Moody
Equity Investor, Semiconductor Research
RS Technologies is a business that wins regardless and is undervalued today, as the world's leading semiconductor wafer recycler with about 33% share and TSMC and Sony as anchor customers. Its reclamation service, at a 38% operating margin, is needed at every step of chip production, a toll booth independent of any single technology. Its GRITEK stake plus net cash nearly equal its ~159bn yen market cap, leaving the core almost free at ~16x EV/owner FCF, or ~10x adjusted. x.comÂ
RS Technologies still looks reasonably valued at about 14x earnings, even after rising about 30% since it was first flagged earlier this year. It dominates reclaimed wafers with surprisingly good margins and sits in the tailwind of the AI infrastructure buildout. Fairly valued companies like this are a way to do well in this market without betting on moonshots. x.comÂ
RS Technologies' asset discount persists amid high management ownership, no activist and no real investor interest. Those are the reasons given for why it trades so cheaply despite its Chinese holding. x.comÂ
Amtech Systems' 131x trailing P/E hides an advanced-packaging turnaround. Its TrueFlat technology on Pyramax vacuum reflow platforms tackles substrate warpage in stacked dies and HBM, and these systems are over 30% of thermal segment revenue, heading past 40%. A semi-fabless shift under CEO Robert Daigle lifted gross margin to 47.7% on Q2 revenue up 31%, and its silicon carbide polishing consumables are rebounding. Institutions buying a $60M raise at $20.50 signal significant upside. x.comÂ
Topco Scientific is cheap at about 15x earnings because it is a decent company riding a tailwind, and it still has legs after starting to run. It is Shin-Etsu's primary agent for semiconductor materials such as silicon wafers and photoresists in Taiwan and parts of China, and has a silicone JV with Shin-Etsu. Management expects double-digit revenue growth this year, with exposure to CMP slurries, water treatment and advanced packaging. Such companies tend to outperform with half the volatility. … Show more
Sivers Semiconductors was purely a small cap swept into a momentum basket, not a changed business. Revenue shows no pivotal change, cash flow keeps declining, shares are diluted as the price surges, and management's speculative tone focuses on pipeline rather than results, until volume dries up and execution exhaustion sets in. Any other company with these numbers would draw heavy criticism. x.com x.comÂ
Xintec offers TSMC's co-packaged optics testing bottleneck at a huge discount. TSMC's COUPE volume production starts this year with wafer-level testing flagged as one of three critical scaling challenges, and TSMC plans to pursue CPO with its subsidiary Xintec, which is ramping wafer testing capacity for second-half 2026 growth. 90% trial yields on 310mm pilot lines suggest technical risk is falling faster than its roughly $2.18B market cap reflects. x.comÂ
Tower Semiconductor probably has little upside left, trading at 43x the $500M net profit it projects once its foundry buildout is complete and running at 85% utilization. By contrast, TSMC trades at 24x 2026 earnings. x.comÂ
Marvell's Q2 confirms a multi-year custom silicon and optical supercycle, with Q3 revenue guidance of $3.15 billion far above the $3.03 billion consensus. The AWS shift to 3nm Trainium 3 is ramping faster than expected, joined by 800G and 1.6T optical DSPs, Teralynx switching and Microsoft's Maia. Attach silicon around accelerators, including for Google, gives it a tollbooth across hyperscale infrastructure and a path to about $11 of CY28 EPS against a $9.64 consensus. x.com x.comÂ
