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Win Semiconductors Corp 3105

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Company Report

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Win Semi Earnings: Growth in Autos and Smartphones Eclipsed by Liquidity and Competition Concerns

Phelix Lee

We retain our fair value estimate for Win Semiconductors of TWD 245 as we believe a milder increase in the second half of 2024 will follow the upbeat first-quarter performance. Win Semi is undervalued, in our view, as the market remains unconvinced of a smartphone recovery and is focusing on competitor expansion in the near term rather than structural growth in optical components demand. Win Semi’s mediocre balance sheet may be improved disproportionately amid China’s smartphone recovery, triggering a rerating in the stock.

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Price vs Fair Value

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3105 is trading at a 41% discount.
Price
TWD 145.00
Fair Value
TWD 186.00
Uncertainty
High
1-Star Price
TWD 429.87
5-Star Price
TWD 654.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Win Semi’s new capacity will be quickly filled by customers due to new RF content.

Bears

Chinese entrants may leapfrog Win Semi using alternatives of GaAs like silicon carbide and gallium nitride.

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Trading Information

Previous Close Price
—
Day Range
—–—
52-Week Range
—–—
Bid/Ask
— / —
Market Cap
—
Volume/Avg
— / —

Key Statistics

Price/Earnings (Normalized)
—
Price/Sales
3.87
Dividend Yield (Trailing)
1.72%
Dividend Yield (Forward)
1.72%
Total Yield
1.75%

Company Profile

Founded in 1999, Win Semiconductors is the largest foundry for nonsilicon-based semiconductor components, most notably gallium arsenide, or GaAs; gallium nitride, or GaN; and silicon carbide, or SiC. Per Strategy Analytics, Win Semi wielded over 75% share in the GaAs foundry market in 2023, followed by Advanced Wireless Semiconductor Company, or AWSC, and GCS Holdings, or GCS. The company’s headquarters, four factories and most of its 3,500 employees are based in Taoyuan City, Taiwan. Its products are applied in mobile, Wi-Fi networks, cellular infrastructure (such as base stations), satellite communication, optical communication and 3D sensing. The company also provides automated testing and inspection services.
Sector
Technology
Industry
Semiconductors
Stock Style Box
Mid Core
Total Number of Employees
1,534
Website
https://www.winfoundry.com

Competitors

Valuation

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Metric
3105
6981
QCOM
Price/Earnings (Normalized)
 —24.3718.61
Price/Book Value
 1.812.148.03
Price/Sales
 3.873.345.14
Price/Cash Flow
 19.4614.0618.27
Price/Earnings
3105
6981
QCOM

Financial Strength

Metric
3105
6981
QCOM
Quick Ratio
 0.912.641.70
Current Ratio
 1.354.392.56
Interest Coverage
 −0.33—11.86
Quick Ratio
3105
6981
QCOM

Profitability

Metric
3105
6981
QCOM
Return on Assets (Normalized)
 −1.60%7.44%19.76%
Return on Equity (Normalized)
 −3.28%8.90%47.69%
Return on Invested Capital (Normalized)
 −1.12%9.79%27.85%
Return on Assets
3105
6981
QCOM
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