[ACM Research Inc. (ACMR US, BUY, TP US$30) Earnings Preview]: Tool Monopoly for Next YMTC Expansion

We expect ACMR to report C1Q23 top-line and IFRS net income 2.8% and 83% vs. consensus. We expect it to raise the mid-point of its guidance to US$560mn~, due to YMTC orders and 4Q23 order visibility;