Nobbled Tuesday, 07/10/18 10:08:07 AM Re: None Post # of 15 Report Date: July 06, 2018 ACM Research Inc NASDAQ: ACMR Price as of 07/06/2018 Copyright ©2018 Ford Equity Research www.fordequity.com RATING 1 2 3 4 5 Reiteration 7/06/18 We project that ACMR will outperform the market over the next 6 to 12 months. This projection is based on our analysis of three key factors that influence common stock performance: earnings strength, relative valuation, and recent price movement. Previous Rating 1 2 3 4 5 (11/12/11 - 6/29/18) 52-Week Price Range $4.75 - $14.94 Market Capitalization $0.17 Billions Industry Semiconductors Earnings Strength VERY POSITIVE very negative neutral very positive EPS increased from $-0.38 to an estimated $-0.03 over the past 5 quarters indicating an improving growth rate. Analyst forecasts have recently been raised. Company recently reported better than expected results. Relative Valuation NEGATIVE very negative neutral very positive Operating Earnings Yield of -0.3% ranks above 26% of the companies covered by Ford. Price Movement NOT RATED very negative neutral very positive 1-year price : N/A 1-quarter down 8.1%: VERY POSITIVE 1-month down 14.1%: VERY POSITIVE ACM Research develops, manufactures and selsl single-wafer wet cleaning equipment, which semiconductor manufacturers can use in numerous manufacturing steps to remove particles, contaminants and other random defects, and thereby improve product yield, in fabricating advanced integrated circuits, or chips. The company’s Ultra C equipment is designed to remove random defects from a wafer surface effectively, without damaging a wafer or its features, even at an increasingly advanced process node of 22 nanometers, or nm, or less.