EVENTS:   The Roaring 2020s or a Rerun of the 1970s? - Edward Yardeni/Yardeni Research - 24 Mar 26   Best Equity Short Ideas Conference Call 13 - Thomas Chanos/Badger Consultants & Dr. Aaron Fletcher/Bios Research & Jonathan Telgener/Channel Dynamics & Ed Steele/Iron Blue Financials & John Zolidis/Quo Vadis Capital & Mark Hiley/The Analyst - 26 Mar 26     ROADSHOWS: Chinese Equity Ideas & Channel Checks Across 50 sub-sectors - Don Ma /Horizon Insights   •   London   23 - 27 Mar 26       Long Short European Equity Research - Harry Grist /The Analyst   •   New York   26 Mar 26       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   27 - 27 Mar 26      
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Will Semiconductor (603501 CH)

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AceCamp International

Fundamentals set to recover from 2Q23 - AceCamp expects non-recurring net profit to reach RMB0.4bn/0.7bn/0.9bn in 2Q/3Q/4Q23; FY estimates are RMB15bn/31bn/44bn/56bn (2023-26). Recent channel checks further support their bullish view as the semiconductor company continues to benefit from 1) secular growth of automotive CIS, CIS for VR/MR/AR, and medical CIS and 2) its market share gain in automotive ICs and driver ICs. The stock has the potential to trade at 30x 2025 PE (RMB1,42bn) vs. M/cap of RMB1,10bn.

Edition: 152

- 20 January, 2023