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  "documentTitle": "ACM Research, Inc. (ACMR)",
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  "notes": "The table compares a sum-of-the-parts valuation (stake in ACMS) against a DCF-derived future earnings valuation.",
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      "text": "The simple conclusion is that valuing ACMR in line with practically any other WFE company yields tremendous upside.",
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      "text": "Upside: 318%",
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      "text": "Small-cap WFE companies... trade at even higher multiples... ACMR multiples have remained flat... simple conclusion is that valuing ACMR in line with practically any other WFE company yields tremendous upside.",
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      "text": "We further illustrate the absurdity of ACMR's current valuation with two back of the envelope calculations: the value of ACMR's ownership stake in ACMS and future (2028E) EPS at a projected P/E multiple discounted back to the present.",
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      "text": "Looking at current share prices, the company's subsidiary ACM Research (Shanghai) trades at a $5.8 billion enterprise value... In our second methodology, we forecast ACMR GAAP EPS of ~$3 in 2028.",
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      "text": "Source: Kerrisdale analysis",
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      "text": "Value of ACMR Stake in ACMS vs Value Based on Discounted 2028E EPS",
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      "text": "Two Alternative Valuation Approaches",
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