The Deen's List(TM)
A service of Deen Capital Management, Inc.
Vol.1 #23           Wednesday October 15 2003           12:02pm ET

Please read carefully our disclaimers at the end of this newsletter.

Market stance: BULLISH (since Oct 3 2003)

****************************** Bought APH ******************************

Amphenol Corp (APH)

Net buy price in managed accounts(*)... $58.55
Yesterday's close (Oct 14)............. $54.90
Net change (based on avg buy price).... +$3.65
Today's volume as of 11:20am ET........ 457,400 ($26.8 million)
Average daily volume................... 394,200 ($23.1 million)
This year's earnings-per-share......... $2.38 (est)
Next year's earnings-per-share......... $2.78 (est)
P/E using next year's earnings......... 21.1 (est)
Earnings growth rate, next 5 years..... 18.0% per year (est)

(*) The "Net buy price" is the total net purchase cost after commissions
for all managed accounts divided by the total number of shares.

Amphenol Corp. (www.amphenol.com) manufactures electrical, electronic
and fiber optic connectors, interconnect systems and flat-ribbon
cable.

Here's why I bought this stock:

+ News:  On Wed Oct 15, the company announced better-than-expected sales
and earnings for the third quarter ended Sep 30.  Earnings came in at 64c
per diluted share (vs last year 48c and First Call 61c).  Revenue was up
17.4% to $314.8 million (First Call estimate $304 million).  The company
also raised its guidance for the fourth quarter and full year.

+ A "true surprise"(*):  Prior to the news, the stock was trading near
the middle of a 3-month trading range.  Then, as soon as the news hit the
wires, the stock soared on heavy volume.

(*) "True surprise" is my term to describe a company news item that
ignites heavy buying and that was not preceded by a short-term runup in
the stock price (i.e. not preceded by rumor).

+ Breakout:  The price movement on Oct 15 represents a breakout from a
3-month trading range.

+ Accelerating sales growth:  Here are the quarterly year-to-year sales
growth rates from the last four quarters, in chronological order: +3%,
+9%, +13%, and, just announced, +17.4%.

+ Excellent recent earnings-per-share growth:  Here are the quarterly EPS
figures for the last eight quarters:
Dec 02 vs Dec 01: 52c vs 45c
Mar 03 vs Mar 02: 54c vs 40c
Jun 03 vs Jun 02: 60c vs 46c
Sep 03 vs Sep 02: 64c vs 48c

+ Rising estimates:  According to recent data from First Call, the
consensus earnings estimate for 2003 is $2.38, up from $2.25 90 days ago;
and the consensus estimate for 2004 is $2.78, up from $2.60 90 days ago.

+ Valuation:  At 21 times next year's estimated earnings and a projected
5-year annualized earnings growth rate of 18%, the stock is moderately
priced.

+ History of earnings surprises:  This company has reported earnings at
least a penny ahead of estimates in each of the past four quarters
(including the just-reported quarter cited above).

+ The company's industry group ("Elec - Components / Connectors") has
risen in relative strength over the past six months, according to
Investor's Business Daily.

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************************ IMPORTANT DISCLAIMERS *************************

* All stocks discussed in The Deen's List(TM) involve a high degree of
risk.  It should not be assumed that any stock discussed in The Deen's
List(TM) or purchased by Deen Capital Management, Inc. will be
profitable.

* Past performance is not necessarily indicative of future results.

* The information contained herein has been compiled from sources deemed
to be reliable; however, we are not responsible for its accuracy or
completeness.

************************************************************************

Ken Deen
Deen Capital Management, Inc.
PO Box 30925
Santa Barbara, CA 93130
(805) 682-1870
deenslist@deencapital.com

Copyright (C) 2003 Deen Capital Management, Inc.