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Win Semiconductors Corp 3105

Morningstar Rating
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Company Report

Win Semi Enjoys Higher Visibility in Data Center, Automotive, and Satellite Growth

Win Semiconductors, or Win Semi, intends to secure its leadership in RF contract manufacturing by expanding capacity, developing GaAs improvements, selling new materials and exploring applications. It boasts more than 70% market share in GaAs foundries, with the next two largest peers at 10%-15% combined. The company has been successful in reducing reliance on mobile products, currently making up less than 40% of the business. Base stations and other infrastructure products make up the second-largest group.

Price vs Fair Value

3105 is trading at a 76% premium.
Price
TWD 173.50
Fair Value
TWD 518.00
Uncertainty
High
1-Star Price
TWD 297.78
5-Star Price
TWD 311.00
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.

Is it the right time to buy, sell, or hold?
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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)
130.27
Price/Sales
4.21
Dividend Yield (Trailing)
1.44%
Dividend Yield (Forward)
1.44%
Total Yield
1.44%

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 Growth
Total Number of Employees
1,534

Competitors

Valuation

Metric
3105
6981
QCOM
Price/Earnings (Normalized)
130.2732.8822.27
Price/Book Value
2.082.669.31
Price/Sales
4.214.156.31
Price/Cash Flow
16.7317.5322.43
Price/Earnings
3105
6981
QCOM

Financial Strength

Metric
3105
6981
QCOM
Quick Ratio
0.772.941.85
Current Ratio
1.394.722.65
Interest Coverage
1.01145.4412.69
Quick Ratio
3105
6981
QCOM

Profitability

Metric
3105
6981
QCOM
Return on Assets (Normalized)
0.04%7.36%14.08%
Return on Equity (Normalized)
0.08%8.83%32.62%
Return on Invested Capital (Normalized)
0.75%8.00%19.56%
Return on Assets
3105
6981
QCOM
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