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Strategies & Market Trends : Value Investing
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To: studdog who wrote (2996)1/10/1998 3:05:00 PM
From: Jyoti sharma   of 78744
 
Karl,

I own CY, CS and looking to buy KLAC below 25. CY and CS have limited downside risk. CY is cyclical but selling close to its book value which has been in the past an attractive enty point.. CY's chaiman Rodgers was on CNBC recently and explained its current problems. I am exepecting CY to earn over a dollar in 1999 and trade around 20 by early 1999.

CS as you know is a turnaround. Networking market is growing >20%. CS still has good R&D. The big money will be made in future with new generation of networking equipment based on ATM technology. My guess is CS's new management understands this. Cisco or any one else for that purpose does not have a lock on new technology. The biggest risk with CS is that they may not have enough money for their R&D effort. ATM will require major upgrade of networking equipment with in two or three years. Their is a remote possibility CS may be acquired by Siemens or Alcatel at much higher price.

KLAC has a major portion of the semiconductor test equipment market locked in. However there is too much semiconductor manufacturing capacity right now and upgrade to newer technology fab's may not occur in 1998. KLAC along with AMAT also may have lower earnings this year. For the next semiconductor cycle I will like to own WFR, AMAT and KLAC. I am long WFR now and hoping to pick up AMAT and KLAC in low 20's.

Best wishes and good investing

Jyoti
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