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Gold/Mining/Energy : Advanced Material Resources AMR-TSE

AMR 179.35

-2.8%

Dec 5 9:30 AM EST

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To: Andrew Patrick who wrote (8)	4/5/1998 2:05:00 PM
From: Aoteoroa	of 18

The only analyst comments I have handy are from CIBC Wood Gundy. In 1998, they see sales revenues up 10-15% to US$28 mio from rare earth division, and magnetics adding US$7 mio in sales. They are forecasting $0.35 per share for 1998. They have strong buy reccomendation and 12 month target of $4.00. They beleive growth estimate in magnetics is conservative estimate however. Also, better operating margins expected in next 12 months. In Q4 just reported, noticed operating margins of 12% relative to 8% over first 3 Quarters, so looks like they are on the right track. Positive to see Thailand showing signs of stabilisation also, with new magnetics division. Just need to look at YBM Magnetics over past 12 months to realise potential here. First Marathon also have buy recommendation, but not sure on latest target for them.

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