SemiBull,
Here are a couple of quotes from Cohu's 10-K related to Asia:
"Geographic distribution of 1997 sales of semiconductor handling
equipment was Asia Pacific, 53%; North America, 42%; Japan and Korea, 4%; and Europe 1%. A significant percentage of the Asia Pacific sales were made to off-shore operations of large U.S. based semiconductor manufacturers."
"In 1997, 52% of the Company's total net sales were exported to
foreign countries, including 60% of the sales in the semiconductor equipment segment. The majority of the Company's export sales are made to destinations in Asia. Currency fluctuations and instability in global financial markets, particularly in Asia, may adversely impact the demand for capital equipment, including equipment of the type manufactured and marketed by the Company. In addition, changes in the amount or price of semiconductors produced in Asia could impact the profitability or capital equipment spending programs of the
Company's customers."
As far as leading customers, Motorola and Micron are having trouble and it is reasonable to expect that their capital spending will be affected.
None of this stuff may impact Cohu much and I do like the company. I just feel it is time to be cautious throughout the semi-equips. I think Cohu's short-term story may have changed since their last announcement and am interested in hearing the next one.
BTW. I thought Aseco had value in the low nines. It then announced and dropped currently to the mid-to-upper sevens so take this as just one battered investors opinion. <G>
Dave |
