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Technology Stocks : Cymer (CYMI)

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To: Scott Violette who wrote (17074)	4/24/1998 7:06:00 AM
From: Maxwell	Read Replies (2) of 25960

CYMI's Problems: CYMI's problem is convoluted in the slow down of the semiconductor and the Asian flu. Currently they have excess capacity. They can make more lasers than customer demands. All the laser they shipped 2 quarters ago are now being installed in the fabs. Furthermore, the slow down in the industry has caused stepper companies to reduce their orders and pushed many orders out to a later date. Another factor is that the current 0.25um requires only about 15% of the total steppers DUV. This number represents only about 4-6 steppers in the fab and not every fab is migrating to 0.25um. I believe the next big demand for DUV lasers come when companies start to migrate to 0.18um. By that time 60% of the stepper capacity must be DUV. Older fabs of 0.35um will then migrate to 0.25um and new fabs will convert 0.25um to 0.18um. So Q4 and 1999 will be a big year for CYMI. In the mean time they must perfect their global service dept., improve their ArF lasers, and DIVERSIFY the company. CYMI is holding a huge sum of cash. Diversify to other product line will help them to grow faster than the semi industry. Maxwell

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