ACM Research looks underpriced because its Chinese subsidiary alone has a backlog equal to about half the company's market cap. ACM Shanghai's backlog rose 88.2% to $2.5B, yet the stock barely reacted. x.com  x.com 

ACM Research is breaking out cleanly from a big base on strong earnings and theme momentum, the combination behind some of the biggest winners. It builds the tools that clean and process wafers in every chip factory, yet remains one of the least talked-about names. x.com 

ACM Research looked great as a value stock, but less so once it is clear it only makes wafer-cleaning equipment. @masayoshisson sees it, like nearly every AI stock, showing textbook complacency before complete capitulation, perhaps a few months after an Anthropic IPO. x.com 

Amkor's expansion in advanced packaging supports a bullish growth outlook as that work becomes more important. Packaging accounts for 88% of sales and computing revenue rose 25%; capacity spending explains negative free cash flow. Q3 EPS was $0.76, implying roughly 12x annualized earnings, while Q4 EPS guidance is $0.65-$0.75. The compute opportunity is only starting, despite the decline in mobile. x.com  x.com  x.com  x.com 

ACM Research should benefit as China's wafer fab equipment spending soars over the next couple of years across memory and leading-edge logic, more than offsetting lower mature-node spending. Its advanced packaging sales to non-Chinese clients are also growing well, and valuation looks reasonable after the recent pullback. x.com 

ACM Research carries binary China risk: China is about 97% of its business, and authorities could stop it any day, forcing management to choose between San Jose and China. The CCP's threats toward other countries make that exposure uglier, whatever the company's $4B revenue ambition. x.com  x.com  x.com 

ACM Research trades at a discount of more than 50% to the value of its China subsidiary, which is worth over twice the parent and has posted back-to-back gains above 15%. China's mainland market rally should eventually flow through to consumption. x.com 

ACM Research stands out among holding-company NAV discounts because its subsidiary is growing independently and an H-share subsidiary listing is coming soon, making it one of the biggest discounts with a path to unlock and a candidate for more concentration. Similar discounts at Korean holding companies such as Iljin Holdings and Simmtech Holdings look less trustworthy for a NAV unlock given governance. This is still early research, not a formal conclusion. x.com