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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Sun Tzu who wrote (39605)	11/13/2000 8:27:26 PM
From: Alan Gallaspy	Read Replies (1) \| Respond to of 70976

OT-That makes it two in a row, but at least its not going on and on and on about the election Morgan Stanley Dean Witter's take on Toyko Electron Tokyo Electron (8035-¥9,040-O) Revises Up Again, Reconfirming Strong Fundamentals N. Oki Semiconductor manufacturing equipment drove a strong F1H00. Tokyo Electron reported a 79% Y/Y increase in F1H consolidated sales, with operating income up 6.5-fold. It secured some ¥200B in orders, pushing the book/bill up to 1.41. No surprise here - the company raises full year estimates again; This latest revision follows on the heels of the one it made in Aug. Its new estimates are in-line with our current numbers, with sales at ¥710B and operating income at ¥112B. F2H00 outlook looks somewhat conservative. We maintain our Outperform rating. Any concerns are basically macro-related. We continue to see Tokyo Electron as one of the top-ranked firms in semiconductor manufacturing equipment. However, for now, we see rough sailing for the shares.