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Technology Stocks : TNCR, the MOST Undervalued Semi-Equipment Stock
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To: Cliff Wood who wrote (238)6/20/1996 1:36:00 PM
From: Pankaj Tandon   of 362
 
The largest independent (i.e., non-captive) U.S. supplier of silicon crystal growing equipment is Ferrofluidics Corp (FERO). I believe they recently became the biggest supplier to MEMC (which makes the wafers). The equipment used to make the silicon crystals is sophisticated. Obviously one big problem is to keep the crystals contaminant-free. FERO's technological edge is that they originated the technology of so-called *ferrofluids* which are fluids containing ferrous (iron) particles suspended in them. The fluids are then controlled by means of powerful magnets, which can be designed to hold the ferrofluids in whatever shape is needed for the particular application. The seal provided by a ferrofluid seal is far more secure (and long-lived) than a mechanical seal (like a gasket). Presumably FERO's crystal-growing equipment is therefore good at producing very pure silicon crystals.

Disclaimer: I am not an engineer; what I know about this is from FERO's own literature. I am a long-time owner of FERO stock. Having said that, I will say that FERO looks like a good play right now, even though it's P/E is fairly high at 26. It really started becoming a significant player in the crystal-growing market last year, got a flood of orders, and its bottom line has jumped. I look for further big gains in the coming quarters.
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