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Non-Tech : SMARTFLEX ALSO MEMBER OF THE IOMG FAMILY
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To: Douglas V. Fant who wrote (305)7/18/1997 2:55:00 AM
From: kolo55   of 558
 
Trouble in the Phillipines.

Several Asian countires, starting with Thailand, and now including the Phillipines, have devalued their currencies substantially. I wonder how this will affect SFLX? They have a big plant at Cebu. I assume the costs of the labor force and facilities will go down. I hope that their sales are in dollars. If that is the case, then the profitability from the Cebu plant will improve.

I will try to see to what extent the Phillipino currency was devalued. But it must have been severe. Overnight annualized bond yields shot up to 220% last week before setlting to 50% this week according to an article on page C1 of the Wed WSJ.

Paul
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