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Technology Stocks : ISSI a great opportunity

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To: Ram Seetharaman who wrote (1015)	10/3/2000 4:15:34 PM
From: Ram Seetharaman	of 1058

Tech Radar - Comments from SG Cowen 10/3/00 8:44:00 AM Source: SG Cowen San Francisco, CA, October 3, 2000, 8:30 PST Visit the CNET Brokerage Center for daily reports from the top Wall Street analysts. ISSI (Strong Buy, $14) Initiating Coverage With A Strong Buy, $30-$40 Price Target ISSI, a fabless memory chips co, should continue growing significantly faster than the overall SRAM market; growth tied to the communications infrastructure equipment market. Plenty of operating leverage still exists; GM will go from 21% at the beginning of C99 to an estimated 36% by the end of C00; expect momentum to persist in 2001. Exceptional visibility through, at least, the end of C00; SRAM market is essentially "sold out" through the end of C00 at stable or rising ASP; expect ISSI to continue to gain share of the SRAM market, and grow 1½-to-2xs the 15% rate expected of the SRAM market. We are modeling F00 EPS of $0.86; F01 EPS of $2.00. Shares are extremely cheap at 31% of the S&P 500 multiple of C01 earnings.

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