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ingest 時建立的「眼見為憑」圖片索引，是 lib/ 嵌圖的唯一真相來源；建立步驟見
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報告_Daiwa_穩懋3105_20261029_001.png |
22KB | 真資料圖（股價） | 穩懋（左軸，TWD 0-650）與相對 TWOTCI（右軸）2025-10 至 2026-10 走勢折線，2026-04 高點約 650，期末約 540 |
報告_Daiwa_穩懋3105_20261029_002.png |
40KB | 真資料圖（估值） | 穩懋 P/BV 2011-12 至 2026 年走勢與平均、±1 標準差線，近期升至約 5.5-6x，高於 +1 標準差 |
報告_Daiwa_穩懋3105_20261029_003.png |
51KB | 真資料圖（估值） | 穩懋股價與 4 季遠期本益比區間（10x、20x、30x、40x、50x、60x）2011-12 至 2026-12，2026 年股價落在約 40-60x 帶 |
報告_Daiwa_穩懋3105_20261029
PDF 原檔：報告_Daiwa_穩懋3105_20261029_original.pdf
原始內容
Win Semiconductors (3105 TT)
Target price: TWD620.00 (from TWD449.00)
Shareprice(28Oct):TWD540.00 | Up/downside:+14.8%
Downgrading: profit optimisation on the go
- Raising our forecasts on a higher margin trajectory
- Growth pillars paying off across infrastructure, optics and RF
- Downgrading our rating to Outperform (2), with a higher TP of TWD620
What's new: Following our results memo, we raise our forecasts and TP for Win Semiconductors (WinSemi), but lower our rating by one notch to Outperform (2) on valuation grounds. While its topline trajectory appears to be unfolding intact, its margin trajectory is running better than our expectations. This, together with management's positive commentary across its key business lines of RF, infrastructure and optics, reinforces our thesis that 3 growth pillars will turn around WinSemi's bottom line and optimise its structural profitability (Upgrading: profit optimisation round the corner, 24 July). We suggest accumulating only on pullbacks.
What's the impact: Forecast revisions. We raise our 2027-28E EPS by 2-11% for WinSemi to factor in its higher margin trajectory, primarily on better product mix geared towards the infrastructure business, followed by the ramp-up in optics for AI optical communications (OC). We note the surge in our 2026E EPS revision is a result of the company's non-operating gains of TWD684m in 3Q26, mainly from its 23%-owned ITEQ (6213 TT, TWD778, Buy [1], covered by Sheng Cheng), which distorts WinSemi's growth trajectory at the bottom line into 2027.
Transformation paying off. At its results call, management commented on resilient RF demand from iOS and for WiFi routers, strong demand for low Earth orbit (LEO) satellite communications, and a continued ramp in pin diode (PD) sales after the product entered mass-production from late2Q26. This should be followed by laser diode (LD), such as continuous wave (CW) and electro-absorption modulated laser (EML), though customer qualifications will take time. All the commentary reinforces our thesis that 3 growth pillars will help turn around WinSemi's bottom line for profitability optimisation after its business transformation: 1) RF business transformation paying off with premiumisation across cellular and WiFi for differentiation, 2) high-margin infrastructure scaling up on a robust LEO build, and 3) AI OC ramping fast, with broadened offerings from peripheral chips (optical drivers and modulators) to core chips for PD and LD.
What we recommend: Given our forecast revisions, we lift our 12M TP for WinSemi to TWD620 (previous: TWD449), based on a higher 4-quarter forward PER target of 55x (previous: 50x), justified by its 2025-28E EPS CAGR of 54% (previous: 50%) from a PEG perspective. Yet we lower our rating by one notch to Outperform (2) on valuation grounds, with key downside risk of commodity cost hikes worsening consumer demand.
How we differ: Our 2026E EPS is 40% above consensus due to our inclusion of the non-operating gains in 3Q26, while our 2027E EPS is 9% above likely on our higher margin assumptions.
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Rick Hsu (886) 2 8758 6261 rick.hsu@daiwacm-cathay.com.tw
Sam Weng (886) 2 8758 6255 sam.weng@daiwacm-cathay.com.tw
Forecast revisions (%)
| Year to 31 Dec | 26E | 27E | 28E |
|---|---|---|---|
| Revenue change | (0.2) | 1.6 | 1.4 |
| Net profit change | 46.3 | 10.9 | 1.8 |
| Core EPS (FD) change | 46.3 | 10.9 | 1.8 |
Source: Daiwa forecasts
Share price performance
| 12-month range | 97.80-617.00 |
|---|---|
| Market cap (USDbn) | 7.06 |
| 3m avg daily turnover (USDm) | 373.97 |
| Shares outstanding (m) | 424 |
| Major shareholder Cathay | Life Insurance Co Ltd (5.6%) |
Financial summary (TWD)
| Year to 31 Dec | 26E | 27E | 28E |
|---|---|---|---|
| Revenue (m) | 21,804 | 27,628 | 31,807 |
| Operating profit (m) | 3,911 | 5,968 | 7,610 |
| Net profit (m) | 4,507 | 4,742 | 6,136 |
| Core EPS (fully-diluted) | 10.630 | 11.186 | 14.475 |
| EPS change (%) | 166.1 | 5.2 | 29.4 |
| Daiwa vs Cons. EPS (%) | 39.7 | 9.2 | (10.1) |
| PER (x) | 50.8 | 48.3 | 37.3 |
| Dividend yield (%) | 0.4 | 0.9 | 1.0 |
| DPS | 2.0 | 5.0 | 5.5 |
| PBR (x) | 5.5 | 5.1 | 4.7 |
| EV/EBITDA (x) | 32.8 | 24.5 | 21.2 |
| ROE (%) | 10.8 | 11.0 | 13.2 |
Source: FactSet, Daiwa forecasts
WinSemi: quarterly P&L estimates and forecasts
| TWDm | 1Q26 | 2Q26 | 3Q26 | 4Q26E | 1Q27E | 2Q27E | 3Q27E | 4Q27E | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cellular | 1,606 | 1,735 | 1,641 | 1,526 | 1,404 | 1,544 | 1,621 | 1,540 | 5,299 | 6,507 | 6,109 | 6,354 |
| Infrastructure | 1,515 | 1,735 | 2,226 | 2,230 | 2,045 | 2,353 | 2,489 | 2,332 | 5,529 | 7,706 | 9,219 | 10,202 |
| WiFi | 912 | 868 | 914 | 868 | 799 | 903 | 957 | 909 | 2,927 | 3,563 | 3,567 | 3,790 |
| Optics & others | 556 | 919 | 1,078 | 1,474 | 1,717 | 2,096 | 2,314 | 2,604 | 2,883 | 4,027 | 8,732 | 11,461 |
| Total revenue | 4,590 | 5,257 | 5,859 | 6,098 | 5,964 | 6,896 | 7,382 | 7,386 | 16,638 | 21,803 | 27,628 | 31,807 |
| COGS | -3,381 | -3,773 | -3,669 | -3,830 | -3,878 | -4,375 | -4,604 | -4,566 | -12,612 | -14,652 | -17,423 | -19,319 |
| Gross profit | 1,209 | 1,485 | 2,190 | 2,268 | 2,086 | 2,521 | 2,777 | 2,820 | 4,025 | 7,151 | 10,205 | 12,488 |
| Opex | -778 | -743 | -775 | -945 | -930 | -1,062 | -1,115 | -1,130 | -3,311 | -3,240 | -4,237 | -4,878 |
| Operating profit | 431 | 742 | 1,415 | 1,323 | 1,156 | 1,459 | 1,663 | 1,690 | 715 | 3,911 | 5,968 | 7,610 |
| EBITDA | 1,223 | 1,522 | 2,142 | 2,158 | 1,979 | 2,314 | 2,509 | 2,450 | 4,709 | 7,046 | 9,251 | 10,494 |
| Non-op gains/losses | 101 | 447 | 698 | 11 | -5 | -10 | -15 | -10 | 672 | 1,256 | -40 | 60 |
| Pretax profit | 532 | 1,188 | 2,113 | 1,334 | 1,151 | 1,449 | 1,648 | 1,680 | 1,387 | 5,167 | 5,928 | 7,670 |
| Income taxes | -83 | -284 | -288 | -267 | -230 | -290 | -330 | -336 | -297 | -922 | -1,186 | -1,534 |
| Net profit | 533 | 977 | 1,929 | 1,067 | 921 | 1,159 | 1,318 | 1,344 | 1,694 | 4,507 | 4,742 | 6,136 |
| FD O/S (m) | 424 | 424 | 424 | 424 | 424 | 424 | 424 | 424 | 424 | 424 | 424 | 424 |
| FD EPS (TWD) | 1.26 | 2.30 | 4.55 | 2.52 | 2.17 | 2.73 | 3.11 | 3.17 | 4.00 | 10.63 | 11.19 | 14.47 |
| Revenue mix | ||||||||||||
| Cellular | 35% | 33% | 28% | 25% | 24% | 22% | 22% | 21% | 32% | 30% | 22% | 20% |
| Infrastructure | 33% | 33% | 38% | 37% | 34% | 34% | 34% | 32% | 33% | 35% | 33% | 32% |
| WiFi | 20% | 17% | 16% | 14% | 13% | 13% | 13% | 12% | 18% | 16% | 13% | 12% |
| Optical & others | 12% | 17% | 18% | 24% | 29% | 30% | 31% | 35% | 17% | 18% | 32% | 36% |
| Margin | ||||||||||||
| Gross | 26% | 28% | 37% | 37% | 35% | 37% | 38% | 38% | 24% | 33% | 37% | 39% |
| Operating | 9% | 14% | 24% | 22% | 19% | 21% | 23% | 23% | 4% | 18% | 22% | 24% |
| EBITDA | 27% | 29% | 37% | 35% | 33% | 34% | 34% | 33% | 28% | 32% | 33% | 33% |
| Net | 12% | 19% | 33% | 17% | 15% | 17% | 18% | 18% | 10% | 21% | 17% | 19% |
| Growth (QoQ) | ||||||||||||
| Cellular revenue | 16% | 8% | -5% | -7% | -8% | 10% | 5% | -5% | ||||
| Infrastructure revenue | -7% | 15% | 28% | 0% | -8% | 15% | 6% | -6% | ||||
| WiFi revenue | 3% | -5% | 5% | -5% | -8% | 13% | 6% | -5% | ||||
| Optics & other revenue | -37% | 65% | 17% | 37% | 17% | 22% | 10% | 13% | ||||
| Total revenue | -4% | 15% | 11% | 4% | -2% | 16% | 7% | 0% | ||||
| Gross profit | -21% | 23% | 48% | 4% | -8% | 21% | 10% | 2% | ||||
| Operating profit | -35% | 72% | 91% | -7% | -13% | 26% | 14% | 2% | ||||
| EBITDA | -19% | 24% | 41% | 1% | -8% | 17% | 8% | -2% | ||||
| Net profit | -48% | 83% | 97% | -45% | -14% | 26% | 14% | 2% | ||||
| FD EPS | -48% | 83% | 97% | -45% | -14% | 26% | 14% | 2% | ||||
| Growth (YoY) | ||||||||||||
| Cellular revenue | 36% | 39% | 11% | 10% | -13% | -11% | -1% | 1% | -24% | 23% | -6% | 4% |
| Infrastructure revenue | 25% | 39% | 55% | 37% | 35% | 36% | 12% | 5% | 12% | 39% | 20% | 11% |
| WiFi revenue | 72% | 21% | 15% | -2% | -12% | 4% | 5% | 5% | 20% | 22% | 0% | 6% |
| Optics & other revenue | -14% | 61% | 39% | 66% | 209% | 128% | 115% | 77% | -6% | 40% | 117% | 31% |
| Total revenue | 28% | 39% | 31% | 27% | 30% | 31% | 26% | 21% | -5% | 31% | 27% | 15% |
| Gross profit | 102% | 113% | 82% | 49% | 73% | 70% | 27% | 24% | 0% | 78% | 43% | 22% |
| Operating profit | nm | nm | 267% | 99% | 168% | 97% | 17% | 28% | -6% | 447% | 53% | 28% |
| EBITDA | 34% | 62% | 59% | 43% | 62% | 52% | 17% | 14% | -14% | 50% | 31% | 13% |
| Net profit | nm | nm | 80% | 4% | 73% | 19% | -32% | 26% | 121% | 166% | 5% | 29% |
| FD EPS | nm | nm | 80% | 4% | 73% | 19% | -32% | 26% | 121% | 166% | 5% | 29% |
Source: Company, Daiwa estimates and forecasts
WinSemi: PBR trend
WinSemi: 4-quarter forward PER band
Source: Company, TEJ, Daiwa forecasts:
Source: Company, TEJ, Daiwa forecasts
Financial summary
Key assumptions
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Wafer shipment (6" equ) | 483,237 | 316,573 | 265,500 | 300,450 | 292,525 | 364,399 | 397,121 | 432,527 |
| Utilisation rate (%) | 94 | 61 | 50 | 55 | 54 | 68 | 84 | 93 |
| Blended wafer ASP (USD) | 1,730 | 1,709 | 1,635 | 1,607 | 1,623 | 1,648 | 1,696 | 1,711 |
Profit and loss (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Cellular & WiFi | 16,469 | 9,168 | 8,263 | 9,446 | 8,226 | 10,070 | 9,676 | 10,144 |
| Infrastructure | 5,071 | 5,276 | 4,075 | 4,943 | 5,529 | 7,706 | 9,219 | 10,202 |
| Other Revenue | 4,642 | 3,891 | 3,499 | 3,069 | 2,884 | 4,028 | 8,732 | 11,461 |
| Total Revenue | 26,182 | 18,334 | 15,836 | 17,458 | 16,639 | 21,804 | 27,628 | 31,807 |
| Other income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS | (16,412) | (13,610) | (12,367) | (13,416) | (12,612) | (14,652) | (17,423) | (19,319) |
| SG&A | (2,015) | (1,557) | (1,679) | (1,590) | (1,709) | (1,856) | (2,165) | (2,492) |
| Other op.expenses | (1,332) | (1,684) | (1,846) | (1,691) | (1,603) | (1,385) | (2,072) | (2,386) |
| Operating profit | 6,424 | 1,484 | (56) | 762 | 715 | 3,911 | 5,968 | 7,610 |
| Net-interest inc./(exp.) | (246) | (204) | (437) | (587) | (478) | (235) | (140) | (40) |
| Assoc/forex/extraord./others | 222 | 547 | (186) | 158 | 1,150 | 1,491 | 100 | 100 |
| Pre-tax profit | 6,401 | 1,826 | (679) | 332 | 1,387 | 5,167 | 5,928 | 7,670 |
| Tax | (1,189) | (411) | 121 | 7 | (297) | (922) | (1,186) | (1,534) |
| Min. int./pref. div./others | 245 | 388 | 478 | 428 | 604 | 261 | 0 | 0 |
| Net profit (reported) | 5,456 | 1,802 | (80) | 768 | 1,694 | 4,507 | 4,742 | 6,136 |
| Net profit (adjusted) | 5,456 | 1,802 | (80) | 768 | 1,694 | 4,507 | 4,742 | 6,136 |
| EPS (reported)(TWD) | 12.898 | 4.252 | (0.188) | 1.811 | 3.995 | 10.630 | 11.186 | 14.475 |
| EPS (adjusted)(TWD) | 12.898 | 4.252 | (0.188) | 1.811 | 3.995 | 10.630 | 11.186 | 14.475 |
| EPS (adjusted fully-diluted)(TWD) | 12.070 | 4.050 | (0.188) | 1.811 | 3.995 | 10.630 | 11.186 | 14.475 |
| DPS (TWD) | 10.025 | 8.002 | 2.500 | 0.000 | 1.000 | 2.000 | 5.000 | 5.500 |
| EBIT | 6,424 | 1,484 | (56) | 762 | 715 | 3,911 | 5,968 | 7,610 |
| EBITDA | 10,591 | 5,787 | 4,685 | 5,462 | 4,709 | 7,046 | 9,251 | 10,494 |
Cash flow (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Profit before tax | 6,401 | 1,826 | (679) | 332 | 1,387 | 5,167 | 5,928 | 7,670 |
| Depreciation and amortisation | 4,167 | 4,304 | 4,740 | 4,700 | 3,994 | 3,134 | 3,284 | 2,883 |
| Tax paid | (1,189) | (411) | 121 | 7 | (297) | (922) | (1,186) | (1,534) |
| Change in working capital | (1,738) | 1,743 | 422 | (227) | 207 | (1,400) | (250) | (650) |
| Other operational CF items | 175 | (1,492) | (335) | 88 | (338) | 261 | 0 | 0 |
| Cash flow from operations | 7,815 | 5,968 | 4,270 | 4,900 | 4,953 | 6,241 | 7,776 | 8,370 |
| Capex | (8,081) | (7,124) | (3,209) | (1,222) | (1,691) | (2,000) | (1,500) | (1,000) |
| Net (acquisitions)/disposals | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other investing CF items | (6,514) | 43 | 456 | 166 | 6,804 | 0 | 0 | 0 |
| Cash flow from investing | (14,594) | (7,081) | (2,753) | (1,055) | 5,112 | (2,000) | (1,500) | (1,000) |
| Change in debt | 18,581 | (1,384) | (7) | (8,113) | (7,202) | (1,233) | (1,110) | (999) |
| Net share issues/(repurchases) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends paid | (4,240) | (3,392) | (1,060) | 0 | (424) | (848) | (2,120) | (2,332) |
| Other financing CF items | 491 | (248) | (609) | (826) | (654) | 100 | 100 | 100 |
| Cash flow from financing | 14,831 | (5,023) | (1,676) | (8,939) | (8,280) | (1,981) | (3,129) | (3,230) |
| Forex effect/others | (76) | 184 | 106 | 188 | (138) | 0 | 0 | 0 |
| Change in cash | 7,975 | (5,952) | (54) | (4,906) | 1,648 | 2,260 | 3,146 | 4,139 |
| Free cash flow | (266) | (1,156) | 1,061 | 3,678 | 3,262 | 4,241 | 6,276 | 7,370 |
Source: FactSet, Daiwa forecasts
Financial summary continued …
Balance sheet (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Cash & short-term investment | 16,394 | 10,501 | 10,469 | 5,695 | 7,391 | 9,651 | 12,797 | 16,937 |
| Inventory | 6,671 | 5,420 | 5,111 | 4,992 | 4,979 | 5,929 | 6,229 | 6,629 |
| Accounts receivable | 2,718 | 917 | 1,149 | 1,226 | 1,597 | 1,947 | 2,547 | 2,647 |
| Other current assets | 672 | 376 | 435 | 543 | 590 | 450 | 450 | 450 |
| Total current assets | 26,455 | 17,213 | 17,163 | 12,455 | 14,557 | 17,977 | 22,023 | 26,663 |
| Fixed assets | 27,784 | 31,546 | 31,312 | 28,265 | 19,672 | 19,132 | 17,841 | 16,390 |
| Goodwill & intangibles | 5,187 | 4,944 | 3,588 | 3,538 | 5,409 | 3,060 | 3,055 | 3,050 |
| Other non-current assets | 15,468 | 15,425 | 17,104 | 20,000 | 21,091 | 21,091 | 21,091 | 21,091 |
| Total assets | 74,894 | 69,128 | 69,168 | 64,259 | 60,729 | 61,260 | 64,010 | 67,194 |
| Short-term debt | 0 | 0 | 21 | 26 | 330 | 330 | 330 | 330 |
| Accounts payable | 2,163 | 1,017 | 1,362 | 1,094 | 1,662 | 1,562 | 2,212 | 2,062 |
| Other current liabilities | 5,052 | 5,230 | 11,340 | 6,483 | 3,873 | 5,033 | 5,210 | 5,399 |
| Total current liabilities | 7,215 | 6,247 | 12,724 | 7,603 | 5,865 | 6,925 | 7,752 | 7,791 |
| Long-term debt | 29,279 | 26,540 | 20,030 | 16,532 | 12,328 | 11,095 | 9,986 | 8,987 |
| Other non-current liabilities | 1,278 | 1,152 | 1,065 | 986 | 545 | 1,000 | 1,100 | 1,200 |
| Total liabilities | 37,772 | 33,939 | 33,819 | 25,121 | 18,738 | 19,020 | 18,838 | 17,978 |
| Share capital | 4,240 | 4,239 | 4,239 | 4,239 | 4,239 | 4,239 | 4,239 | 4,239 |
| Reserves/R.E./others | 30,698 | 29,089 | 29,716 | 33,879 | 37,306 | 37,500 | 40,333 | 44,276 |
| Shareholders' equity | 34,938 | 33,329 | 33,955 | 38,118 | 41,545 | 41,739 | 44,573 | 48,516 |
| Minority interests | 2,184 | 1,861 | 1,394 | 1,020 | 446 | 500 | 600 | 700 |
| Total equity & liabilities | 74,894 | 69,128 | 69,168 | 64,259 | 60,729 | 61,260 | 64,010 | 67,194 |
| EV | 243,997 | 246,828 | 239,903 | 240,811 | 234,641 | 231,202 | 227,046 | 222,009 |
| Net debt/(cash) | 12,886 | 16,039 | 9,582 | 10,864 | 5,268 | 1,775 | (2,481) | (7,619) |
| BVPS (TWD) | 82.600 | 78.631 | 80.094 | 89.914 | 97.998 | 98.456 | 105.139 | 114.440 |
Key ratios (%)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Sales (YoY) | 2.5 | (30.0) | (13.6) | 10.2 | (4.7) | 31.0 | 26.7 | 15.1 |
| EBITDA (YoY) | (8.1) | (45.4) | (19.1) | 16.6 | (13.8) | 49.6 | 31.3 | 13.4 |
| Operating profit (YoY) | (17.5) | (76.9) | n.a. | n.a. | (6.2) | 447.2 | 52.6 | 27.5 |
| Net profit (YoY) | (16.4) | (67.0) | n.a. | n.a. | 120.6 | 166.1 | 5.2 | 29.4 |
| Core EPS (fully-diluted) (YoY) | (21.6) | (66.4) | n.a. | n.a. | 120.6 | 166.1 | 5.2 | 29.4 |
| Gross-profit margin | 37.3 | 25.8 | 21.9 | 23.2 | 24.2 | 32.8 | 36.9 | 39.3 |
| EBITDA margin | 40.5 | 31.6 | 29.6 | 31.3 | 28.3 | 32.3 | 33.5 | 33.0 |
| Operating-profit margin | 24.5 | 8.1 | n.a. | 4.4 | 4.3 | 17.9 | 21.6 | 23.9 |
| Net profit margin | 20.8 | 9.8 | n.a. | 4.4 | 10.2 | 20.7 | 17.2 | 19.3 |
| ROAE | 15.8 | 5.3 | n.a. | 2.1 | 4.3 | 10.8 | 11.0 | 13.2 |
| ROAA | 8.4 | 2.5 | n.a. | 1.2 | 2.7 | 7.4 | 7.6 | 9.4 |
| ROCE | 11.3 | 2.3 | n.a. | 1.4 | 1.3 | 7.2 | 10.9 | 13.3 |
| ROIC | 11.9 | 2.3 | n.a. | 1.6 | 1.5 | 7.0 | 11.0 | 14.4 |
| Net debt to equity | 36.9 | 48.1 | 28.2 | 28.5 | 12.7 | 4.3 | n.a. | n.a. |
| Effective tax rate | 18.6 | 22.5 | 0.0 | 0.0 | 0.0 | 17.8 | 20.0 | 20.0 |
| Accounts receivable (days) | 33.1 | 36.2 | 23.8 | 24.8 | 31.0 | 29.7 | 29.7 | 29.8 |
| Current ratio (x) | 3.7 | 2.8 | 1.3 | 1.6 | 2.5 | 2.6 | 2.8 | 3.4 |
| Net interest cover (x) | 26.2 | 7.3 | n.a. | 1.3 | 1.5 | 16.6 | 42.6 | 190.3 |
| Net dividend payout | 64.8 | 62.2 | 58.8 | 0.0 | 25.0 | 18.8 | 44.7 | 38.0 |
| Free cash flow yield | n.a. | n.a. | 0.5 | 1.6 | 1.4 | 1.9 | 2.7 | 3.2 |
Source: FactSet, Daiwa forecasts
Company profile
Founded in 1999, Win Semiconductors Corp (WinSemi) is the world's largest compound semiconductor foundry, focusing on gallium-arsenide (GaAs) foundry services for customers in both wireless and wireline communication markets, as well as infrastructure applications. It has a diverse technology portfolio of processes that supports microwave frequency requirements from 50MHz to 100GHz, with applications including smartphones, tablet PCs, cellular base-stations, very small aperture terminals (VSAT) and fibre optics. It has started penetrating into vertical cavity surface emitting laser (VCSEL) foundries since 2017 for consumer laser applications such as 3D laser sensors and cameras.
ESG analysis
ESG risks
| Risks | Management | Analystcomments |
|---|---|---|
| quality | Executive/board 2 | WinSemi's board of directors (BoD) has 10 members, including 3 independent directors, representing 30% of total directors. Among the BoD, three of its non-independent directors are also executive management. |
| G | Capital management 2 | Since 2017, its dividend payout ratio has remained above 58%, except for 2024 when no dividend was paid. Despite being the largest compound semiconductor foundry in the world, WinSemi is continually expanding its capacity for future growth. Thus, we see the balance between investment and dividend as appropriate. |
| Related party & transaction | 1 | It did not have any meaningful related-party transactions in 2023. |
| S | Supplychain management 2 | WinSemi We actively cooperate with local suppliers and improve their development capabilities, reduce carbon emissions and create local employment opportunities. WinSemi also conducts on- site audits of suppliers and annual assessment of suppliers on environmental protection and safety & health management systems. In 2023, 100% of WinSemi's new suppliers signed the "WIN Supplier Code of Conduct".'" |
| E | Water&wastewater management 1 | Effluent that flows out of WinSemi's facilities will first undergo pre-treatment in-house and then treatment by the wastewater treatment plant at Hwaya Technology Park before discharge. The plant has an acid and alkali wastewater recycling system and chemical mechanical polishing wastewater recycling system for wastewater management. |
| E | Waste & hazardous materials management 1 | WinSemi has established a hazardous substance-free management procedure and also collaborates with its suppliers to produce products that are hazardous substance-free for customers and consumers. WinSemi specifies in purchase contracts and order forms with its suppliers that the provided materials may not contain hazardous substances as defined by WinSemi. For waste management, it aims to increase the recycling rate of waste solvents and reduce the use of raw materials in production. |
| E | GHGemissions 1 | For reduction of energy consumption, it prioritises high-efficiency and low energy consumption models when replacing equipment and has also established annual energy conservation management objectives. WinSemi targets to reduce electricity consumption (kWh/6"e wafer) by 12% from 2018 to 458.58 and PFCs emission (ton CO2e/6"e wafer) by 50% from 2018 to 0.114 in 2030. |
Note: Management score represents a company's ability to manage/benefit from certain ESG topics. The scores range from 1 to 3, with 1 being the strongest.
Update Date: 4 May 2026
Source: Daiwa, Company