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Technology Stocks : Kulicke and Soffa
KLIC 41.55+1.7%Nov 24 3:59 PM EST
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To: marquis103 who wrote (3534)10/17/1999 3:29:00 PM
From: Darin  Read Replies (1) of 5482
 
Kulicke & Soffa, Inc. - KLIC ($26 7/16) Accumulate - Price Target $32. We believe that KLIC is ontrack to at least meet our estimates of $145 million in revenue and EPS of $0.23 versus current street consensus EPS estimate of $0.24. We expect modest sequential improvements in bookings from $130 million level posted in 3QFY00. The base wire bonder business at KLIC is performing ahead of expectations. The strong bookings in 2QFY99 increase visibility of shipments over the next several quarters. As a result, we believe there could be upside potential to our current unit estimates for 3Q and 4Q99 of 600 and 800 bonders respectively. Our recent trip to Asia in general and Anam Semiconductor specifically, helped reconfirm our belief that IC unit growth is coming in ahead of expectations, and capacity in test and assembly is tightening quickly. The need to expand capacity to meet current demand requirements should benefit Kulicke on a unit and pricing basis. In addition, while the relocation of ball bonding manufacturing facilities to Singapore is likely to result in heavier SG&A expense over the next several quarters, the move should allow the Company to significantly reduce its cost structure. We believe that the move to Asia should lower the costs of manufacturing on a per unit basis by $2,000. The Company is due to report results on November 15.
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