Win Semiconductors Corp

3105: ROCO (TWN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	TWD 663.00	Rvhvqst	Zpkszbx

Win Semi Earnings: Pause in Smartphone Restocking Dampens Outlook; Shares Still Undervalued

Phelix Lee

Jul 31, 2024

We cut our fair value estimate on narrow-moat Win Semiconductors to TWD 202 from TWD 245, given disappointing management guidance for the third quarter and our expectation that expansion in Kaohsiung will be downsized in the long term. Despite this, Win Semi remains undervalued amid a boost to the smartphone outlook by a pipeline of artificial intelligence features, and structural growth demand for optical components. We view Win Semi’s more cautious approach to capital expenditure as buying time for repairing its balance sheet and better maneuvering future cycles.

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