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Technology Stocks : Amkor Technology Inc (AMKR)
AMKR 48.33-3.3%Jan 30 9:30 AM EST
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To: tech101 who wrote (658)5/5/2000 1:40:00 PM
From: tech101  Read Replies (1) of 1056
 
Deutsche Bank Alex Brown - report below

by: txbanker23 (33/M) 5/5/00 1:23 pm
Msg: 13158 of 13161

AMKOR TECHNOLOGY INC. (AMKR) (05/05/00, 59.69, STRONG BUY)
Erika Klauer 212-xxx-xxxx Ross C. Seymore 212-xxx-xxxx

*AMKR reported 1Q00 sales of $555 million, in-line with our estimate and up 32% on a year-over-year basis. Assembly and test revenues totaled $469 million
in the quarter, growing 34% from the year-ago level, while wafer foundry
revenues reached $86 million compared with $69 million in 1Q99.

*AMKR reported earnings per share of $0.27, above the Street estimate of $0.26
but below our estimate of $0.28.

*The shortfall versus our expectation was caused by larger than expected
investments to prepare for the extremely robust demand forecasted for 2H00.
Without this $3 million incremental investment, Amkor's gross margin would have
been 22% and EPS would have been $0.29.

*Going forward, the outlook for 2H00 is robust with business accelerating
across all product lines. Beginning in 2Q00, AMKR will cash earnings, or
earnings before goodwill (EBG), to separate the accounting goodwill from its
Anam acquisition. Our 2000 and 2001 EBG estimates are $1.67 and $2.28,
respectively.

*We are reiterating our STRONG BUY rating on AMKR with a 12-month target price of $95 based on 30X our 2002 EBG estimate of $3.15.
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