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Technology Stocks : Semi-Equips - Buy when BLOOD is running in the streets!
LRCX 148.32-3.3%Nov 14 9:30 AM EST
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To: scott_jiminez who wrote (10337)4/30/2002 12:23:34 PM
From: cluka  Read Replies (2) of 10921
 
Here is the full report

 Day 1 of the Merrill Lynch Hardware Heaven conference had two
semiconductor capital equipment subcomponent suppliers (ENTG, MKSI)
and one back end equipment company (KLIC) present. All companies were
positive, and reiterated their target for the current quarter.
 Kulicke and Soffa (KLIC, $17.30, D-2-1-9) has been surprised by the strong
level of demand for tools (capillaries) used in wire-bonders in the last few
weeks. Demand has broadened out from the top tier players (ASE,
Siliconware) to 2 nd and 3 rd tier companies – an indication of real demand,
not inventory building. Bonder utilization at their customers was 67% last
quarter and is expected to be over 70% this quarter. K&S is sold out of
bonders for their fiscal third quarter. The gross margin should see a sharp
move upward as the new Maxum bonder ramps and the company gets the
volume leverage in the fourth (September) quarter.
 We continue to recommend all three of these companies given reasonable
valuations relative to their comparables, strong cyclical leverage and
improved cost structures that should allow each company to exceed
previous peak margins in the next up turn.
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