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 (000660KS, SKHY US) — 29 July Judgment Day: Q2 Preview and the Premium's Date with Gravity

TSMC Q226. You Put All The Truth Together, It's Not The Truth

Decoding TSMC's Transition from Offence to Defence

TSMC (2330 TW, TSM US) — June Revenue Update: Base Case Confirmed, Margin Reality Check on 16 Jul

TSMC (2330 TW, TSN US) — Initiate with a BUY: Unchallengeable Monopoly, Moat, and the AI Backbone

TSMC (2330 TT) What Can Go Wrong: A Tail-Risk Framework for the World's Most Important Stock

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Q2 revenue US$40.20bn (+36% YoY, +12% QoQ), GM 67.7%, EPS US$4.31 — all above the top end of guidance. FY26 growth guidance raised to above 40% USD, from above 30%.</li>
<li>Capex raised 15% to US$60–64bn; overseas-fab margin dilution guided wider, to 3–4%. No new buyback — capital return still runs through the dividend, up to NT$7.00/share.</li>
<li>Fair Value raised to NT$3,450/US$545 (from NT$3,230/US$510), on updated FY26E EBITDA of about US$125bn at an unchanged 22x multiple. Stance stays Bullish.</li>
</ul>


Q2 revenue US$40.20bn (+36% YoY, +12% QoQ), GM 67.7%, EPS US$4.31 — all above the top end of guidance. FY26 growth guidance raised to above 40% USD, from above 30%.
Capex raised 15% to US$60–64bn; overseas-fab margin dilution guided wider, to 3–4%. No new buyback — capital return still runs through the dividend, up to NT$7.00/share.
Fair Value raised to NT$3,450/US$545 (from NT$3,230/US$510), on updated FY26E EBITDA of about US$125bn at an unchanged 22x multiple. Stance stays Bullish.


TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (2330 TW, TSM US) — Q2 2026 Results: Beat & Raise Guidance = Raise Fair Value to NT$3,450