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.com 

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.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's discount to the value of its China-listed unit means nothing if management never acts to close it. That unit trades at roughly 70-80x in China, which looks a bit pricey, so fair value probably lies somewhere in between. x.com 

Alibaba is not a cheap Amazon, and cheap can stay cheap for a long time. It trades at 2015 prices, while since 2015 Amazon has gone from $34 to $250, Alphabet from $39 to $344 and QQQ from $100 to about $770, eleven years of missed compounding. Chinese companies should not be assumed to follow the playbook of American tech giants, just as Tencent is not Alphabet and BYD is not Tesla. x.com 

Alibaba is no longer worth owning when better opportunities exist. The case for it as a China hedge was a macro feeling applied to a single company, and it ignored Jack Ma being yanked away and a lack of cloud growth while leaning on share buybacks and looking too cheap to ignore. Despite its discount to US companies, other stocks, such as GitLab and Airbnb, now look much more compelling. x.com 

Chinese stocks remain a value trap because cheap valuations don't matter if shareholders keep getting diluted. Per Bloomberg, Alibaba plans to raise about $10.2 billion by selling 710 million shares at HK$112.7 each, a 3.6% discount to Friday's ADR close. x.com 

PDD Holdings carries governance and geopolitical red flags that its low valuation does not offset. Its founder stepped down and left the board at 41, the company fractured a regulator's hand and kept employees from speaking to regulators, growth slowed from 90% in 2023 to about 10%, it buys back no stock, and US investors face unknown treatment in a war. @fintergirl argues it trades below 4x operating earnings with 60% of its market value backed by cash. 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 

Sidus Space belongs in the too-hard pile because its leadership cannot be trusted, however much cash it holds. Its CEO owns Craig Technical Consulting, a private firm with 94% of the voting power, raising conflict-of-interest and governance concerns. A post the author replies to argues that after a $100 million raise, its cash could earn $4 million a year and end dilution. x.com  x.com  x.com