ISRAEL 
HIGH-TECH & INVESTMENT REPORT

from the June 1999 issue


Various Stock Reports -- CMVT, GICOF, CHKP and GILTF


CMVT remains a "strong buy". The company's growth in earnings, estimated at 20%, is driven by growing wireless networks and the deregulated wireless telecommunications industry. The market for the company's products is expected to grow annually by 30%. With a strong cash basis CMVT can continue to finance its growth internally or through acquisitions.


GICOF should be accumulated on weakness in the $13-$15 range. As a leader in providing satellite based interactive learning systems worldwide it has the basis for rapid growth. Estimates point to EPS of $2.00 in 2000 to come on the heels of $1.74 estimated EPS for 1999.The company provides a complete solution for clients as it offers both hardware and software for creating, broadcatsing and conducting educational and training operations.


GICOF was featured in IHTIR Feb.99 as IHTIRÕs choice of small-cap to outperfrorm in 1999


CHKP continues to maintain a leading position in developing, marketing and supporting network security software products enabling connectivity with security and manageability. Its FireWall technology provides easy to use software

that enables system administrators to define and enforce an integrated centrally managed enterprise-wide network security policy. A 25% annual growth in earnings is expected over the next two years.


GILTF continues as one of our favorites with earnings of $0.55 for the June 99 Q a strong likelihood. Gilat is expected to earn $2.65 in 1999 to be followed by a $3.24 performance in 2000.

The company designs, develops and markets and supports very small aperture terminal satellite earth stations It has proved over the years an ability to enlarge its market

Its earnings are advancing at more than 20% annually. At about $50 per share level the Gilat shares offer an attractive investment opportunity.


GILTF is IHTIR's Choice for a Core Holding


Reprinted from the Israel High-Tech & Investment Report June 1999

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