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Technology Stocks : FSII - The Worst is Over? -- Ignore unavailable to you. Want to Upgrade?

To: Donald Wennerstrom who wrote (2645)	5/13/2000 8:00:00 AM
From: Joe Dancy	Read Replies (1) \| Respond to of 2754

Hello Don. Hope the investment world is treating you well. Good news for FSII fans. First Martin Whitman, Third Avenue Value Manager likes the stock. Mentioned it in his book last year and again in an interview with him last week: audioinvestor.pyxos.com I've been doing well: siliconinvestor.com I still like FSII. Here is the take: * FSI INTERNATIONAL (FSII $13). FSII designs and manufactures lithography and surface conditioning equipment used in the fabrication of semiconductor devices and thin film heads. FSII is well positioned to take advantage of the trend of semiconductor manufacturers to re-equip their plants (fabs) to handle larger (300mm) silicon wafers. While the upgrade of a fab is extremely expensive, throughput and efficiencies are substantially increased lowering unit costs. While the move to 300mm fabs has been slower than some experts expected, FSI recently obtained a major order for the new equipment from a major U.S. manufacturer. This is a very significant event since the manufacturer chose FSII over larger competitors. For 300mm fabs experts think that many manufacturers will order from the equipment supplier with the best equipment - not necessarily their current suppliers. Some analysts have called the current strength in the capital equipment market "a continuing boom." Selling at a price-to-book ratio of 2.0, FSII is a small cap firm ($370 million). We would buy FSII below $16, with a one year target of $25-30 - although this sector and the stocks in it tend to be very volatile and difficult to predict. Martin Whitman, manager of the Third Avenue Value Fund and one of the best long term value investors, recommended FSII in an interview with him at: audioinvestor.pyxos.com Best - Joe