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Strategies & Market Trends : Value Investing

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From: E_K_S	12/19/2007 4:28:37 PM
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Started a small position in AMAT. Stock is selling near its 52 week low, has a forward PE of 12.5, pays a tiny dividend of 1.2% but has the potential to be a leader in the manufacturing of large Solar Cell panels. AMAT tools up really big solar panels Signet Solar breaks cover 15 May 2007 theinquirer.net Applied Materials to Accelerate Its Solar Roadmap with Acquisition of Baccini - Nov 19, 2007 nanowerk.com From the article:"...Combining Baccini’s products and technologies with Applied’s semiconductor interconnect processing expertise, manufacturing capabilities, and R&D resources will provide customers with world-class, automated production technology for fabricating advanced c-Si solar cells...." ========================================================= AMAT's move into the solar business will have little impact on their business short term but it may add a few $100 million in contracts over the next 36 months. More importantly, once the market figures out that AMAT is the low cost manufacture, they should value this new business segment much higher. Suresh Balaraman an analysts who covers AMAT has a strong "buy" rating on the stock and believes shares can appreciate over the next 12 months to $35 once Asia-based semiconductor foundries and memory chip makers begin buying new tools. To me this allows a safe and "value oriented" play in the fast emerging solar business. EKS

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