The Deen's List(TM)
A service of Deen Capital Management, Inc. (www.deencapital.com)
Vol.1 #51           Monday November 10 2003           2:12pm ET

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

Market stance: BULLISH (since Oct 3 2003)

***************************** Bought OVTI ******************************

Omnivision Technologies (OVTI)

Net buy price in managed accounts(*)... $56.72
Yesterday's close (Nov 07)............. $55.37
Net change (based on net buy price).... +$1.35
Today's volume as of 1:43pm ET ........ 754,194 ($42.8 million)
Average daily volume................... 1.3 million ($75.9 million)
This year's earnings-per-share......... $1.11 (est)
Next year's earnings-per-share......... $1.52 (est)
P/E using next year's earnings......... 37.3 (est)
Earnings growth rate, next 5 years..... 30.0% 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.

On Mon Nov 10, I bought OVTI.  OmniVision Technologies (www.ovt.com)
makes semiconductor imaging devices for computing, communications and
electronics applications.

Here's why I bought this stock:

+ News:  On Wed Oct 29 before the open, the company announced raised
its earnings and revenue guidance for the fiscal second quarter ending
Oct 31.  They will report their numbers on Nov 19, but on Oct 29 they
indicated that earnings would be at least 30c per share on revenue of
at least $65 million.  (The First Call estimate at the time was for
24c on $51.9 million.)

+ Breakout:  Also on Wed Oct 29, the stock soared $10.77 to $59.14 on
very heavy volume of 5.23 million shares (daily average about 1.3
million).  This was a breakout from a five-week trading range.  We
bought Nov 10 at a better price thanks to some mild profit-taking.

+ Explosive recent sales growth:  Here are the quarterly year-to-year
sales growth rates from the last four quarters, in chronological order:
+77%, +206%, +204%, and, most recently, for the quarter ended Jul 31,
+177% to $46.5 million.  The company, according to the press release
cited above, is projecting about +200% for the Oct 31 quarter.

+ Explosive earnings-per-share growth:  Here are the quarterly EPS
figures for the last eight quarters:
Oct 02 vs Oct 01: 12c vs (1c)
Jan 02 vs Jan 01: 18c vs 1c
Apr 03 vs Apr 02: 24c vs 7c
Jul 03 vs Jul 02: 23c vs 7c
And now we are expecting "at least 30c" vs 12c for Oct 03 vs Oct 02.

+ Rising estimates:  According to recent data from First Call, the
consensus earnings estimate for FY 04 (Apr) is $1.11, up from 88c 90
days ago; and the consensus estimate for FY 05 is $1.52, up from $1.27
90 days ago.

+ Valuation:  At 37 times next year's earnings, the price may at first
blush seem a bit pricey; but, in view of the 5-year projected earnings
growth rate of 30% per year, we have a P/E-to-growth ratio of 1.2,
which is very reasonable.

+ History of earnings surprises:  This company has reported earnings at
least 3c ahead of estimates in each of the past four 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 now ranks #3 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.

* The information contained herein has been compiled from sources deemed
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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.