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 (1109)	11/13/2003 7:15:10 PM
From: mopgcw	Read Replies (1) of 1227

GS Applied Materials, Inc. EPS (FY Oct) 2004E $0.42, 2005E $0.00 Outperform/Attractive (AMAT) $25.44 Summary: Applied Materials (AMAT-$25; OP/A) reported Oct FQ4 operating EPS of $0.06 (GS & Street $0.05). Sales were $1.2b (9% above our est and +12% q-o-q). Gross orders of $1.28b were +21% q-o-q and significantly above our $1.15b est. FQ4 orders were guided up 20% q-o-q, also above our est off of a higher than expected base. Order strength geographically broad with 300mm driving continued growth as the industry continues a cyclical recovery. Despite strong order momentum we are disappointed by the implied ramp in gross margins given higher than expected sales. No change to CY04 EPS est of $0.50 as better orders are offset by lower gross margins. Reiterate OP/A rating, as we believe that 3-6 month investors should hold the stock until Applied reaches 15% EBITDA margins (our proxy for normalized industry cash flow). EBITDA margins (including charges) were 10% in FQ4 and we expect the company to achieve the 15% EBITDA margin target as early as next quarter as the cycle gathers momentum.

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