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

Yangtze Optical Fibre and Cable / Equity Bottom-Up

Yangtze Optical Fibre and Cable (6869 HK)

<ul>
<li>The only fibre maker running all preform processes, with top global share, being repriced from a telecom cyclical to AI infrastructure — 1Q26 operating margin tripled to 22% from 8%.</li>
<li>After a ~46% de-rating from HK$282 (22 Jun) to HK$151.90, spot implies just a ~13x FY2030E EV/EBITDA exit multiple — under half the peer average, pricing in near-distressed terminal economics.</li>
<li>We initiate BUY, TP HK$170 (+12%), on a DCF-led blend (60/20/20). Even a deliberately conservative HK$150 DCF anchors the call; probability-weighted EV is HK$180 (+18%).</li>
</ul>


The only fibre maker running all preform processes, with top global share, being repriced from a telecom cyclical to AI infrastructure — 1Q26 operating margin tripled to 22% from 8%.
After a ~46% de-rating from HK$282 (22 Jun) to HK$151.90, spot implies just a ~13x FY2030E EV/EBITDA exit multiple — under half the peer average, pricing in near-distressed terminal economics.
We initiate BUY, TP HK$170 (+12%), on a DCF-led blend (60/20/20). Even a deliberately conservative HK$150 DCF anchors the call; probability-weighted EV is HK$180 (+18%).


Yangtze Optical Fibre (6869 HK) — Buying the Glass Behind the GPU After a 46% Crash