Win Semi Earnings: Coming Quarters To Improve, Shares Depressed by Next Six-Month Outlook

Our fair value estimate on Win Semiconductors is tapered to TWD 253, corresponding to 2024 adjusted P/E of 31 times chiefly on lower 2023 revenue and earnings forecasts. The stock is enticing to us amid early signs of a recovery starting from the second quarter. We think it is not too late as smartphone recovery has only just started, and the market remains skeptical of recovery over the next two to three quarters. The share price also does not seem to price in possible upside from satellite and autonomous driving.