ACM research – the numbers seem fantastic, the news is consistently great, and the stock consistently goes down. Eg pe 12.5, forward pe 8.6, peg 0.3, and effectively no debt. They beat their last four earnings by 50%+ each and are down 19% this year.
As far as i've seen, critiques seem to be that a significant portion of their sales are in China, and that they are a scam fake company? The former makes sense to me as the majority of semi manufacturing is in China (they make wafer cleaning equipment) and additionally the management has stated they hope to expand to have at least 50% of sales be international (recently opened a facility in Oregon). I understand the suspiciousness of Chinese companies, but they trade on Nasdaq and switched from Chinese to Californian auditors to meet regulations.
I understand semi stocks are generally volatile, and my thesis was that ACMR represented a great pick and shovel play, however it seems that if semis go down, acmr goes down, if semis go up, acmr goes down. This week they are down almost 14%, with the only news being that they launched a new product and received new orders from US R&D centers.
Does anyone have any insight as to why ACMR might be moving the way it had been?
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