Speedfam [SFAM] Lovers Unite ! Message Board

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Technology Stocks : Speedfam [SFAM] Lovers Unite !

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To: SemiBull who wrote (3125)	7/27/1998 8:25:00 PM
From: Nevin S.	Read Replies (1) of 3736

Everyone - Speedfam update from Lehman: lehman.com Sorry I cannot post the text of the update and for those of you without Acrobat Reader I will paraphrase some of the report. Update is from Semicon West trade show. Business environment is weak but they are encouraged about the intermediate-term outlook. CMP unit shipments are rebounding. After dropping to 3 unit sales in Q4 (ending May'98), they have already shipped 5 units in Q1 and 7 more may be shipped in total. A number of CMP applications are likely to emerge in 1999 and beyond, for advanced ship processing which will open up interesting opportunities for the industry and SFAM. FY 1999 CMP unit shipments should equal FY 1998. 44 were shipped in '98 and SFAM expects to ship the same number in '99. Product mix should include more Auriga C's at higher ASPs so revenue volume should increase. There is still debate over growth of CMP market for 1999, either way we (Lehman) think SFAM will be able to maintain or slightly increase market share. Softness in non-CMP business will still contribute to a rev. decline in FY 1999, however, decline is likely to be modest. Quote activity from S. Korea remains strong, although access to funds is limited. SFAM's customers, Samsung and LG Semicon are doing a surprisingly good amount of quote activity. Over time, S. Korea will have to invest in new process technology including CMP to maintain competitiveness in the memory market. We (Lehman) continue to recommend purchase of SFAM rated 1 (Buy) with a price target of $55 (US) and in our view, SFAM is well positioned to be one of the top two CMP manufacturers. ................ Everyone, chew on this and let's get some discussion going here rather than the usual rumor mongering and speculation in the absence of anything better. Thanks. NAS

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