Semi Equipment Analysis Message Board

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Technology Stocks : Semi Equipment Analysis

SOXX 299.81

+2.7%

Dec 19 4:00 PM EST

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To: Cary Salsberg who wrote (9300)	4/6/2003 11:37:30 AM
From: The Ox	Read Replies (1) of 95617

Hi Cary, I posted the year old announcement to give you more "color" on their move to China. They didn't complete most of their move until the 4th qtr 2002 and the move wasn't without substantial cost. Value or turnaround, you can call it what you wish and this stock is clearly not for everyone. I call it a value play because I believe there is more to this company than cash, inventory and plant assets. Gross margins should improve dramatically this quarter per company guidance. If they achieve the high end of their guidance (zero to minus 6%) then they will be at or very near break even from a cost of revenue perspective. Even with this improvement, SGA+RD still will cause the company to lose about $0.24/share this quarter. If you don't see an opportunity here, then pass. The stock chart has suggested for months that all of your concerns are valid and that my view of the company is faulty. I've taken the risk and I thought others might want to take a look here, too. No big deal. Best regards, Michael

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