MTR recommends buying Amkor notes, convertibles, Titan convertible preferreds

New York, July 16 - Miller Tabak Roberts Securities LLC issued buy recommendations on all the outstanding public debt of Amkor Technology Inc. - including recommending the convertibles to aggressive investors - and also put a buy recommendation on Titan Corp.'s 5.75% convertible preferred stock.

In recommending Amkor, MTR senior analyst Eric Reubel said there are signs of a year-over-year improvement in semiconductor sales that should lead to a recovery by the end of 2002, barring any further economic or political disruptions.

"In this environment, we believe that Amkor's public debt offers attractive yields with low risk of default," Reubel said.

He recommended the senior and subordinated notes for conservative investors and the convertibles for aggressive investors.

On Titan, senior vice president Robert Wheeler noted the company is exiting some non-core businesses including its wireless division.

"The overall cash effect of writing down this unit will be minimal and otherwise allow Titan to focus on its primary and more reliable source of revenue, as a contractor to the US Government Department of Defense and related homeland security agencies," Wheeler wrote.

"Given Titan's considerable experience and exposure to the defense market, we anticipate meaningful cash flow and earnings gains over at least the next two to three years. As such, the convertible preferred shares represent a compelling opportunity."

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