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Technology Stocks : Alliance Semiconductor
ALSC 0.8100.0%Jul 10 5:00 PM EST
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To: Amadeo Mendez-Vigo who wrote (8594)9/28/2000 8:16:22 AM
From: DJBEINO   of 9582
 
prudential report highlights-sep 26,2000 (raising estimate)

-less than 20% from PC and around 18% from europe-no weakness in Europe.
-Raising Sep rev and EPS estimate to 61M and .19 cent from 56.5m & .16 cent.Raising FY2001 to $0.75 and FY2002 to $1.1

-The company continue to enjoy strong demand for both SRAM & DRAM. Flash strategy is beginning to come along, generating close to $1m, perhaps $700k or so.Upside was driven largely by unit growth, with pricing through the quarter remaining firm

-Limited downside given its equity holding in UMC,CHRT,BRCM,VTSS,PMCS.
-Firm pricing will carry through the December quarter. we note ALSC does not compete in the mainstream DRAM, instead it focuses on the legacy DRAM market where there are fewer players and pricing tend to be less volatile.

-Modeling for sequential growth of 28.7% versus previous 19.2%.
-Raising rev FY2001 to 261.4M and FY2002 to 385M.We believe that there is still room for upside to our new estimate.

breakdown of new estimate:
2Q FY001= 0.19 (prior=0.16)
3Q FY001= 0.21 (prior=0.19)
4Q FY001= 0.23 (prior=0.21)

FY001 PE=26.8x

1Q FY002= 0.25 (prior=0.21)
2Q FY002= 0.27 (prior=0.22)
3Q FY002= 0.28 (prior=0.23)
4Q FY002= 0.30 (prior=0.24)

FY002 PE=18.3x

12 month target =$44
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