Credence (CMOS): Anyone out there Message Board

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Technology Stocks : Credence (CMOS): Anyone out there

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To: dzzhang who wrote (260)	11/4/1997 1:09:00 PM
From: Dr. Doktor	Read Replies (1) of 497

Robert Stern is pounding the table again on CMOS. Here is his latest report out today. Price: $29 1/2 12 Month Price Objective: $63 Estimates (Oct) 1996A 1997E 1998E EPS: $1.72 $0.80 $2.10 P/E: 17.2x 36.9x 14.0x EPS Change (YoY): -53.5% 162.5% Consensus EPS: $0.76 $2.11 Investment Opinion: C-1-1-9 Investment Highlights: ú We are reiterating our intermediate and long term Buy ratings on Credence, encouraged by the roll out of important new products, on time per the schedule the company laid out earlier in the year. Our price objective is $63, or 20x our FY99 EPS estimate of $3.15. ú Investors are apparently worried about Credence's exposure to Taiwan We see this exposure as a positive for the stock. Forty percent of Credence's Asian business is to Asian companies, primarily Taiwanese test subcontractors. We believe that the test subcontractors will enjoy growth that is higher than the industry average. Fundamental Highlights: ú Credence has introduced a new Flash memory tester and a radio frequency (RF) option on its mixed signal Duo tester.

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