Helix Technology, a cold play on semiconductor equipment Message Board

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Technology Stocks : Helix Technology, a cold play on semiconductor equipment

HELX 37.98

+0.5%

4:00 PM EST

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To: PuddleGlum who started this subject	4/21/2003 7:57:57 PM
From: mopgcw	Read Replies (1) of 1227

GS US SEMI EQUIPMENT WEEKLY - THOUGHTS ON SAMSUNG CAPEX INCREASE Summary: (1) Two more glimmers of hope emerged for the semi equipment industry since the market closed on Thursday, a) Samsung officially raised its 2003 capex on increased TFT-LCD spending. Applied Materials is the major US SPE company that will benefit from Samsung's announcement, and b) Press reports from Japan over the weekend indicate that Sony will indeed invest in the JV 300mm fab with Toshiba, potentially making it more likely that the semi equipment industry will see pilot line orders from Toshiba in the June quarter. 2) Stocks staged a terrific rally last week with the big four stocks now up 13% YTD; where do we go from here? 3) KLA-Tencor and ATMI set to report on Wednesday; we would be buyers of ATMI ahead of its call and (4) News, Events and Price Performance. 30. U.S. SEMI EQUIPMENT BOOK-TO-BILL IN-LINE, MARCH ORDERS +8% M-O-M Summary: SEMI March book-to-bill of 0.99 in-line with Goldman Sachs 0.98 estimate. Overall orders +8% m-o-m (4% above our estimate) and overall shipments +7% m-o-m (4% above our estimate). Back-end orders were significantly stronger than expected, but we caution that despite order growth, significant pricing pressure in the back-end is restraining profitability. We are estimating a 0.99 April book-to-bill ratio on essentially flat orders and shipments, as recent commentary on semi equipment conference calls indicates that orders and shipments will be stable in the months ahead. As always, we caution against placing too much emphasis on the backward looking and unaudited book-to-bill data. That said, the report does imply modest order and shipment growth for the industry. Reiterate 6 - 9 month Attractive coverage view on selective attractive valuation and likely H2'03 order growth.

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