Sahm Adrangi, Chief Investment Officer at Kerrisdale Capital, joins the podcast to share his thesis on ACM Research, Inc. (NASDAQ: ACMR), develops, manufactures and sells semiconductor process equipment spanning cleaning, electroplating, stress-free polishing, vertical furnace processes, track, PECVD, and wafer- and panel-level packaging tools, enabling advanced and semi-critical semiconductor device manufacturing.
Kerrisdale Capital's $ACMR write-up: https://www.kerrisdalecap.com/investments/acm-research-acmr/
For more information about Kerrisdale Capital, please visit: https://www.kerrisdalecap.com/
Chapters:
[0:00] Introduction + Episode sponsor: Alphasense
[3:28] What is ACM Research and why are they so interesting to Sahm
[7:27] Chinese competitors
[10:24] What is Sahm seeing with $ACMR that the market is missing
[12:54] Discounts
[15:34] $ACMR business vs. politics/regulatory risks
[22:48] China risk / listing in Asian market / US-listed company with operations in China, CEO being US citizen
[29:54] Is there a lack of urgency from management? (Capital Allocation strategy)
[33:54] $ACMR valuation
[37:33] Technical sophistication of the cleaning tools
[41:19] How exposed to slow down in AI spending and business growth prospects
[48:10] $ACMR final thoughts
[50:39] What could go wrong / what could break $ACMR thesis for Sahm
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