ASYST TECH: High Tech zum Sonderpreis: KGV 2001 von 6 und KUV unter 1 - 500 Beiträge pro Seite

[Nickelz]

Hi Leute,

Asyst Tech (WKN:890407) hat mit einer derzeitigen Marktkapitalisierung von 450 Mio. $ ein 2001ser KGV von 6. Die Firma ist auf die Herstellung von Reinraumtechnologie spezialisiert, welche zur Chipherstellung benötigt wird. Der Umsatz soll dieses Jahr bei 505 Mio. $ liegen. Im Zuge der Korrektur bei Chip-Werten ist Asyst Tech von gut 70$ bis auf 13$ gefallen. Mittlerweile hat sich jedoch ein Boden ausgebildet. Im Branchenvergleich absolut günstig bewertet!!!

Die Aktie notiert derzeit mit einem leichtem Plus von 0,5% bei 13,75$. Aufträge limitieren!

Quelle KGV:
http://earnings.nasdaq.com/earnings/peratio.asp?symbol=ASYT%…

Stock Report:
http://www.nasdaq.com/asp/quotes_reports.asp?symbol=ASYT%60&…

Website: www.asyst.com

Weitere Informationen auch in der WW 35/2000 Urteil: Kurschance: *****

MFG

Nickelz

[Nickelz]

Bear Stearns: Fairer Preis für Asyst und 12-Monatsziel 68$!
Das wären 400%!!!

Aber lest selbst:

BEAR STEARNS REPORT ON ASYT EARNINGS
Key Points
*** Asyst reported yet another record quarter of revenues and earnings,however the good news was tempered substantially by what the company referred to as another "digestion" period hitting Taiwan, most significantly developing over the last four weeks. This type of weakness
would have been fatal to Asyst a year or two ago given its previous dependence on Taiwan but now with the diversification of both geography and products Asyst`s exposure is roughly the same as the semiconductor equipment average.
*** Significantly Asyst got orders from 5 new fabs in the quarter. 300MM continues to be a huge potential homerun for the company though it seems to be a bit slower in coming around. Book to bill was above one to one but probably not by a lot. Orders appear to be roughly tracking revenues in terms of geographic breakdown.
*** We still feel the new wafer transport system holds perhaps the biggest potential of any product the company has ever had. With Atmel as a test case for the first installation and three potential customers in the works
this product could help break out revenues for the company.
*** We are maintaining our Attractive rating on the shares of Asyst and feel that value buyers should take note of the very attractive price to book and extremely low P/E ratios. We are taking our numbers down somewhat to
reflect a more conservative outlook in the near term. We would have growth buyers wait until we get over the "digestion" period or see how quickly new product areas ramp. Asyst is clearly the biggest and fastest moving
company in the factory automation business and continues to improve its technology, market and execution.
We continue to rate the shares of Asyst Technologies as Attractive. We have a one-year price target on Asyst of $68 per share based on 34 times our new FY2001 estimate of $2.00 down from $2.15 per share and lowering our FY2002
earnings estimate to $2.60 per share down from $2.90 per share. Asyst reported second quarter results of $0.49 per share (excluding goodwill EPS was $0.52 per
share). Revenues were up modestly for the quarter. Asyst noted a geographic shift in revenues into Japan and Europe and weakness in Taiwan. Although weak due to a buildup of capacity, business in Taiwan was deemed to be more encouraging by the end of the September quarter. We feel that Asyst is the beneficiary of both increasing automation as well as the shift to 300MM technology. Company management remains focused on expenses and expectations.
We would expect revenues and gross margins to show very modest sequential improvement over the coming quarters, given the good demand, streamlining, and restructuring that the company has done. We think that Asyst is making all the
right choices and is continuing to gain market share.

IMPORTANT POINTS
Asyst reported second quarter, 2001 EPS of $0.49 per share flat with the prior sequential first quarter. This compares to an earnings loss of ($0.09) per share for the year ago second quarter. Excluding goodwill amortization, EPS would have been $0.52 per share. We had been estimating $0.53 per share (excluding goodwill). Street consensus estimate was $0.52 per share.
Revenues for the quarter were $126.9 million up modestly from revenues of $123.7 million in 1Q`01. We had been estimating $137.3 million. Revenues for the second quarter compare to revenues of $40.7 million in the prior year
second quarter.
Geographic revenues were distributed as follows: North America was up to 40% from 38% in 1Q`01; Asia Pacific was down to 31% from 42% in 1Q`01, Japan was up to 20% from 14% in 1Q`01 and Europe was up to 9% from 6% in 1Q01.
The revenue mix split was more balanced with end-user accounting for about 58% of revenues for the quarter and OEM accounted for the remaining 42%.
Geographically, Asyst noted that orders in Japan and Europe are developing quite well and Asyst is gaining market share and experiencing strong demand in both regions. Management noted that the growth in Europe was sustainable going
forward. There were a significant number of upgrades in Japan. Taiwan was weak in the quarter due to the buildup of capacity but sentiments were much more positive toward the end of September and management noted that Taiwan
could pick up steam over the next quarter or two particularly from new fabs.
The company received record orders this quarter from five fabs. Bookings were more diversified, more balanced with Asia Pacific at 23%, North America at 38%,Japan 22% and Europe 16%. Significant growth in Japan and Europe from priorlevels.
The book to bill in the quarter was above parity.
Management continues to aggressively monitor expenses and to strategically manage both business and assets, while continuing to invest in R&D.
Revenues for 300mm represented about 5% of total second quarter revenues.
Asyst should benefit substantially from the move to 300mm because 300mm carries a higher percentage of automation.
SECOND QUARTER FINANCIAL DETAILS
Asyst Technologies reported second quarter 2001 (FYE: March) EPS of $0.49 per share compared to a loss of ($0.09) in the prior year second quarter.

Revenues for the quarter were up 3% sequentially to $126.9 million from $123.7 million in 1Q`01 and up 212% compared to sales of $40.7 million recorded in 2Q`00. The revenue growth and order momentum experienced over the last several
quarters is moderating although more geographically balanced. Net income before amortization of acquired intangible assets was $18.1 million compared to a net loss of $2.4 million in the year ago second quarter. Net income after amortization of acquired intangible assets was $16.9 million compared with a net loss of $2.8 million in 2Q`00.

R&D expense accounted for $10.9 million up from $4.5 million in the same year ago quarter and compare to $9.7 million in the prior sequential first quarter.
R&D increased from the low of the company target range of 8-10% As a percentage of revenues R&D was 8.6% up from 7.9% in the prior sequential first quarter and below the 10.9% in the year ago second quarter. SG&A expense was $23 million up in absolute dollars from $11.7 million in the year ago quarter and above the $11.2 million in the prior sequential first quarter. As a percentage of revenue, SG&A expense was 18.1% up from 7.3% in 1Q`01 and down from 30.3% in the year ago quarter. SG&A expense remains at the lower end of the company model range of 18% to 20%. SG&A expense is expected to continue to increase in absolute dollars but should remain relatively constant as a percentage of revenues.

Gross margins for the company were 46.8% up from 45.3% in 1Q`01 and were up from 45.1% in 2Q`00.

Asyst is well positioned for success in the 300 mm arena, and, according to the company, has resulted in 300 mm market share gains. As a percentage of revenues, 300mm represented 5% of second quarter revenues relatively flat withthe prior first quarter.

Taiwan has become a weaker source of bookings for Asyst, than in the prior quarters and the company experienced a shift in geographic bookings to regions outside of Taiwan. Sequentially, bookings increased in North America, Japan
and Europe.

Asyst received $50 million in new orders from leading Japanese chip and equipment manufacturers during the six months starting April 1, 2000. During the second quarter, Asyst received a multimillion-dollar follow-on order from
Anam Semiconductor in Korea. Asyst also received a multimillion-dollar order from Atmel Corp. During the third quarter, Asyst introduced the FasTrack product for automated fab transport specifically created for 300 mm production.

In September, the company announced that it had shipped its 250th Plus Portal automated equipment front-end system to a major United States semiconductor equipment manufacturer. On the balance sheet: Cash and cash equivalents and short-term investments totaled $116.5 million down from $124.6 million at the end of June due to internal issues of meeting demand and external demand. Accounts receivable
were up to $98.5 million at the end of September from $81.4 million at the end of June and $74.3 million at the end of March. The increase in Accounts
Receivables was partly driven by the increased turns business characteristic during the quarter. Inventories were up to $73.3 million from $61 million at the end of June. The increase in inventories was due to the company`s plan for higher shipments and the building of inventory for robotics which is a net group for Asyst and the substrate group. Stockholder`s equity was $273.8 million. Tax rate was about 35% during the quarter. Head count increased 14%
sequentially during the quarter. Revenue per head count was an annualized rate of $346,000 per employee.

Looking forward, the company is on track for continued good growth in FY2001.Management noted that 300mm activity would likely provide additional upside opportunities for Asyst. The company expects to see about 3% sequential revenue growth for 3Q`01 similar to that seen in the quarter just completed.
Fourth quarter EPS is expected to be about $0.52 per share. Gross margins for the third quarter are expected to remain relatively flattish in the range of 45% to 47%. Operating expenses are expected to be slightly higher in 3Q`01 due
to continuing investments in R&D and geographic expansion.

(Voluntary Disclosure: Position- Long; ST Rating- Strong Buy; LT Rating- Strong Buy)

Die Aktie notiert derzeit bei 15.6875!
Das ist immerhin ein Plus von knapp 15% seit dem 26.10.00


MFG

Nickelz