I bumped up my TTMI position by 43% at 123.75 with a trade weight of about 1.9% taking the position to about 6%.
Most semiconductor and AI infrastructure suppliers are getting hit hard this morning and TTMI has corrected almost 50% from its highs in June but it’s now below where it was when they reported a strong 1Q and subsequently provided even stronger commentary at their Analyst Day. The stock is quickly digesting its high valuation and is likely getting under 30X this year’s earnings which is not expensive for a name that is set to at least double earnings in 2 years. Given their recent opening of a new manufacturing facility in New York, their re-shoring opportunities and strong demand of increasingly complex PCBs and modules I think these levels are getting back to compelling levels. Obviously in this environment selling can continue but I think once the fear wanes TTMI has a lot of room to keep growing.