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Technology Stocks : Micron Only Forum

MU 236.50

+2.7%

12:59 PM EST

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To: Marc Albert who wrote (2406)	9/16/1996 11:41:00 PM
From: jason brown	of 53903

For anyone interested, tidbits from Asia (Barings Research): On the industry: "On a more serious note, is it time to buy Micron and the world's other DRAM makers? We expect that the second half of 1997 will be a better time for the industry since capex are being cutback and unit growth in demand continues steadily... Between now and the time we do move to a buy stance on the stocks we expect to see many false starts...this happened in the 256k, 1 MG and 4 MG cycles...despite Micron's indication of a renewed pick up in ordering from its large OEMs in July, DRAM prices fell out of bed in early August. Spot prices have subsequently risen early in Sept both in Taiwan and the US. Whether they stay up is another question... A few signs the industry is moving to right itself in the longer term: 1. DRAM price elasticity kicking in - next year 32 megs of memory per box could well become the standard 2. Back to school sales 3. Micron has indicated that equipment suppliers have been receiving strong cancellations from Japan and Korea since August and it is being offered equipment with attractive conditions." On Micron specifically: Micron instituting enough shrinks and process improvements to cut costs by some 50%...DRAM inventories stand at about 10 days or less...will complete 8" conversion within next two months Wafer outs are about 12,200/ week... Capex taken down from US$1.7 bn last year to US$300-400 mm in fiscal year starting this month...will try to cut line width from 0.35 to 0.3-0.25 microns Bit acceleration increased in July Firm's 4 meg process is being shifted from an 800 die per wafer design to 1,600 die per wafer at present... in late Sept., the frim will cut an expensive metal mask step out of its prod. process from 14 mask steps to 13...asian competitors are running at about 21-14 mask steps...on 64 meg, Micron uses a 16 mask layer process vs. 23-28 for its competitors. Samsung said to be on low end of the competition... Regards

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