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Technology Stocks : Cymer (CYMI) -- Ignore unavailable to you. Want to Upgrade?

To: pass pass who wrote (14243)	2/6/1998 1:24:00 PM
From: Elroy Jetson	Read Replies (1) \| Respond to of 25960

Did you listen to the Qualcomm Conference Call? Your comment that Qualcomm's forward looking p/e is 16 is obviously a result of acute drug intoxication. It appears that it's reduced price of 47 brings the p/e down to about 50x this next year's earning. Qualcomm's ASIC and royalty income in Asia is dependent upon luxory item sales (ir the Q phone) to the general public. Qualcomm's biggest market is Korea and soon to be Japan. Not a pretty picture. In contrast companies like Cymer sell to Asia equiptment which produces products for world export. Cymer's customers are reluctant to ship to Korea temporarily due to credit problems. Qualcomm needs to rev up sales of luxury goods in Korea. QCOM at $47 looks fair to me but not cheap. It's on my watch list for possible purchase, but I think it's too soon to rush in.

To: pass pass who wrote (14243)	2/6/1998 2:40:00 PM
From: Elroy Jetson	Read Replies (1) \| Respond to of 25960

Qualcomm p/e is 16x..... NOT! First earnings revisions are out and Qualcomm at $47 is 33x estimate of $1.41 for FY'98. The analyst said there is certain to be further reductions in FY98 and FY99 for Qualcomm as more analysis is done and more information is uncovered. 60% of QCOM's sales are to Korea with a large percentage of this for Korean consumption. Qualcomm management also acknowledged in their CC that CDMA sales in the US are slowing. Sales of high margin Q phones are down, replaced by low margin phones. Qualcomm on my potential purchase list, too soon to jump in. I like to see an uptrend first.