>>Just out of curiosity, how great is TER's exposure to the Asian meltdown anyway
The best I can tell, about 15-20% of TER's 1996 business came from Asia. The Asian business would be directly affected, as it involves test equipment for semi fabs, especially DRAM fabs. I haven't seen the figure stated, but about 1/2 of revenues are derived outside the US, and the best I can tell, about 2/3 of this is in Europe. Lots of business with communications companies in Germany, Sweden, France. TER is very diversified in the IC test area.
I would say the 20% drop in Teradyne's price is an overreaction based upon their strong revenues outside the semi fab field. They can take a 50% hit in orders from Asia with only an estimated 6-8% drop in gross revenues. This puts them in much better shape than a lot of folks.
By the way, they have a totally cool graphic for the online annual report, check it out. It's a rendering of "Broadway" at night with TER's product lines on the marquees.
teradyne.com
I couldn't get the link to the report to work ,sorry, you'll have to go to Teradyne and look for it. |
