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Technology Stocks : ADFLEX SOLUTIONS ( AFLX )
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To: AzCpa who wrote (585)3/5/1999 4:15:00 PM
From: Douglas V. Fant  Read Replies (3) of 718
 
AzCPA, You and I agree on that one. At $3.50/share and with book value at $5.43/share, you can buy AFLX at 64.4% of book value- pretty cheap IMO for a flex/flip manufacturer.

Well I doubled up on my position today at $3 5/16ths- felt that I got a good price. I'll double again if we reach $2 7/8ths/sahre. I just left a long term buy order in at the close. I even stuck the new AFLX shares in my IRA. Three trends to help us here. First Asian economies are recovering and with the recovery Asian currencies, some of which had fallen 50% in value in 1997-98, are again appreciating against the dollar.

That reduces the cost advantage of Asian manufacturers as does the expansion and use of the Thai Facility. Second the trend toward miniaturization in electronic components, especially consumer electronical components such as cell phones, pagers, measuring/monitoring devices, laptops, etc.

Third other markets that use flex circuitry are expanding too such as telecommunications, automotive, and mass data storage. So the "wind is at our back" in this sector. (NB: Parlex PRLX is predominant in the automotive flex/flip area) Let's see if AFLX can "catch the breeze" or stays listless in the doldrums....

Finally here are comparable book values for other flex/flip manufacturers- PRLX 112% of book; SHEL 102% of book; and SFLX 57.8% of book. In fact SFLX currently trades for $4 9/16ths/share- yet it has $4.49/share cash in the bank. This whole subsector of ECM's is undervalued....
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