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Technology Stocks : JDS Uniphase (JDSU)
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To: SJS who wrote (12641)9/14/2000 3:28:42 PM
From: pat mudge  Read Replies (1) of 24042
 
Daily notes from CSFB, Sept 13, 2000:

· JDSU hosted upbeat analyst mtg at its Ottawa facility detailing its automation efforts and process improvements which will contribute to the goal of 4x increase in output over 18 mo; JDSU reiterated its plan to reach output targets by expanding physical capacity (expected to reach 5.2M sq ft in total capacity in FQ4:01 from 3.6M in FQ4:00) automation, manufacturing process improvements and outsourcing.

· Important area where high level of automation has been introduced is the centerpiece assembly process of coupler manufacturing; JDSU has automated the 2nd and 3rd stages of the mfg process, which has increased output/person by up to a factor of 4; Plans to automate the initial stage of mfg are underway; Production output of centerpieces generated from automated equipment (vs manual) already accounts for a material level of total.

· JDSU also highlighted its AutoAligner (3rd gen) which automatically screens centerpieces and aligns fiber to the centerpiece; This system has led to 60% improvement in productivity; Company anticipates integrating AutoAligner with/swept wavelength testing system, which will provide further gains in output.

· In optical amplifiers, JDSU utilizes automated fusion splicing in-house (has doubled splice input by factor of 2 over last 12 mo) as well as outsources sub-sassemblies to Celestica; We believe JDSU is in talks w/ a number of addt’l contract manufacturers and could make an announcement in the near-term regarding outsourcing of attenuators.

· Separately, JDSU announced mgmt reorganization pursuant to company integration plan which increases focus on key transmission, amplification, DWDM, and switching applications; As anticipated, Sanjay Subhedar (former ETEK CFO) is resigning from the company to pursue personal interests.

* Demand fundamentals in optical components/modules remain robust and we believe that JDSU is tracking favorably to our FQ1:01 $750 top-line and $0.16 EPS projections; Continue to view SDLI as inexpensive way to buy JDSU due to 21% arb spread; Reiterate BUY.
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