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Tencor Instrument, a technology leader in wafer inspection equipment is decidedly undervalued with respect to both past earnings and future growth. The company recently restructured to address rapidly expansion and invested heavily in R & D, is seeing high order intake with last quarter book-to-bill at 1.3 Memory prices are coming down fast which will spur demand from both PC upgrades and rocketing network server sales. Tencor is unreasonably beaten down together with the rest of the Semi-Equipment makers due to the wrong perception of slowing growth of equipments. But for Tencor lower memory prices means higher wafer production to meet greater volume demand. State-of-the-art inspection equipments are needed in greater number for the expanding manufacture capability of the Japanese, Korean and Taiwanese Fabrication Plants. A clear indication of the equipment demand is provided by the January equipment book-to-bill of 1.22 A majority of the equipment order probably goes to the wafer inspection requirement. In today's stock action, while all the other semi-equipment stocks are flat or lower, a surge in TNCR's stock price from 21 to 22.5 in a short period of time is quite evident that Tencor is buying back shares in the open market to fulfil its recent announcement of stock purchase plan. Down from a high of $49 the stock presents extremely good value. Expect the stock to return to its high in the next two quarters. | ||||||||||||
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