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Strategies & Market Trends : Contrarian Investing

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To: pcyhuang who wrote (42)	10/7/2006 8:39:35 PM
From: pcyhuang	Read Replies (1) of 4080

OVTI -- Dorfman's view Full Story: bloomberg.com OmniVision (OVTI), with headquarters in Sunnyvale, California, makes chips used for imaging in computers, cell phones, digital cameras and other devices. Its shares fell 32 percent in the three months through Sept. 30. Investors didn't like the departure of Raymond Wu, one of the company's co-founders. And they didn't like the company's projection of results for the second fiscal quarter (ending in October). The company forecast earnings of 26 cents to 34 cents per share, compared with analysts' expectations of 42 cents. The beaten-up stock now sells for 9 times the past four quarters' earnings and 11 times estimated earnings for this fiscal year. To me that's temptingly cheap for a company that earned stockholders a 22 percent return on their equity last fiscal year. OmniVision didn't use debt to goose the return on equity, as many companies do. Debt is less than 1 percent of equity. pcyhuang

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