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Technology Stocks : SMSC Standard Microsystems
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To: dwight vickers who wrote (40)11/7/1996 3:29:00 AM
From: N. Voloshin   of 335
 
Dear Dwight
In my opinion we have to look at the bottom line. Mgmt. had indicated
that Q3 should have been outstanding. What has changed? Not much, except for (and I want to believe) that Co. could not forsee Intel's
situation.I/O bus. still has commanding mkt. share. System div. from here on should get only better. I spoke w/upper mgmt. regarding shareholder value. I can not express to you all details; but in short,
in my oppinion several possibilities may occur: SMSC will be bought out or they will split into to separate Cos. I may have more info next month.
I also think that SMSC keeps low profile because upper mgmt owns
small portion of shares outstanding. If SMSC is a take over target,
their jobs are on the line.
Last year when they spun off their Ethernet Div., speculation was that
the entire Co. may be on the block.
In terms of growth; this Q. should be OK for Systems Div w/at least
break even results and Q4 should produce higher Rev. and positive $.
I/O this Q you already know, Q4 toss up. I am not going to get into
detailed discusion of their product line, but rev. growth & EPS should certainly accelarate in Q4 and fiscal 1998.
In conclussion, last year they sold 5% of their bus, which was losing $4M a year for $75M cash to CS. How can anyone explain that remaining 95% of their bus has mkt. cap of about 140M. It makes no sence.

Keep in touch,

N. Voloshin
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