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Technology Stocks : LSI Corporation
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To: Jock Hutchinson who wrote (18533)5/20/1999 7:33:00 PM
From: patrick tang  Read Replies (1) of 25814
 
Jock, thanks again for the update. Looks great for all LSI longs. Even if the market start taking a 3 month vacation like DavidG wants it to do, I'm very comfortable just sitting on the stock for the time being.

Do have a few comments/questions:

1. Re: .. the problem is getting Gresham up ... Did you read that as they are having real problems or just they are putting the emphasis on ramping Gresham as fast as they can. Surprised that if they can ramp to 1k wafers/wk in 4 months, they might have problem ramping to 2k wafers/wk by X'mas. Assuming of course there are no sales problems for the next smaller um products.

2. That 50% Coreware is great, echos what Wilf said in the last cc. The Coreware should help them make the margins.

3. $2.50 forward looking for '00 x 25x PE +/_ 10% trading range means LSI sees $62 to $69 by end of year hopefully? I'll take that. Now if we just don't have any silly stuff like interest rate hikes, we'll be on our way. By the way, is Mark Edlestone with Morgan Stanley by any chance? Yahoo thread yesterday said MS raised 1 yr target to $60.

4. Great to see the fab deal with Malaysia. Now hopefully LSI can have enough capacity all the way through this upturn and not have to build more 8" capacity just before the next downturn. Instead they can just build a 12" for the next round near the end of the next downturn. Wouldn't want to be the guys holding the stock in Malaysia though. Right when they are all ramped up, foundry prices may drop on them. As I have semi-jokingly said one time, the time to sell may be when new guys in Malaysia and Tailand are all ramped up. That should put it somewhere Q1/Q2 '01.

patrick
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