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Strategies & Market Trends : Bosco & Crossy's stock picks,talk area

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To: PuddleGlum who wrote (3991)	9/17/2003 12:40:11 PM
From: Crossy	Read Replies (3) of 37387

re: DNX.V - Dynex Power Canada - Can $0.60 This is one of the cheapest companies in the POWER SEMICONDUCTOR field. It's trading in Canada, on the CDNX (hence the .V). Recent reports seem to indicate they are going to get their act together - finally - after a brutal restructuring.. DYNEX POWER dynexsemi.com I found this company recently when I looked for GLOBAL PLAYERS in the power semicondcutor market. DNX makes almost completely high volate / high power products - rectifiers, JBTs etc. These devices are important for power transmission applications (say power grid), industrial engineering, plant design etc.. they were at the brink of a collapse last year / early 2003 due IMHO to an incapable CFO which they inherited from Mitel (now Zarlink ZL). That bird was replaced by the former CFO of Pilkington Glass, a household name in Europe. DNX.V is a MAJOR player and sales wise it can be certainly compared with APTI, POWI, SYXI, SIPX and a couple of others.. The valuation is no longer typically for an "extinction" threat (early this year $0.20) but at $0.60 it's still PSR of 0.35 or so.. The only comparable semiconductor company active in Power devices (valuation wise) is ONNN which is on a roll recently. The new CEO succesfully achieved a refinancing transaction of their bank loans, sold a noncore business line and brought the company back on track to financial safety. Expect continuing margin improvement.. I will add this firm to the major portfolio due to size, scale and their so far completed restructuring initiatives. The company is inc. in Canada but major operations are in the UK - the old Plessey and GEC power semi divisions make a good part of their current structure.. anyway, the trading volume is up big today - I wonder why.. I'll try to dig up some more info on this firm and do a more complete write-up later.. rgrds CROSSY

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