This Multibagger Semiconductor Stock Has Sharp Upside Despite Capex Headwinds and US Embargo, Analyst Writes

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  • Benchmark analyst Mark Miller reiterated a Buy on ACM Research, Inc ACMR and a $43 price target.
  • ACM Research (Shanghai), Inc posted preliminary revenue for the September 30, 2022 quarter between $119 million and $131 million, representing growth of 84% - 101% Y/Y, above the consensus of $110.9 million.
  • With over 90% of its business going to Chinese customers, mainly DRAM manufacturers, ACM’s shares have been under pressure due to CAPEX cuts by chip manufacturers and, more recently, due to new U.S. restrictions that block exports of advanced chips and related equipment to China
  • Despite these concerns, the shares appear pretty attractive at the current level. 
  • ACMR reported second-quarter FY22 revenue growth of 93.8% year-on-year to $104.4 million, beating the consensus of $72.3 million. Non-GAAP EPS of $0.22 beat the consensus of $0.05.
  • Revenue from Single wafer cleaning, Tahoe, and semi-critical cleaning equipment rose 59.7% Y/Y to $72.6 million.
  • Price Action: ACMR shares traded lower by 14.20% at $8.13 on the last check Friday.

 

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