The Deen's List(TM)
A service of Deen Capital Management, Inc. (www.deencapital.com)
Vol.1 #41           Tuesday October 28 2003           9:49am ET

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

Market stance: BULLISH (since Oct 3 2003)

***************************** Bought AMKR ******************************

Amkor Technology Inc (AMKR)

Net buy price in managed accounts(*)... $18.08
Yesterday's close (Oct 27)............. $16.19
Net change (based on net buy price).... +$1.89
Today's volume as of 3:59pm ET ........ 290,550 ($5.3 million)
Average daily volume................... 1.3 million ($22.6 million)
This year's earnings-per-share......... -$0.27 (est)
Next year's earnings-per-share......... $0.61 (est)
P/E using next year's earnings......... 29.8 (est)
Earnings growth rate, next 5 years..... 20.0% 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.

Amkor Technology Inc. (www.amkor.com) is the world's largest independent
provider of semiconductor packaging and test services.

Here's why I bought this stock:

+ News:  On Mon Oct 27 after the close, the company announced results for
the quarter ended Sep 30.  Earnings came in at 9c per diluted share (vs
last year's 36c loss and the First Call consensus 1c).  Revenue was up 8%
to $423.8 million (First Call estimate $416 million).  Excluding items,
earnings were about 4c.

+ News:  The company said (and other news I have seen supports this
claim) that "the semiconductor assembly and test industry is on the
cusp of a period of sustained growth".

+ A "true surprise"(*):  Prior to the news, the stock was trading in the
middle of a 3-month trading range.  Then, Tuesday morning Oct 28, the
stock was up sharply on very 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).

+ Near-Breakout:  As I write this Tuesday morning, the stock is close to
breaking out of that trading range.  A close above $18.50 would be a
breakout.

+ Recent sales growth:  Here are the quarterly year-to-year sales growth
rates from the last four quarters, in chronological order: +21%, +19%,
+8%, and, as cited above, +8%.

+ Future sales growth looks even stronger:  Next year's sales are
expected to be up some 19%.

+ Re-emergence into profitability after 3 years of losses:  Here are the
quarterly EPS figures for the last eight quarters:
Dec 02 vs Dec 01: (15c) vs (67c)
Mar 03 vs Mar 02: (24c) vs (58c)
Jun 03 vs Jun 02: (12c) vs (53c)
Sep 03 vs Sep 02: 4c vs (36c)

+ Rising estimates:  According to recent data from First Call, the
consensus earnings estimate for 2003 is (27c), up from (29c) 90 days ago;
and the consensus estimate for 2004 is 61c, up from 53c 90 days ago.

+ Valuation:  At 30 times next year's estimated earnings and a projected
5-year annualized earnings growth rate of 20%, the stock is attractively
priced.  Note that higher P/E ratios are to be expected for companies
which are just crossing over into profitability.

+ History of earnings surprises:  This company has reported earnings at
least 6c ahead of estimates in four of the past five quarters.

+ The company's industry group ("Elec - Semiconductor Mfg") has risen in
relative strength over the past six months, according to Investor's
Business Daily.  It is now ranked #8 out of 197 groups.

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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.

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

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.