Win Semiconductors Corp

3105: ROCO (TWN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	TWD 427.00	Bxqsfv	Hvxzcbh

Cut Win Semi FVE to TWD 350 on Short-Term Rout in Smartphones; Long-Term Thesis Still Holds

Phelix Lee

Apr 29, 2022

Business Strategy and Outlook

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 nearly 80% 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.

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