comment please see analyst certification and other important disclosures starting on page 42 1 industry equity research global monthly january 12 2005global semiconductor team morgan stanley chipwatch 2005 best idea samsung electronics 005930 ks w548 000 o regional ideas semiconductors us national nsm 22 v nvidia nvda 36 japan nec 6723 t 6 200 europe asml holding as 14 capital equipment kla tencor klac 43 25 production tokyo electron 8035 900 prices shown above are price targets stock ratings relative to the individual s coverage universe or relevant country index should be viewed in context with their views near term fundamentals remain challenging earnings risk remains high although we believe that end market demand generally met expectations fourth quarter a broad based inventory correction need for level of turns business continued promote large number negative surprises bias estimates is still inventories decline further but seasonally weaker
