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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