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Technology Stocks : Deswell Industries (DSWL)
DSWL 3.480-0.9%Nov 14 9:30 AM EST
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To: kolo55 who wrote (323)12/13/1997 1:04:00 PM
From: Ron Bower  Read Replies (1) of 1418
 
Paul,

Decided to take a look at Toshiba. Big problems. In Yen, 5.7B total assets, 1.27 BV - Over 4.4B yen in debt. Sharply declining sales growth and declining earnings. Convert this to $US and it's a real mess. They will likely be forced to liquidate assets they own in other currencies to service debt as yen continues it's fall.

Ratings on Samsung stock and bonds lowered. Others in trouble. Matsushita may not be in as much trouble as they have many interests in US and Canada, but may be forced to sell down. We have similar situations with companies in S.Korea, Malaysia, & Thailand.

US companies currently shying away from any Asian investment in spite of the bargains. Taiwan companies are strong, but the government limits the amount that can be invested to the mainland. Singapore resources limited. Chinese companies can take advantage of the buying opportunities but a devaluation of the Yuan would stifle and most of them aren't financially strong enough. These leaves very few buyers with the resources.

And Namtai sitting on how much $US? I wish I had more confidence in their management. I feel Deswell will be making profitable acquisitions and still maintain liquidity.

Just some thoughts,
Ron
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