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

To: Donald Wennerstrom who wrote (1948)	5/23/1998 2:25:00 AM
From: Kent Sarikaya	Read Replies (1) \| Respond to of 2754

Don, your charts are amazing. I have a lot of these stocks in different monitoring portfolios, but nothing matches the picture your data gives! Thanks, I think it makes it clear that we are near the end of this yet another correction in techs. I think it will be bumpy for a few more months though.

To: Donald Wennerstrom who wrote (1948)	5/23/1998 9:12:00 AM
From: Joe Dancy	Read Replies (1) \| Respond to of 2754

Some of the pundits on Wall Street Week said we were near the end of the tech wreck, and the elves are still very positive (plus 6 or 7 if I recall). Not that they know anything we don't. Reading a good book on investing by David Dreman that he just published - several good reviews in the London papers on it. He has some interesting concepts that apply to FSII and the like - showing how unloved companies outperform those that are better liked (and more highly valued). I'll summarize when I finish the last few chapters how his ideas apply here with FSII. No-one except a mother could love FSII the last few years. :) Interesting articles this morning: Trading stamps hit the internet - mercurycenter.com Japan's Banks Write off Loans (more to come?) - mercurycenter.com Asia cuts two ways - exports will lower our inflation and their money may stream into our market looking for a safe haven. On the other hand, tech demand for new equipment from that part of the world will be hit. The Dow Masks The Market's Correction- pathfinder.com Get a load of the graph at the bottom of the article - it shows how the Russell 2000 lags the Dow. This sort of confirms what your charts are saying Don. :( Joe PS - Also interesting that PLAB took a big hit - MASK is much more attractive on a valuation basis if you are looking at photomask makers FWIW.

To: Donald Wennerstrom who wrote (1948)	5/26/1998 12:30:00 AM
From: Donald Wennerstrom	Respond to of 2754

I spent a little time gathering data posted by DailyStocks, re-arranging the data in slightly different format, and doing some sorting on different columns. DailyStocks used the Nelson database for earnings estimates. Also, keep in mind, I try to be careful in copying the data, but I can certainly make mistakes. The following table shows trailing 12 months sales, revenues and profit margin. These are sorted by descending profit margin. It also shows that during the last 12 months the group made an 8 percent profit. 12 MONS 12 MONS NET PERCENT REVENUE INCOME PROFIT SYMBOL COMPANY (M) (M) ASMLF ASM Lithography Holdings 776 137.8 18 HELX Helix Technology 128 20.0 16 COHU Cohu 210 32.6 16 AMAT Applied Materials 4822 737.9 15 ETEC Etec System 273 37.7 14 MASK Align-Rite International 43 5.7 13 DPMI Dupont Photomasks 274 33.9 12 NANO Nanometrics 39 4.8 12 SFAM SpeedFAM 208 24.8 12 PLAB Photronics 221 25.7 12 KLAC KLA Instruments 1471 167.2 11 CYMI Cymer 216 24.3 11 TER Teradyne 1449 160.0 11 ASYT Asyst Technologies 166 16.4 10 UTEK Ultratech Stepper 137 13.4 10 CMOS Credence Systems 278 24.4 9 KLIC Kulicke & Soffa Industries 542 44.8 8 IMSC Integrated Measurement Systems 42 3.4 8 SMTL Semitool 199 11.7 6 VECO Veeco Instruments 161 9.3 6 CFMT CFM Technologies 76 4.1 5 SVGI Silicon Valley Group 715 36.2 5 AFLX Adflex Solutions 216 10.4 5 WJ Watkins Johnson 269 10.4 4 ATMI ATMI Inc 85 2.6 3 IPEC Integrated Process Equipment 193 4.8 2 GSNX Gasonics 123 3.0 2 LTXX LTX 217 4.4 2 MTSN Mattson Technology 84 0.8 1 MICN Micrion 57 0.4 1 PRIA Pri Automation 185 1.0 1 EGLS Electroglas 161 0.0 0 FSII FSI International 250 -4.0 -2 BRKS Brooks Automation 140 -3.5 -2 WFR MEMC Electronic Materials 1000 -33.2 -3 PHTN Photon Dynamics 26 -1.4 -5 LRCX Lam Research 1082 -80.7 -7 TGAL Tegal 42 -5.5 -13 NVLS Novellus Systems 596 -90.3 -15 ASEC Aseco 44 -8.1 -18 TOTALS 16538 1248 8

To: Donald Wennerstrom who wrote (1948)	5/26/1998 12:51:00 AM
From: Donald Wennerstrom	Respond to of 2754

Using the same DailyStocks database and Friday's closing prices, the trailing 12 months P/E and the estimate of P/E for next year can be calculated. These 2 columns can be summed together and the sort can be done on that column. The result is the table shown below. For those stocks without a TTM P/E or an estimated next years P/E, they are placed at the end of the table. EST SUM 05/22/98 TT MONS NEXT TT MONS CLOSE PE YEAR & NXT YR SYMBOL COMPANY PRICE RATIO PE PE COHU Cohu 29.75 9 8 17 KLIC Kulicke & Soffa Industries 17.81 9 10 19 SVGI Silicon Valley Group 17.75 10 13 23 AFLX Adflex Solutions 17.88 15 10 25 ASYT Asyst Technologies 19.69 14 11 26 SMTL Semitool 11.44 13 13 26 TER Teradyne 31.56 16 11 27 CMOS Credence Systems 21.75 19 9 28 SFAM SpeedFAM 20.94 13 15 29 IMSC Integrated Measurement Systems 9.50 21 11 32 AMAT Applied Materials 33.25 16 17 34 KLAC KLA Instruments 35.44 18 17 35 HELX Helix Technology 18.13 18 17 35 ETEC Etec System 40.88 24 13 37 MASK Align-Rite International 14.25 11 26 38 CFMT CFM Technologies 12.00 23 14 38 DPMI Dupont Photomasks 45.75 21 18 39 CYMI Cymer 17.00 20 18 39 VECO Veeco Instruments 32.06 31 13 44 LTXX LTX 4.06 34 11 45 PLAB Photronics 26.81 30 18 48 WJ Watkins Johnson 26.13 21 34 54 UTEK Ultratech Stepper 21.38 33 24 58 ASMLF ASM Lithography Holdings 42.25 42 19 62 GSNX Gasonics 10.25 48 16 64 IPEC Integrated Process Equipment 14.25 53 24 76 MICN Micrion 10.13 103 17 120 MTSN Mattson Technology 6.88 125 16 140 ATMI ATMI Inc 25.00 181 17 199 PRIA Pri Automation 22.50 441 20 461 PHTN Photon Dynamics 4.38 BRKS Brooks Automation 14.19 41 TGAL Tegal 4.38 FSII FSI International 11.50 21 WFR MEMC Electronic Materials 14.06 56 EGLS Electroglas 14.38 21 NVLS Novellus Systems 38.81 12 ASEC Aseco 5.13 14 LRCX Lam Research 24.13 29 NANO Nanometrics 8.69 16 SFLX Smartflex Systems 9.25 10 TOTALS 805

To: Donald Wennerstrom who wrote (1948)	5/26/1998 1:04:00 AM
From: Donald Wennerstrom	Read Replies (1) \| Respond to of 2754

And finally, some information on holdings of the individual stocks in the group by institutions. In this case the information is sorted by descending percentage ownership of outstanding shares of stock. NBR PERCENT SHARES INSTNS INSTNS OUTS HOLD HOLD SYMBOL COMPANY (000) SHARES SHARES CMOS Credence Systems 21,634 172 92 ETEC Etec System 21,958 214 91 TER Teradyne 83,510 432 85 NVLS Novellus Systems 33,835 266 83 KLAC KLA Instruments 86,873 523 82 IPEC Integrated Process Equipment 17,712 159 82 LRCX Lam Research 38,219 229 82 EGLS Electroglas 19,704 147 79 SVGI Silicon Valley Group 20,487 176 74 ASYT Asyst Technologies 12,019 124 74 PRIA Pri Automation 19,608 180 68 FSII FSI International 22,814 92 67 WJ Watkins Johnson 8,253 121 65 KLIC Kulicke & Soffa Industries 23,312 204 63 AMAT Applied Materials 365,936 961 60 ASEC Aseco 3,715 33 60 AFLX Adflex Solutions 8,905 69 59 MASK Align-Rite International 4,453 36 58 HELX Helix Technology 19,832 136 58 BRKS Brooks Automation 10,107 70 56 IMSC Integrated Measurement Systems 7,544 44 56 PLAB Photronics 29,201 172 55 SFAM SpeedFAM 15,933 161 53 GSNX Gasonics 14,046 59 51 LTXX LTX 36,797 79 49 SFLX Smartflex Systems 6,371 20 42 COHU Cohu 9,705 88 40 VECO Veeco Instruments 8,926 92 38 UTEK Ultratech Stepper 20,889 133 35 PHTN Photon Dynamics 7,461 25 33 CFMT CFM Technologies 7,914 80 33 CYMI Cymer 28,850 147 29 DPMI Dupont Photomasks 15,554 95 27 WFR MEMC Electronic Materials 41,440 101 27 ATMI ATMI Inc 18,853 85 25 MICN Micrion 4,061 26 23 MTSN Mattson Technology 14,480 28 18 TGAL Tegal 10,546 25 15 NANO Nanometrics 8,585 16 13 SMTL Semitool 13,789 53 11 ASMLF ASM Lithography Holdings 138,000 0 0