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

[ACM Research (ACMR US, BUY, TP US$30) Preview]: CXMT Order Volume Could Be Ahead of Expectations

[ACM Research (ACMR US, BUY, TP US$30) Review]: Beat on Order Pull-In and Favorable Foreign Exchange

[ACM Research (ACMR US, BUY, TP US$30) Earnings Review]: Korea and US Are the Next Battlefields

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

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

China/Asia TMT

Shawn Yang

Equity Bottom-Up

<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