Win Semiconductors Corp

3105: ROCO (TWN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	TWD 653.00	Hlyjcl	Qknjmzsj

Win Semi Hit by Slowing Smartphone Restocking; We Expect More Modest Expansion in Kaohsiung

Phelix Lee

Jul 31, 2024

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 almost 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.

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