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Technology Stocks : Semi Equipment Analysis

SOXX 270.83

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4:00 PM EST

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To: Cary Salsberg who wrote (2792)	4/16/2002 3:14:54 PM
From: Crossy	Read Replies (1) of 95456

To thread - opportunit AUTOMATION companies. an interesting supplier of complementary systems to many semi, electronic and optoelectronic fabs, integrated manufacturers and assembly (bigger addressable markets) operations are IMHO ... AUOTMATION firms.. The group (diverse assortment) is quite sub-segmented into markets addressed and technologies employed.. as a start, let me provide some tickers.. BRKS, ASYT are surely "sector" leaders. But you should add NEWP, ADTK, ATA.TO, AXYS and ASYS to the list. Even its photonic-related subgroup fared way better than the whole photonics sector. Some opportunities do exist here.. I for example recently took a position in AXYS (AXYS technologies). They have a large defense & aerospace operation as an add-on. With defense such a hot item right now I think it's valuation with a PSR < 1 is way too low. And when the photonic & optoelectronic market surges it should be a major beneficiary. They recently inked 2 important deals for their optoelectronic & photonic automation strategy. They engaged in an R&D partnership with Loctite for advanced fiber adhesives. This could be viewed as a way to strengthen their own capabilities by partnering. Earlier they announced an alliance with privately held Palomar. That is a leader in pick-and place machines for semi and photonics and got a respected sales channel. That could be viewed as a complementary tie-up to strengthen economics of scope and provide a total solution... I firmly do think, AXYS is undervalued here. Marketcap is just $35m, 4.5m shares out, PSR is 0.37. Last quarter was almost break even. completed Restructuring should decrease overhead in future qarters.. Almost debt free.. best rgrds CROSSY

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