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Technology Stocks : Vishay Intertechnology
VSH 16.98+0.6%Oct 31 9:30 AM EDT
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To: WWilkes who wrote (1)7/18/1996 9:28:00 AM
From: Thomas J Pittman   of 39
 
I am attracted to the company for some
of the very reasons you listed. I know
also (from company reports and from the
June issue of Better Investing) that the
company has a reasonable chance of increasing
profit margins through its continuing effort
to move jobs from high wage areas to lower
wage areas throughout the world. Last
quarter's earnings, as I understand, were
lower than expected due to a delay in opening
a major new facility in Israel. The opening of this
plant is expected to significantly enhance
both revenues and earnings. Additional news
is that VSH has established a major
presence in China, a region with obvious
growth potential, but also a major supplier
of one of the raw materials (?tantalum?) used
in producing capacitors.

The stock seems to me to be a clear example of
a good company which has been depressed well
below its reasonable value by 1) a missed quarter,
and 2) the general sell-off of both tech stocks
and anything associated with the word 'semiconductor'.

I am still refining my SSG, but by my estimates,
the stock is trading very close to what should be
its low price for the next 3-5 years. This is based on
its avg low PE and the earnings growth that I have
estimated.

I have not yet purchased shares in the company, but I
expect to in the near future in the absence of any
information which contradicts my analysis to date.

I look forward to your thoughts and comments. I will
try to give more detail on my SSG and estimates tomorrow.

Regards,
J
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