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Technology Stocks : Dupont Photomasks (DPMI)
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To: Duane L. Olson who wrote (561)5/5/1998 12:27:00 AM
From: jeffbas  Read Replies (1) of 955
 
I agree 100% with the idea that the move to lower feature sizes is leveraged in favor of DPMI over CYMI. But don't forget that for DPMI
this advantage is watered down by being mixed in with larger feature size slower growing mask revenue. Let's say only for purpose of discussion that the result is that DPMI and CYMI grow at the same
rate. However, if this is the case, I still prefer DPMI because its
revenue stream would be more stable, because of the lower P/E and
because of the DuPont connection.

I do not own CYMI, but am starting to look closely at ETEC. Five more points down would certainly do it for me. What I do not like there (aside from the periodic machine delays, which are a given) is that much of their improved results are coming from near monopoly power based price increases, not number of unit increases. This is a less stable situation that one like DPMI where sales are helped by the inherent trend to more masks due to more complex chips.
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