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) 1Q FY2026 Review: AI Monetisation Is Arriving Faster Than Expected

AI Sustainability: East Profits. West Burns.

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

Equity Bottom-Up

Tencent Music Entertainment / Equity Bottom-Up

<ul>
<li>Earnings beat expectations on solid revenue diversification and superb cost control. The platform's earnings mix is improving structurally.</li>
<li>Outlook remains positive, growth will be high single digits, cost pressures are manageable, and its fortress-like balance sheet means it is ready for war!  </li>
<li>Share price has been over-punished, and risk/reward is very attractive. Our FV is USD16/HKD65 (+1F PE of 17x, -1SD mean). ACCUMULATE.</li>
</ul>


Earnings beat expectations on solid revenue diversification and superb cost control. The platform's earnings mix is improving structurally.
Outlook remains positive, growth will be high single digits, cost pressures are manageable, and its fortress-like balance sheet means it is ready for war!  
Share price has been over-punished, and risk/reward is very attractive. Our FV is USD16/HKD65 (+1F PE of 17x, -1SD mean). ACCUMULATE.


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