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.

Initial Thoughts on the Yangtze Memory Technologies Co (YMTC) IPO

Major Highlights of SK Hynix 2Q 2026 Earnings

Institutional Investors Starting to Push Back on the Excessive Debt Issuance by the Hyperscalers

Equity Capital Markets

Yangtze Memory Technologies / Equity Capital Markets

<ul>
<li>YMTC files for STAR Market: RMB 47bn revenue and RMB 33.4bn net profit in Q1 2026 alone — 2.4× all of FY25 — at a 76.8% gross margin.</li>
<li>CXMT's 2.2% float re-rated 5.7× before lunch. YMTC arrives with ~1.7× the tradable float, the same sponsor, and the same captive domestic bid.</li>
<li>
<strong>SUBSCRIBE.</strong> Fundamental fair value RMB 785bn (RMB 39.6/share) on 7× FY27E profit — spot-tier multiple, no contracted floor; expected listing value RMB 1.1–1.5tn on float mechanics.</li>
</ul>


YMTC files for STAR Market: RMB 47bn revenue and RMB 33.4bn net profit in Q1 2026 alone — 2.4× all of FY25 — at a 76.8% gross margin.
CXMT's 2.2% float re-rated 5.7× before lunch. YMTC arrives with ~1.7× the tradable float, the same sponsor, and the same captive domestic bid.

SUBSCRIBE. Fundamental fair value RMB 785bn (RMB 39.6/share) on 7× FY27E profit — spot-tier multiple, no contracted floor; expected listing value RMB 1.1–1.5tn on float mechanics.


YMTC Pre-IPO Preview - China's NAND Champion: RMB 33bn Raise, CXMT's Playbook, Rerun