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Technology Stocks : The New Qualcomm - a S&P500 company -- Ignore unavailable to you. Want to Upgrade?

To: Ruffian who wrote (6622)	2/18/2000 2:46:00 PM
From: LBstocks	Respond to of 13582

Alex Cena's comments re QCOM analyst meeting> QCOM: Upbeat Analyst Meeting; No Change to Ests Qualcomm Inc(QCOM)* Rating: 2H Salomon Smith Barney ~ February 18, 2000 02/18/00 QUALCOMM, Inc. (QCOM $130.00,2-H,Tgt $150.00) Alex M. Cena --SUMMARY:--QUALCOMM, Inc.--Telecommunications Equipment * QCOM held upbeat analyst meeting yesterday in San Diego. * CDMA has been deployed or under deployment throughout N & S Amer as well as Souteast Asia and Japan. * CDMA now ready to move fwd in China w/signing of agrmt w/China Unicom. * QCOM has dominant patent portfolio in CDMA, which is the enabling tech for high-speed access to the Internet via a mobile wireless network. * QCOM is collecting royalties from manuf's such as MOT,ERICY,NOK,LU,NT as well as ALL Japanese, ALL Korean, & now ALL Chinese manuf's of CDMA equip * At the moment, MOT is QCOM's fastest growing licensee indicating MOT is building momentum in CDMA sales of both infra & mobile phones. * QCOM plans to increase its market share in CDMA ASICs. * Book:bill ratio on CDMA-based ASICs should move back above 1.0 in Mar qtr 02/18/00 QUALCOMM, Inc. (QCOM $130.00,2-H,Tgt $150.00) Alex M. Cena --EARNINGS PER SHARE-------------------------------------------------------- FYE 1 Qtr 2 Qtr 3 Qtr 4 Qtr Year Actual 09/99 EPS $0.08A $0.10A $0.19A $0.23A $0.62A Previous 09/00 EPS $0.25A $0.24E $0.25E $0.31E $1.04E Current 09/00 EPS $0.25A $0.24E $0.25E $0.31E $1.04E Previous 09/01 EPS $N/A $N/A $N/A $N/A $1.37E Current 09/01 EPS $N/A $N/A $N/A $N/A $1.37E Previous 09/02 EPS $N/A $N/A $N/A $N/A $N/A Current 09/02 EPS $N/A $N/A $N/A $N/A $N/A Footnotes: 02/18/00 QUALCOMM, Inc. (QCOM $130.00,2-H,Tgt $150.00) Alex M. Cena --FUNDAMENTALS-------------------------------------------------------------- Current Rank........:2H Prior:No Change Price (02/17/00)....:$130.00 P/E Ratio 09/00.....:125.0x Target Price..:$150.00 Prior:No Change P/E Ratio 09/01.....:94.9x Proj.5yr EPS Grth...:44.4% Return on Eqty 99...:48.9% Book Value/Shr(00)..:9.90 LT Debt-to-Capital(a)0.2% Dividend............:$N/A Revenue (00)........:4163.00mil Yield...............:N/A% Shares Outstanding..:159.0mil Convertible.........:No Mkt. Capitalization.:20670.0mil Hedge Clause(s).....: Comments............:(a) Data as of the most recently reported quarter. Comments............: 02/18/00 QUALCOMM, Inc. (QCOM $130.00,2-H,Tgt $150.00) --OPINION:------------------------------------------------------------------ Qualcomm held an upbeat analyst meeting yesterday near its corporate headquarters in San Diego. We will be following up with a more detailed note shortly, however here are the highlights from yesterday's meeting. * CDMA technology has been deployed or under deployment througout North and South America as well as Souteast Asia and Japan. * CDMA is now ready to move forward in China with the signing of agreement with China Unicom, which plans to deploy a nationwide network with capacity for 10 million subscribers. Not only is this positive for Qualcomm, but its a big plus for Motorola, Nortel and Lucent as well. * Qualcomm has the dominant patent portfolio in CDMA technology, which is the enabling technology for high-speed access to the Internet via a mobile wireless network. * The more CDMA-based wireless networks deployed and the more subscribers added onto CDMA networks, the greater the amount of royalties QCOM can collect from manufacturers such as Motorola, Ericsson, Nokia, Lucent, Nortel as well as ALL the Japanese, ALL the Korean, and now ALL the Chinese manufacturers of CDMA equipment. * At the moment, Motorola is Qualcomm's fastest growing licensee indicating Motorola is building momentum in CDMA sales of both infrastructure as well as mobile phones. * QCOM plans to increase its market share in CDMA ASICs. It has all but one of the infrastructure providers, which QCOM is confident will sign up with QCOM. In mobile phones, Qualcomm continues to generate design wins even at manufacturers that have indicated a desire to use internally produced ASICs. * Its book to bill ratio on CDMA-based ASICs should move back above 1.0 in the March quarter. The book to bill is typically below 1.0 in September and June, while above 1.0 in March and June