK / BABA US): Earnings Date Announced; Options Set to Reprice

Tencent (700 HK) Earnings on 12 Aug: Elevated Volatility, Modest Implied Move

TENCENT MUSIC (1698 HK) 1Q FY2026 Earnings Review: Results Above, Outlook More Stable. Deep Value.

Equity Bottom-Up

<ul>
<li>1Q26 beat consensus driven by advertising, gaming, and cloud-related AI demand. AI is already lifting monetisation, engagement, and margins across the ecosystem.</li>
<li>Tencent increasingly resembles an integrated “AI operating system” sitting on top of China’s largest social, payments, gaming, and enterprise ecosystem. The market still underestimates this strategic positioning.</li>
<li>Consensus fair value of HKD724/share implies +56% UPSIDE potential from current share price. Risk reward is compelling, and we suggest to ACCUMULATE </li>
</ul>


1Q26 beat consensus driven by advertising, gaming, and cloud-related AI demand. AI is already lifting monetisation, engagement, and margins across the ecosystem.
Tencent increasingly resembles an integrated “AI operating system” sitting on top of China’s largest social, payments, gaming, and enterprise ecosystem. The market still underestimates this strategic positioning.
Consensus fair value of HKD724/share implies +56% UPSIDE potential from current share price. Risk reward is compelling, and we suggest to ACCUMULATE 


Tencent (700 HK) 1Q FY2026 Review: AI Monetisation Is Arriving Faster Than Expected