Ian,
Re: "If you expect AMAT to trade at 1*Sales in the current climate, I
believe that you have your head buried in the sand or some other equally dark place. ;-)"
Twisting must be one of your specialties, that and meanness. What I
said is here and it was a statement of fact, not a prediction. And, my post was not company-specific. I just checked MTSN's PSR (your largest holding, if I recall correctly) and it is showing up as we speak at ~ 1.31.
Message 3757996
Further, you edited the Lehman report and, by shear coincidence, I'm sure (yeah right), left out this paragraph which actually contained both positives and negatives.
-----snipped from Lehman Bros. report on AMAT.....
5. Geographic trends vary a lot. In North America, a healthy economy and continued investment in logic and in advanced technology are helping the chip capital spending outlook. But the potential level of spending by such large companies as Motorola and Intel is uncertain. The economic climate in Europe is improving, and while Asian investment in Europe has largely been postponed, there is spending by companies that are headquartered in Europe. Japanese investment has been hurt by weak DRAM pricing, and cuts in 1998 budget plans are under consideration. Japanese plans for 300mm expansion have been delayed. In South Korea, DRAM expansion has been delayed, due to lack of access to funds, and so far none of the South Korean efforts to obtain funding for semiconductor expansion appear to have been definitive. Major South Korean conglomerates are restructuring to focus on core businesses. Finally, in Taiwan, the growing use of foundry service by major U.S. and Japanese chip companies is fueling investment in leading edge technology. Applied Materials concludes that even though aggregate chip capital expenditures are likely to be down in 1998, wafer processing equipment expenditures could be close to flat for the year.
Disclosure Legend: A-Lehman Brothers Inc. managed or co-managed within
the past three years a public offering of securities for this company.
B-An employee of Lehman Brothers Inc. is a director of this company.
C-Lehman Brothers Inc. makes a market in the securities of this company. G-The Lehman Brothers analyst who covers this company also has position in its securities.]
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Next, since you brought up the subject of AMAT's historical PSR, this is the info I have on that.
Price/Sales '97 '96 '95 '94 '93 '92
Low 1.20 1.00 1.12 1.54 1.10 .56
High 5.01 2.45 3.43 2.69 3.00 1.41
Lastly, I state my honest opinion and have been basically "cautious" about loading the boat too early on those semi-equips that are still trading at highish PSR's and/or highish Price/Book values. I do not edit reports to suit my positions. And I try to check the facts before I start spewing nonsense. Do they have a "pissing match" thread that you could go to to vent your frustrations?? TS |
