Cohu, Inc. (COHU) Message Board

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Technology Stocks : Cohu, Inc. (COHU)

COHU 23.88

-4.2%

Dec 12 3:59 PM EST

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To: Proud_Infidel who wrote (2703)	2/22/2002 11:20:29 AM
From: robert b furman	Read Replies (1) of 7827

Hi Brian, The driving force behind this future wave of new testhandlers and testers is to provide cooling capabilities. In the beginning stages of testhandlers heating was a learned skill - now cooling is what defines the future. As line widths shrink .13 microns and frequencies approach 2.2 megahertz it isn't easy to build a fast(high thru rate)test that can fry the chip being tested.Needless to say that hurts yield at the most expensive stage. When Cohu purchased The Schlumberger unit they locked in the next generation of chips with at least Intel.That most likely means every body else.The testhandler hold the chip as the testers put the chip thru performance tests. This is key as the testhandler then must be the equipment that provides the cooling. When Applied Materials or Agilent decide to buy Schlumergers test division - Cohu will be a prime candidate for the next merger. Then and only then will the business model be similar to the largest test maker globally - Advantest. Advantest makes both handlers and testers. If you bought the testhandler (with patented cooling capabilitiesas well as the pick and place thru rates),and cut their 50% margins on a relatively low priced piece of equipment - you could own the test market which has the same margins but on a multi million dollar piece of equipment. Teradyne attempted the cut out Cohu years ago and found out they couldn't compete.Cohu's capabilities are so strong a friendly merger is the only route. With their lock on the cooling capabilities out into the next generation of chips - Cohu's profitability is ongoing and the price will only go higher. They are in a great position to become very profitable again or sell at an excellent premium. It lookd like the longer Amat/A waits the more expensive it will become. Might be why Cohu is acting so well. Maybe somebody knows something. Bob

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