Company Overview - Bunzl plc is a staples distributor that specializes in supplying non-food consumable products such as packaging, cleaning, and safety items to businesses [1] - The company has achieved growth primarily through steady acquisitions and has a long history of increasing dividends [1] Investment Strategy - The investment strategy focuses on building a consistent, low-risk passive income portfolio, aiming for approximately 12% average annual returns with minimal downside risk [1] - The emphasis is on capital preservation and stable value compounding rather than short-term momentum [1] Analyst Background - The analysis is conducted by a professional with over a decade of experience in equity research, specializing in cash-generative businesses, special situations, and corporate restructurings in developed markets [1] - The investment approach is influenced by renowned investors like Warren Buffett and Howard Marks, relying on deep fundamental analysis and rigorous valuation discipline [1]

Financial Performance - ACM Research achieved revenue of $7821 million in FY24, a 40% increase year-over-year from $5577 million in FY23[14, 44] - The company's non-GAAP gross profit for 2024 was $3939 million, representing a 504% gross margin, compared to $2776 million and 498% in 2023[48] - Non-GAAP operating income reached $2006 million in 2024, a 628% increase year-over-year, representing 256% of revenue[33] - Diluted non-GAAP earnings per share (EPS) increased to $226 in 2024, compared to $163 in 2023[33, 46] - Q4 2024 revenue was $2235 million, a 31% increase compared to $1703 million in Q4 2023[33, 35] Product Mix and Market - Cleaning products accounted for 74% of the company's revenue in FY24[14] - ECP, Furnace & Other products contributed 19% to the revenue in FY24[14] - Advanced Packaging & Other products made up 7% of the revenue in FY24[14] - ACM Research estimates its current product portfolio addresses a $18 billion Serviceable Available Market (SAM)[21, 27]

Core Insights - ABM Industries largely met Wall Street expectations for the quarter, but rising costs and full-year guidance imply potential risks of weakness compared to estimates [1] - Investors reacted defensively, leading to a 13% decline in ABM shares [1] Financial Performance - ABM reported earnings of $0.86 per share for the fiscal second quarter ending April 30, which was a penny shy of expectations, with revenue in line at $2.1 billion [3] - The quarter marked a return to organic revenue growth, driven by strength in the prime commercial office market, with revenue growth of 3.4% compared to a 3% rise in operating expenses and a 9% rise in selling, general, and administrative expenses [4] Market Outlook - The company secured $1.1 billion in new bookings in the first half of its fiscal year, reflecting an 11% increase [4] - CEO Scott Salmirs expressed a constructive outlook for core markets, particularly high-quality office buildings, manufacturing and distribution facilities, commercial aviation, and microgrids [5] - Projects delayed in the second quarter are expected to be realized in the third quarter [5] Investor Sentiment - Investors were looking for more acceleration than what ABM delivered, and given broader macro uncertainty, there appears to be more downside risk than upside in the coming months [6] - Concerns include potential slowdowns in manufacturing or layoffs affecting office building occupancy, which could negatively impact results [6]