APAC Roundup

MU, ACMR, JCU, Vietnam v Indonesia, 9998

MU: Beyond the Hype argues for $400+

Simple Investing, a Singapore-based PM:

BTH argues for >$400 base case on the basis of Discounted Value of EPS over four years and 2029 valuation of $9 quarterly EPS growing at AI memory market growth rate.

Bear case of $140 EPS over four years and 2029 valuation of $7.50 quarterly EPS gets you > $300.

MU could also buyback stock to boost bottom-of-cycle EPS. On the other hand:

ACMR

Memory semicap beneficiaries include ASML and AMAT. As a ballast for China FUD, one could consider adding ACMR to that list. The thesis is succinctly illustrated by this chart from Citrini: