Global Mobility/Transport, Equity Long-Short

Mo Aziz

Capital market veteran with 23 years experience with stints as an analyst (sell-side & buyside), investor relations and fund manager. 

My key expertise in the aviation sector. My definition of "aviation" includes airlines, travel tours, airports, airport retail & services, OEMs, online travel agents, aircraft lessors, air cargo/logistics, etc.   

I have an active watchlist consisting 190 companies across 41 countries. The aviation sector is highly cyclical and I am constantly evaluating signals to uncover attractive trade opportunities.

Equity Bottom-Up

Contemporary Amperex Technology / Equity Bottom-Up

Contemporary Amperex Technology (3750 HK)

<ul>
<li>CATL’s earnings strength is intact, but the US$4.4bn mining pivot signals a capital-intensive phase, increasing the probability of equity dilution via a potential US$5bn raise.</li>
<li>Vertical integration into mining secures long-term margins but shifts CATL into a lower-ROIC, balance-sheet-heavy model—investors must now price capital intensity, not just growth. </li>
<li>Tactical view: near-term overhang from capital raising favours selling rallies; longer-term upside remains intact—better entry likely post-placement discount or funding clarity. </li>
</ul>


CATL’s earnings strength is intact, but the US$4.4bn mining pivot signals a capital-intensive phase, increasing the probability of equity dilution via a potential US$5bn raise.
Vertical integration into mining secures long-term margins but shifts CATL into a lower-ROIC, balance-sheet-heavy model—investors must now price capital intensity, not just growth. 
Tactical view: near-term overhang from capital raising favours selling rallies; longer-term upside remains intact—better entry likely post-placement discount or funding clarity. 


Contemporary Amperex Technology (CATL) (300750 CH)

CATL(3560 HK): 2026년 1분기 호실적은 전략적 전환을 가리고 있다 - 자금 조달 위험이 투자 대상이다