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  "documentTitle": "ACM Research, Inc. (ACMR)",
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      "text": "With healthy growth continuing into the 2030s, GAAP EBIT margins in the 21% range, an 11.7% WACC, and a 17.5x EV / LTM EBITDA exit multiple (relative to a current small-cap WFE average of 24x), we get a $72 per share fair value for ACMR, representing 300%+ upside from current levels.",
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      "text": "If it were 1995, would you invest in Lam Research or Applied Materials? China is pulling all the stops to create its own set of platform WFE companies, and we bet it'll be successful.",
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      "text": "Source: ACMR SEC filings, S&P Capital IQ, Kerrisdale analysis",
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