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Technology Stocks : Alliance Semiconductor

ALSC 0.810

0.0%

Jul 10 5:00 PM EST

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To: DJBEINO who wrote (1903)	11/1/1997 11:35:00 AM
From: DJBEINO	Read Replies (2) of 9582

Headline: Semiconductors: DECELERATION STILL THE TREND FOR CHIP FUNDAMENTALS Author: Michael A. Gumport, CFA 1(212)526-5368 Additionally, later in the day after close we met with top management at National Semiconductor (NSM-35 13/16; 1), Lattice (LSCC-$50 7/8; 1), Alliance Semiconductor (ALSC-$7 3/4; 1), LSI Logic (LSI $22 1/8; 1) and Xilinx (XLNX-$ 35 9/16; 1). Our general observation is the industry, after seeing 35% year-to- year unit growth in July, is now in a period of deceleration. That was certainly the theme at these companies. While turmoil in the equity markets concern us from a fundamental standpoint we expect a healthy reacceleration of orders by February 1998 and stocks to respond favorably. Our brief remarks on each of companies follow: ALSC management makes a strong case for their thrust into the embedded memory market including a new effort in LCD screen combo controllers and graphics accelerators. Also, they reemphasized the hidden value of their fab JVs and still believe they may have a JV IPO in 1998. Short-term, however, ongoing memory price declines are hurting EPS prospects and we view our $0.01 estimate for FY3Q98 as slightly optimistic.

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