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Technology Stocks : Alliance Semiconductor

ALSC 0.810

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Jul 10 5:00 PM EST

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To: who started this subject	8/9/2000 12:07:01 PM
From: Amadeo Mendez-Vigo	Read Replies (1) of 9582

EQUITY RESEARCH ALLIANCE SEMICONDUCTOR AUGUST 9, 2000 ALSC: UPDATE ON THE SEPTEMBER QUARTER--BACKLOG EXPANDING INTO MARCH 2001 Subject: Alliance Semiconductor (ALSC-$20 7/8)—-OTC SEMICO OPINION Current: Strong Buy Analysts: Hans C. Mosesmann (650)320-1631 Prior: Traci Tsuchiguchi (650)320-1639 Risk: High 12-Month Target Price: $ 44 Ind. Div.: — Yield: — Shares: 43.1 mil. 52-Wk.Range: 31-7 EPS FY Year P/E 1Q 2Q 3Q 4Q Actual 3/00 $ 0.06A 347.9X $ -0.02 $ -0.01 $ 0.04 $ 0.05 Current 3/01 $ 0.69E 30.3X $ 0.13A $ 0.16E $ 0.19E $ 0.21E Current 3/02 $ 0.90E 23.2X $ 0.21E $ 0.22E $ 0.23E $ 0.24E Note: Fully-diluted EPS from continuing operations. - We believe that Alliance could post sequential top line growth above 20% for the September quarter. Pricing is on the rise and units are growing. - Demand is strong for both SRAM and DRAM products. Alliance continues to see strong demand across the board, and is enjoying exceptional demand for its DRAM and 1 Meg SRAM products. - DRAM pricing continues to climb. While the company continues to try to maintain its optimal mix of around 45% SRAM and 55% DRAM, DRAM backlog is beginning to build into the March 2001 quarter. - We reiterate our Strong Buy rating and $44 12-month price target. We believe that downside risk is limited, with the company’s public equity investments currently worth over $29 a share on a pre-tax basis.

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