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.

Tokyo Electron (8035 JP) - Initiate with a Neutral: Priced For A Year It Hasn't Booked Yet

Equity Bottom-Up

<ul>
<li>Record Q1 sales ¥732bn (+33% YoY) at a 28.9% operating margin; EPS beat consensus but revenue missed 3.7%. Profitability, not the top line, drove the print.</li>
<li>Management raised H1 sales to ¥1,620bn and lifted the WFE market view to $150B+/$190B+ for CY26/27, with H2 guided stronger; full-year guidance still withheld to Q2.</li>
<li>We upgrade to BULISH (from NEUTRAL). PT ¥75,000 = 48x FY2027E EPS ¥1,560, ~35% upside — the premium multiple justified by AI-led WFE re-acceleration and TEL's leading-edge mix.</li>
</ul>


Record Q1 sales ¥732bn (+33% YoY) at a 28.9% operating margin; EPS beat consensus but revenue missed 3.7%. Profitability, not the top line, drove the print.
Management raised H1 sales to ¥1,620bn and lifted the WFE market view to $150B+/$190B+ for CY26/27, with H2 guided stronger; full-year guidance still withheld to Q2.
We upgrade to BULISH (from NEUTRAL). PT ¥75,000 = 48x FY2027E EPS ¥1,560, ~35% upside — the premium multiple justified by AI-led WFE re-acceleration and TEL's leading-edge mix.


Tokyo Electron (8035 JP): The Correction Did Our Work — Upgrade to BULLISH on the AI Re-Acceleration