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Strategies & Market Trends : Temp. Home of Cooperative Group-Trading

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To: Rajiv who wrote (524)	4/27/2000 9:42:00 PM
From: Rajiv	Read Replies (1) of 790

KEM update - KEM's analysts have revised their estimates upwards from around $3.00 to around $3.60 (forward 12 months - year ending March, 2001). I consider them to be too low and am confident that they will be revised upwards again in the coming months. KEM is now trading at slightly less than 20 times consensus estimates and less than 16 times my own estimates ($4.50/shr). There continues to be shortages in KEM's field - tantalums and multi-layer ceramic capacitors. These shortages are real and not short-term. A quote from the CEO - "If we were to try to satisfy all the perceived demand out there today, we and all our competitors would need to double our capacities which, of course, is not possible in the short term". The CEO of AVX (a competitor) has made an almost identical comment. VSH (the other major competitor) has confirmed that its tantalums and MLCCs lines are on allocation. I continue to be very bullish on KEM (6-9 month timeframe). Regards, Rajiv

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