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.

Equity Bottom-Up

<ul>
<li>Q1FY26 results will be out on 24/Jun, consensus expectation of core EPS6.15 (+5% YoY). This is better than its global rivals whom all saw YoY declines. </li>
<li>The Middle-East war has negatively impacted on global holidays, but Trip.com's comprehensive products offerings and discounting has largely mitigated the situation. </li>
<li>Our FV US$60 and HK$470 — premised on 14x FY26E P/E, on par with China's consumer discretionary multiple. This implied +33% UPSIDE potential from current market price.</li>
</ul>


Q1FY26 results will be out on 24/Jun, consensus expectation of core EPS6.15 (+5% YoY). This is better than its global rivals whom all saw YoY declines. 
The Middle-East war has negatively impacted on global holidays, but Trip.com's comprehensive products offerings and discounting has largely mitigated the situation. 
Our FV US$60 and HK$470 — premised on 14x FY26E P/E, on par with China's consumer discretionary multiple. This implied +33% UPSIDE potential from current market price.


Trip.com (TCOM US / 9961 HK): The Global OTA Compounder That Will Take Over the World