Align-Rite Int'l (MASK) Undervalued compared to PLAB DPMI Message Board

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Technology Stocks : Align-Rite Int'l (MASK) Undervalued compared to PLAB DPMI

PLAB 21.71

-4.3%

Nov 7 9:30 AM EST

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To: Joe Dancy who wrote (87)	9/24/1997 8:59:00 AM
From: Bookdon	of 388

Your analysis is right on. MASK serves the mid-range to low end market. Both PLAB and DPMI have strategic alliances with some major fabs, and will give preference to these customers. If a small fab needs masks quickly, it may be "bumped" by more important customers. Think about the recent UPS strike. It was critical for their customers to have a reliable "second source", in order to be assured of service. It is the same thing in the mask business. "High end" masks are but a small (but profitable) segment of the market. The equipment costs to stay in this high end are VERY high. Through strategic purchases of used equipment, and the recent acquisition of work-horse mask-makers (Etec-built COREs), MASK has kept its capital costs low, allowing it to be a low-cost, reliable supplier for smaller fab lines. As long as it stays on this track, profits should grow (or MASK could be purchased by PLAB or DPMI).

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