JEM (6855), the fourth largest probe card company, appears cheap for a company supplying HBM consumables. Investor darling $form names JEM first as a probe card competitor in its 10K. JEM trades at a discount to its larger peers (~7.5 fp/e on my assumptions), having grown revenue 40% y/y and operating profit 77% y/y for 9M ending 31.12.25.