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    Executive Summary - Acmr

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    This report recommends taking a long position on ACMR stock, which develops cleaning and wet processing technology for semiconductors. It cites ACMR's leading 50% market share, strong patent portfolio, vertically integrated operations, and rapid 57.7% revenue growth significantly outpacing industry averages. The report sets a $77.93 target price, representing a 28.9% upside from the current $60.43 price.

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    Executive Summary - Acmr

    Uploaded by

    api-523877663
    205 views1 page
    This report recommends taking a long position on ACMR stock, which develops cleaning and wet processing technology for semiconductors. It cites ACMR's leading 50% market share, strong patent portfolio, vertically integrated operations, and rapid 57.7% revenue growth significantly outpacing industry averages. The report sets a $77.93 target price, representing a 28.9% upside from the current $60.43 price.

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    This report recommends taking a long position on ACMR stock, which develops cleaning and wet processing technology for semiconductors. It cites ACMR's leading 50% market share, strong patent portfolio, vertically integrated operations, and rapid 57.7% revenue growth significantly outpacing industry averages. The report sets a $77.93 target price, representing a 28.9% upside from the current $60.43 price.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    205 views1 page

    Executive Summary - Acmr

    Uploaded by

    api-523877663
    This report recommends taking a long position on ACMR stock, which develops cleaning and wet processing technology for semiconductors. It cites ACMR's leading 50% market share, strong patent portfolio, vertically integrated operations, and rapid 57.7% revenue growth significantly outpacing industry averages. The report sets a $77.93 target price, representing a 28.9% upside from the current $60.43 price.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    Executive summary

    Date: June 19, 2020 Recommendation: BUY (long) Exchange: NASDAQ


    Market price: $60.43 Target price: $77.93 Sector: Technology
    Ticker: ACMR Upside: 28.9% Industry: Semiconductor

    Recommendation
     The recommendation of this report is to take a long position on ACMR (3-year horizon).
     The fundamental and qualitative analysis evaluated in this research report supports the thesis.
    Investment highlights
     ACM Research develops, manufactures, and distributes specialized cleaning and wet processing
    technology for the progressive semiconductor industry.
     The industry is supported by the long-term tailwinds of consumer demand for innovative
    electronics, IoT, and other technological advancements that rely on ACMR’s technology.
     ACMR controls 50% of the global market for single-wafer wet-cleaning equipment and has
    secured a strategic portfolio of 285 patents.
     Operations are vertically integrated, allowing it to focus on product differentiation, R&D, price
    point, and offering premium products.
     ACMR has experienced rapid growth with a revenue CAGR of 57.7%, significantly outperforming
    the industry’s 7.1% growth. New strategic relationships and effective growth initiatives have
    also led to an attractive EBITDA CAGR of 71.7% (all three-year CAGRs).
     The implied share price that this report has found ($77.93), indicates that ACMR is trading below
    its optimal price, offering a potential upside of 28.9%.

    150 Revenue

    100
    107.5

    50 74.6

    27.4 36.5
    0
    2016 2017 2018 2019

    300%

    200%

    100%

    0%

    -100%
    Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20
    ACM Research, Inc. (NasdaqGM:ACMR) - Share Pricing
    NASDAQ Composite Index (^COMP) - Index Value

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