Podcast by Andrew Walker, a PM at Rangeley Capital, Yet Another Value Podcast

Yet Another Value Podcast

Podcast by Andrew Walker, a PM at Rangeley Capital

Yet Another Value Podcast is a new podcast from Andrew Walker, the founder of yetanothervalueblog.substack.com/. We interview top investors and dive deep into stocks and companies they are currently working on and investing in. While nothing on this channel is investing advice and everyone should do their own diligence, our goal is to frequently feature edgy and actionable value and/or event driven ideas. Please see our legal and disclaimer at: https://yetanothervalueblog.substack.com/p/legal-and-disclaimer

Equity Bottom-Up

<ul><li>ACMR is a wafer fabrication equipment company that sells tools to semiconductor fabrication plants</li><li>The company operates in a sector dominated by oligopolies with strong competitive advantages</li><li>The symbiotic relationship between FABS and WFE makers creates barriers to entry for new competitors, providing long-term stability for the industry and companies like ACMR.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

ACMR is a wafer fabrication equipment company that sells tools to semiconductor fabrication plantsThe company operates in a sector dominated by oligopolies with strong competitive advantagesThe symbiotic relationship between FABS and WFE makers creates barriers to entry for new competitors, providing long-term stability for the industry and companies like ACMR.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Kerrisdale Capital's Sahm Adrangi on $ACMR's price dislocation between Shanghai and NASDAQ listings

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

<ul><li>ACM Research is a bit of an oddball stock. It’s a US listing of a Chinese company, with 82% ownership of the Chinese subsidiary.</li><li>The US listing is the parent company and has been in the crossfire of US-China trade tensions for years.</li><li>It is probably the best Chinese Semicap company and has real orders with multinational companies, notably SK Hynix.</li></ul>

ACM Research is a bit of an oddball stock. It’s a US listing of a Chinese company, with 82% ownership of the Chinese subsidiary.The US listing is the parent company and has been in the crossfire of US-China trade tensions for years.It is probably the best Chinese Semicap company and has real orders with multinational companies, notably SK Hynix.

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>We expect ACMR to report C4Q22 top-line, non-IFRS operating profit, and IFRS net income in-line, 21% and 96% vs. consensus, respectively. </li>
<li>New SPE import limits provide ACMR with a multi category quasi-monopoly. Thus, we raise our FY23 market share estimate for ECD/wafer clean/furnace to 51%/32%/2% from prior 25%/25%/0%.</li>
<li>ACMR’s quasi-monopoly position in multiple categories sustain its long-run growth, which underlines a 58% TP increase to US$ 30 and continued status as our top hardware pick.</li>
</ul>


We expect ACMR to report C4Q22 top-line, non-IFRS operating profit, and IFRS net income in-line, 21% and 96% vs. consensus, respectively. 
New SPE import limits provide ACMR with a multi category quasi-monopoly. Thus, we raise our FY23 market share estimate for ECD/wafer clean/furnace to 51%/32%/2% from prior 25%/25%/0%.
ACMR’s quasi-monopoly position in multiple categories sustain its long-run growth, which underlines a 58% TP increase to US$ 30 and continued status as our top hardware pick.


[ACM Research Inc. (ACMR US, BUY, TP US$30) TP Change]: At the Foothill of a Multi-Category Monopoly

External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

<ul><li>ACM Research (ACMR) is a promising long-term investment with projected 100-300% upside and minimal downside risk</li><li>The company is relatively unknown, undervalued, and poised for significant growth, with a strong balance sheet and an owner-operated structure</li><li>ACMR's semiconductor capital equipment manufacturing assets in China present a compelling opportunity for investors, despite volatility and US-China tensions</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

ACM Research (ACMR) is a promising long-term investment with projected 100-300% upside and minimal downside riskThe company is relatively unknown, undervalued, and poised for significant growth, with a strong balance sheet and an owner-operated structureACMR's semiconductor capital equipment manufacturing assets in China present a compelling opportunity for investors, despite volatility and US-China tensionsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Acm Research Inc (ACMR) - Monday, Sep 30, 2024

<ul>
<li>ACMR reported C1Q23 top-line, GAAP EBIT and non-IFRS net profit (2.8%), 42% and 35% vs. our est., and in-line, and positive vs. negative, respectively. </li>
<li>We estimate ACMR’s China wafer clean/ECD share was 11%/45%~ in 1Q23, +4/28ppts YoY, while guidance implies 45%/50%~ in 4Q23, respectively; </li>
<li>We maintain BUY and US$ 30 TP, implying 2.0x FY24 EV/Sales</li>
</ul>


ACMR reported C1Q23 top-line, GAAP EBIT and non-IFRS net profit (2.8%), 42% and 35% vs. our est., and in-line, and positive vs. negative, respectively. 
We estimate ACMR’s China wafer clean/ECD share was 11%/45%~ in 1Q23, +4/28ppts YoY, while guidance implies 45%/50%~ in 4Q23, respectively; 
We maintain BUY and US$ 30 TP, implying 2.0x FY24 EV/Sales


[ACM Research (ACMR US)]: Preferred Local Tool Supplier Beginning Global Ascent

United States

ACM Research, Inc. develops wet processing technology. The Company produces equipment for a range of applications in integrated circuits and wafer level packaging, as well as offers coating, developer, wet stripping, scrubber, and plating systems. ACM Research serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

ACM Research (ACMR US)

Kerrisdale Capital's Sahm Adrangi on $ACMR's price dislocation between Shanghai and NASDAQ listings

In-depth expert insights reveal unique consumer behavior, making companies like ACMR an intriguing long-term investment opportunity in the...

Yet Another Value Podcast

Chinese Semiconductor Beneficiary

The EV wave is big for Chinese lagging edge. One of the largest beneficiaries is bullish. ACM Research is a bit of an oddball stock. It’s a US...

Fabricated Knowledge

[ACM Research Inc. (ACMR US, BUY, TP US$30) TP Change]: At the Foothill of a Multi-Category Monopoly

ACMR’s quasi-monopoly position in multiple categories sustain its long-run growth, which underlines a 58% TP increase to US$ 30 and continued...

Blue Lotus Research Institute

Acm Research Inc (ACMR) - Monday, Sep 30, 2024

ACMR's semiconductor capital equipment manufacturing assets in China present a compelling opportunity for investors, despite volatility and US...

Value Investors Club

[ACM Research (ACMR US)]: Preferred Local Tool Supplier Beginning Global Ascent

We maintain BUY and US$ 30 TP, implying 2.0x FY24 EV/Sales, as ACMR remains the top and/or only choice for local SPE tools in multiple segments.

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)