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Strategies & Market Trends : Join stock club--Tang Fund

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To: Arthur Tang who wrote ()	4/20/1998 8:03:00 PM
From: Arthur Tang	Read Replies (1) of 145

SEMI had a pooling of interest merger and the bottom fell out. After a year of losses due to introduction of nextgen processors (stock bottom out just below $1); SEMI has turned profitable for four quarters in 1997 (stock moved to $2.5, then pulled back). SEMI had a $0.16/share earnings ending 1997. Without discount the stock should be $3.2-3.5/share. First quarter this year revenue improved slightly over the last quarter of 1997. SEMI is a 87% semiconductor distributor; 8th largest in the united states. Rest is passive device business. Future of semiconductor will have double digit growth. Gross margin for SEMI is impressive at 22-23%. Overhead expenses were not yet the most efficient because SEMI choose to pursue growth. If efficiency is further improved, SEMI will be ready for Global expansion. SEMI is a strong buy at this level. Earnings projection is $0.50/share this year. If achieved, and the stock is not discounted; we expect it to move to $10/share.

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