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

To: Donald Wennerstrom who wrote (2310)	11/21/1998 5:29:00 PM
From: Donald Wennerstrom	Read Replies (1) \| Respond to of 2754

The group of 41 semi-equip stocks previously reported upon, have had a group increase of 73 percent over the past 6 weeks. With this large increase, the Price to Sales Ratio (PSR) and Price to Book Ratio (PBR) have gone to higher values. There could be valid concern that these ratios for many stocks in the group have risen to unrealistic values. Using information available on the Internet, in this case DailyStocks, information on PSR and PBR for each stock in the group was tabulated. The results are shown in the table below. The table is sorted by PBR, running from the lowest to the highest value. Even with the large percentage gains of most stocks in the group, the top 10 stocks in the table still have a PBR of 1 or less. The top 25 stocks have a PBR of less than 2. Only the last 5 stocks in the table have a PBR over 4, which includes AMAT, HELX, NVLS, VECO, and ASMLF. The group average is 2.13. If the price of every stock in the group were to double in value, the group average would be 4.26, still a relatively benign number. Listed just below the group of 41, for comparison purposes, are INTC with a PBR of 8.57, MSFT with a PBR of 15.62, and DELL with a PBR of 51.27!! Although everyone agrees that these PBRs are that high for a reason, the semi-equip group has a long way to go to even begin to approach those kinds of numbers. 11/20/98 CLOSE 12 MONS 12 MONS SYMBOL COMPANY PRICE PSR PBR ASEC Aseco 1.69 0.18 0.28 SVGI Silicon Valley Group 12.44 0.67 0.69 TGAL Tegal 3.00 0.86 0.82 MICN Micrion 6.06 0.49 0.83 WFR MEMC Electronic Materials 10.13 0.49 0.84 FSII FSI International 9.00 0.95 0.93 WJ Watkins Johnson 18.75 0.89 0.94 SFAM SpeedFAM 16.81 1.62 0.94 CFMT CFM Technologies 9.75 1.69 0.95 SFLX Smartflex Systems 7.88 0.41 1.00 BRKS Brooks Automation 14.25 1.48 1.11 SMTL Semitool 7.13 0.54 1.13 IMSC Integrated Measurement Systems 10.13 2.06 1.30 COHU Cohu 18.88 0.91 1.31 MTSN Mattson Technology 6.00 1.27 1.36 KLIC Kulicke & Soffa Industries 18.00 1.02 1.38 GSNX Gasonics 7.75 1.09 1.39 LRCX Lam Research 18.19 0.78 1.42 EGLS Electroglas 14.50 2.18 1.48 MASK Align-Rite International 13.13 1.12 1.48 AFLX Adflex Solutions 8.75 0.42 1.61 UTEK Ultratech Stepper 19.94 4.35 1.68 PHTN Photon Dynamics 4.25 1.39 1.72 LTXX LTX 2.81 0.51 1.78 ASYT Asyst Technologies 19.75 1.74 1.81 IPEC Integrated Process Equipment 11.25 1.23 2.11 DPMI Dupont Photomasks 36.38 2.11 2.17 CMOS Credence Systems 18.00 1.48 2.17 NANO Nanometrics 8.63 1.95 2.40 PLAB Photronics 21.38 2.32 2.60 ETEC Etec System 30.69 2.25 2.63 KLAC KLA Instruments 36.88 3.04 2.67 ATMI ATMI Inc 17.75 2.77 2.78 TER Teradyne 34.63 1.86 2.83 CYMI Cymer 16.50 2.29 3.74 PRIA Pri Automation 23.19 2.56 3.88 AMAT Applied Materials 39.31 3.57 4.43 HELX Helix Technology 13.25 2.84 4.48 NVLS Novellus Systems 51.69 3.07 4.97 VECO Veeco Instruments 40.88 3.21 6.06 ASMLF ASM Lithography Holdings 28.75 4.06 7.26 TOTALS 708.12 1.70 2.13 INTC Intel Corp 112.06 7.42 8.57 MSFT Microsoft Corp 113.63 18.51 15.62 DELL Dell Computer Corp 64.38 4.88 51.27