The Deen's List(TM)
A service of Deen Capital Management, Inc. (www.deencapital.com)
Vol.1 #93           Tuesday, December 23, 2003           2:44pm ET

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

Market stance: BULLISH (since Dec 12 2003)

*********** Bought Siliconware Precision Industries (SPIL) *************

Net buy price in managed accounts(*)... $4.83
Yesterday's close (Dec 22)............. $4.90
Net change (based on net buy price).... -$0.07
Today's volume as of 2:09pm ET ........ 168,383 ($0.8 million)
Average daily volume................... 1.6 million ($7.5 million)
This year's earnings-per-share......... $0.18 (est)
Next year's earnings-per-share......... $0.36 (est)
P/E using next year's earnings......... 13.5 (est)
Earnings growth rate, next 5 years..... 17.5% 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 Tue Dec 23, I bought SPIL.  Siliconware (www.spil.com.tw) is a
Taiwan-based provider of semiconductor packaging services.

Here's why I bought this stock:

+ Technical:  The stock is in a long-term uptrend (since putting in
a bottom in February).  Shorter term, the stock sold off in November
and December.  We are buying near the low end of this 2-month range.
All recent high-volume days in this stock have been up days -- a
bullish pattern.  The stock has just come off of an important support
level at $4.50.

+ Excellent recent sales growth:  Here are the quarterly year-to-year
sales growth rates from the last four quarters, in chronological order:
+32%, +7%, +17%, and, most recently, for the quarter ended Sep 30,
+35% to $213.1 million.

+ Excellent recent earnings-per-share growth:  Here are the quarterly
EPS figures for the last eight quarters:

Dec 02 vs Dec 01: 1c vs (10c)
Mar 03 vs Mar 02: 2c vs 1c
Jun 03 vs Jun 02: 5c vs 2c
Sep 03 vs Sep 02: 9c vs 1c

+ Rising estimates:  According to recent data from First Call, the
consensus earnings estimate for 2003 is 18c, up from 15c 90 days ago;
and the consensus estimate for 2004 is 36c, up from 27c 90 days ago.

+ Valuation:  At 13 times next year's estimated earnings and a projected
5-year annualized earnings growth rate of 17.5%, the stock is very
attractively priced.

+ History of earnings surprises:  This company has reported earnings
3c ahead of estimates in each of the past three quarters.

I chose to buy the stock in spite of the following negative factor:

- I usually stay away from stocks under $8.  We bought this one at
under $5.

- The company's industry group ("Elec - Semiconductor Mfg") has fallen
in relative strength over the past six months, according to Investor's
Business Daily.

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***************************** 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.