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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 677.56

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Jan 20 4:00 PM EST

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To: Johnny Canuck who wrote (41125)	4/26/2004 2:39:13 AM
From: Johnny Canuck	Read Replies (1) of 69904

30-Mar-04 07:12 AU Optronics and Pixelworks highlighted positively in Barron's Online Barron's Online highlights LCD devices makers suggesting they could be in sweet spot as demand for LCD monitors grows. As prices slide to $335 in 2005, according to market research firm IDC, sales of desktop LCD flat screen monitors are expected to more than double to 104 mln units worldwide next year, from 47 mln in 2003, market research firm iSuppli forecasts. But, according to the article, producers of the parts that go into the screens, like AU Optronics (AUO) and Pixelworks (PXLW), may be in the sweet spot. They could maintain margins by gaining economies of scale, while prices of the parts they use also decline. Analysts have been raising AU's earnings estimates over the past 90 days, and the stock has sold off because of concerns about the Taiwanese elections. That has shrunk AU's multiple to only 8x next year's estimated earnings, a steep discount to its projected long-term annual earnings growth rate. Pixelworks fetches 37x next year's earnings estimates, slightly above its expected long-term annual earnings growth rate.

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