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: PuddleGlum who started this subject	8/20/2003 8:17:26 PM
From: mopgcw	Read Replies (1) of 1227

GS Semi review: BOOK-TO-BILL IN-LINE; POSITIVE FRONT-END ORDER MOMENTUM Summary: SEMI July book-to-bill of 0.97 was in-line with our est. of 0.97 and 0.01 above the Street est. of 0.96. Overall orders were +6% m-o-m (2% above our est.) and overall shipments were +1% m-o-m (2% above our est.). There is a bifurcation of the data with front-end orders up significantly m-o-m (+12%) for the first time in 4 months and back-end orders down significantly (-9%) m-o-m for the first time in 6 months. Although the back-end stocks have underperformed the front-end stocks YTD, we believe that stronger front-end order momentum and operating leverage will continue to drive outperformance for the front-end names. We are estimating a slight rise in the Aug. b-t-b ratio to 0.98, with orders +1% m-o-m and shipments flat m-o-m, reflecting improving fundamentals in a typically seasonally slower month. We reiterate our Attractive coverage view and believe that 6-month investors should be overweight the group until the industry reaches normalized levels of profitability (which we define as AMAT at 15% EBITDA margins).

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