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Strategies & Market Trends : Steve's Channelling Thread -- Ignore unavailable to you. Want to Upgrade?

To: Zeev Hed who wrote (12539)	3/13/2001 10:56:28 AM
From: Crossy	Respond to of 30051

Zeev, ISSI - they are big into SRAMs if I remember correctly. Competitor to MU, IDTI and the like. Almost at book value ($9.5) but I haven't looked how much goodwill is in this number (can't remember of a purchase type acquisition ISSI did so I don't think this number to be high, though) Apart from this, since you like low price/book valuation situations. What do you think about ANEN, CAMP and SEMX. Won't they fit into this picture ?? Finally, I personally think that the new regulation FD causes companies to "overreact" - pre-announcing 3 times or even more than just once (as before). could this new regulatory environment have further catalyzed the bad market environment and as such led to the situation we are in now ?? Do you think that the investment public has to "learn" to come to grips with reg FD first ?? Add the FASB/SEC rule closing the "pooling of interest" acquisitions - which makes earnings look even worse and creates further "goodwill" distortions and voilá - face the music. Ugly. When will they ever learn... rgrds CROSSY

To: Zeev Hed who wrote (12539)	3/13/2001 11:11:05 AM
From: Crossy	Read Replies (2) \| Respond to of 30051

Zeev, one company that I've been holding for a long time now finally seems to be getting an incredible play: MOYC(E). They missed the filing deadline for the last 10-Q by 3 hourse. Had to add the "E" and by tomorrow will be MOYC again.. biz.yahoo.com This spring they are selling one of their dental subsidiary. Will be paying off all their debt plus distributing at least $1.35 per share. MOYC is now at $2.50. The remaining division (precision polishing) is around $11m annual sales now. The ramaining part made $0.05 earnings per quarter but that included the payment of interest (which would not be present after their transaction). Right now interest payments are around $0.02 per quarter. Long term debt is $5m. There are 5m shares out. They will get $17m from the sale of dental biz. Payout will be around $1.35 per share, amounting to something like $8m being distributed. That still leaves about $4m to be added to cash on hand (right now $2.8m). That means after all the transactions the cash per share (post sale) should be around $1.4. Add the payout of $1.35 and you get $2.75. Right now MOYC is trading for $2.5. I deduct from this that what will be left is finally trading below cash value plus generating around 0.07 per quarter - even without growh (0.28 per year) To me this looks like a steal.. rgrds CROSSY