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Technology Stocks : WDC/Sandisk Corporation

WDC 157.75

+0.4%

Nov 14 9:30 AM EST

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To: Jason Rooks who wrote (4074)	12/15/1998 10:49:00 PM
From: Ausdauer	Read Replies (3) of 60323

Jason and Thread, I was reading IBD today and they had an article on "smart cards" which will likely replace credit cards in the US and also find applications in various new digital technologies (digital cameras, digital TV, cable boxes, PC's). The company spotlighted is called SCM Microsystems. They are small, but have alot of heavy hitting customers such as HP, Panasonic and NEC, to name a few. The article has a graph of projected smart card sales through 2001 and a picture of a PC card adaptor which apparently will facilitate downloads to laptops and other portable devices. I really don't understand the entire situation with regard to potential applications. I have used "smart cards" in Europe where they are used in long distance calling cards. (No problems with typing in some annoying 800 number to be prompted 5 times before dialing the desired number. I really hate the system here!!!) Also, some conventions I have attended use them as ID badges. I can understand the attraction. My point (and I do have one) is that this company had revenues of $14.2 million and earnings of $0.21/share this past quarter. Earnings are projected at $0.67 for 1998 and $1.07 for 1999 and the company sells at $60.00 a share. Something like 90 times projected 1998 earnings. The yearly high is $89.00!!! What is SNDK doing wrong. I think it should be renamed SanDisk Microsystems. Maybe someone will sit up and take notice then. Ausdauer (scratching his head noisily)

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