The Deen's List(TM)
A service of Deen Capital Management, Inc. (www.deencapital.com)
Vol.1 #98           Tuesday, December 30, 2003           1:59pm ET

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

Market stance: BULLISH (since Dec 12 2003)

***************** Bought Amkor Technology Inc. (AMKR) ******************

Net buy price in managed accounts(*)... $18.12
Yesterday's close (Dec 29)............. $17.78
Net change (based on net buy price).... +$0.34
Today's volume as of 1:33pm ET ........ 500,518 ($9.1 million)
Average daily volume................... 1.9 million ($34.3 million)
This year's earnings-per-share......... -$0.22 (est)
Next year's earnings-per-share......... $0.77 (est)
P/E using next year's earnings......... 23.5 (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 30, I bought AMKR for those accounts with sufficient cash.
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:

+ Technical: The stock is in a long-term uptrend (from $1.20 on Sep
24, 2002).  Also, a short-term downtrend (from $21.40 on Dec 2 to
$16.78 on Dec 17) may have run its course.

+ 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, for the quarter ended Sep 30, +8% to $423.8 million.

+ Future sales growth looks even stronger:  Next year's sales are
expected to be up some 23%.

+ 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: 10c vs (31c)

+ Rising estimates:  According to recent data from First Call, the
consensus earnings estimate for 2003 is (22c), up from (27c) 90 days
ago; and the consensus estimate for 2004 is 77c, up from 61c 90 days
ago.

+ Valuation: 24 times next year's estimated earnings is a modest
multiple for a company which is just crossing over into profitability.

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

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

+ The company's industry group ("Elec - Semiconductor Mfg") has
fallen over the past six months relative to other groups, according
to Investor's Business Daily.  It is now ranked #22 out of 197 groups.

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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
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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.