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Technology Stocks : Veeco Instruments-Who?
VECO 26.48-3.8%2:17 PM EST
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To: Donald B. Fuller who wrote (72)9/17/1996 9:55:00 PM
From: Carl R.   of 3069
 
My feeling is that the INFRASTRUCTURE guys know semi manufacturing.
They don't focus on HDD or flat panel displays. Tencor is much
stronger in semi surface metrology than Veeco, and they are a much
larger company. Therefore they recommend Tencor.

Veeco on the other hand derives over 60% of sales from the disk drive
makers, and also has sales to flat panel display makers. While they
do make ion implantation systems and etch equipment, that is a
minority of their business. This is one of the things I like about
them. If the downturn only affects say 25% of their business, and
reduces their sales by half, that is only a 12% overall reduction,
and the rest of their business could easily grow by enough to keep
overall sales and profits flat. First call is projecting profits
of $1.35 in 1997 versus $1.31 in 1996.

Despite the fact that Veeco is not expecting a decline in profit,
their price has been driven down along with the semi equipment makers
who are expecting major declines in profit. I expect that in 1997
Veeco will substantially outperform the companies like AMAT and LRCX
who derive most of their sales from the semi makers.

In my opinion (which may be worth what you are paying for it), Tencor
may well be stronger as far as semi equipment, but Veeco is better
positioned for a strong 1997.

Carl
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