In today’s briefing:
- [ACM Research (ACMR US)]: Preferred Local Tool Supplier Beginning Global Ascent
[ACM Research (ACMR US)]: Preferred Local Tool Supplier Beginning Global Ascent
- 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
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