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 36.78

+3.3%

Nov 21 4:00 PM EST

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To: mopgcw who wrote (1083)	4/28/2003 10:26:14 AM
From: mopgcw	Read Replies (1) of 1227

GS US SEMI EQUIPMENT WEEKLY Summary: 1) The blood bath at the end of last week notwithstanding, the semi equipment stocks have had a nice move recently and many investors are questioning what's behind the move. We think at least part of the answer is improving capacity utilization rates at TSMC. This has historically correlated almost perfectly with Applied Materials' stock price on a two-quarter lag (correlation analysis attached), 2) ST Micro provides another glimmer of hope with its capex commentary on its conference call, 3) Near-term newsflow still very choppy but company- specific bad news seems to be discounted in the stocks even after the recent run, 4) Comments from the KLA-Tencor conference call raise questions about the sequential growth rates for all of our companies. Fortunately, the sequential growth in H2'03 required to achieve our estimates is much less severe for the other large front-end companies than for KLA, and (5) News, Events and Price Performance.

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