View Future GrowthWinbond Electronics 過去の業績過去 基準チェック /26Winbond Electronicsの収益は年間平均-32.5%の割合で減少していますが、 Semiconductor業界の収益は年間 減少しています。収益は年間4.6% 1.2%割合で 減少しています。 Winbond Electronicsの自己資本利益率は11.6%であり、純利益率は14.1%です。主要情報-32.49%収益成長率-35.26%EPS成長率Semiconductor 業界の成長19.89%収益成長率-1.19%株主資本利益率11.62%ネット・マージン14.09%前回の決算情報31 Mar 2026最近の業績更新Reported Earnings • May 06First quarter 2026 earnings: EPS misses analyst expectationsFirst quarter 2026 results: EPS: NT$2.00 (up from NT$0.24 loss in 1Q 2025). Revenue: NT$38.3b (up 91% from 1Q 2025). Net income: NT$10.1b (up NT$11.2b from 1Q 2025). Profit margin: 26% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.5%. Revenue is forecast to grow 54% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 65% per year, which means it is tracking significantly ahead of earnings growth.Reported Earnings • Nov 08Third quarter 2025 earnings: EPS exceeds analyst expectationsThird quarter 2025 results: EPS: NT$0.65 (up from NT$0.002 loss in 3Q 2024). Revenue: NT$21.8b (up 2.1% from 3Q 2024). Net income: NT$2.94b (up NT$2.95b from 3Q 2024). Profit margin: 14% (up from 0% in 3Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 29%. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 168 percentage points per year, which is a significant difference in performance.Reported Earnings • Aug 07Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behindSecond quarter 2025 results: NT$0.29 loss per share (down from NT$0.41 profit in 2Q 2024). Revenue: NT$21.0b (down 2.2% from 2Q 2024). Net loss: NT$1.31b (down 176% from profit in 2Q 2024). Revenue exceeded analyst estimates by 4.6%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 8.0% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 117 percentage points per year, which is a significant difference in performance.お知らせ • Apr 27Winbond Electronics Corporation to Report Q1, 2025 Results on May 05, 2025Winbond Electronics Corporation announced that they will report Q1, 2025 results on May 05, 2025Reported Earnings • Apr 16Full year 2024 earnings: EPS and revenues miss analyst expectationsFull year 2024 results: EPS: NT$0.14 (up from NT$0.29 loss in FY 2023). Revenue: NT$81.6b (up 8.8% from FY 2023). Net income: NT$601.0m (up NT$1.75b from FY 2023). Profit margin: 0.7% (up from net loss in FY 2023). Revenue missed analyst estimates by 6.2%. Earnings per share (EPS) also missed analyst estimates by 84%. Revenue is forecast to grow 7.0% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance.お知らせ • Feb 11Winbond Electronics Corporation to Report Fiscal Year 2024 Results on Feb 18, 2025Winbond Electronics Corporation announced that they will report fiscal year 2024 results on Feb 18, 2025すべての更新を表示Recent updatesMajor Estimate Revision • May 12Consensus revenue estimates increase by 12%The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from NT$204.9b to NT$229.3b. EPS estimate increased from NT$13.80 to NT$16.13 per share. Net income forecast to grow 430% next year vs 53% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$143 to NT$146. Share price rose 22% to NT$121 over the past week.Valuation Update With 7 Day Price Move • May 12Investor sentiment improves as stock rises 22%After last week's 22% share price gain to NT$121, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 30x in the Semiconductor industry in Taiwan. Total returns to shareholders of 433% over the past three years.Reported Earnings • May 06First quarter 2026 earnings: EPS misses analyst expectationsFirst quarter 2026 results: EPS: NT$2.00 (up from NT$0.24 loss in 1Q 2025). Revenue: NT$38.3b (up 91% from 1Q 2025). Net income: NT$10.1b (up NT$11.2b from 1Q 2025). Profit margin: 26% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.5%. Revenue is forecast to grow 54% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 65% per year, which means it is tracking significantly ahead of earnings growth.Price Target Changed • Apr 07Price target decreased by 12% to NT$143Down from NT$162, the current price target is an average from 5 analysts. New target price is 59% above last closing price of NT$89.60. Stock is up 489% over the past year. The company is forecast to post earnings per share of NT$12.84 for next year compared to NT$0.88 last year.Upcoming Dividend • Mar 20Upcoming dividend of NT$0.50 per shareEligible shareholders must have bought the stock before 27 March 2026. Payment date: 04 May 2026. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (1.4%).お知らせ • Mar 11Winbond Electronics Corporation, Annual General Meeting, May 29, 2026Winbond Electronics Corporation, Annual General Meeting, May 29, 2026. Location: 1 floor no,539, sec.2 wen hsing rd., jhubei city, hsinchu county TaiwanMajor Estimate Revision • Mar 06Consensus revenue estimates increase by 13%The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from NT$174.9b to NT$198.1b. EPS estimate reaffirmed at NT$10.98. Net income forecast to grow 1,147% next year vs 46% growth forecast for Semiconductor industry in Taiwan. Consensus price target broadly unchanged at NT$165. Share price fell 14% to NT$106 over the past week.Major Estimate Revision • Feb 24Consensus EPS estimates fall by 18%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from NT$191.7b to NT$174.9b. EPS estimate also fell from NT$13.37 per share to NT$10.98 per share. Net income forecast to grow 1,147% next year vs 42% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$141 to NT$163. Share price rose 16% to NT$123 over the past week.Price Target Changed • Feb 13Price target increased by 9.1% to NT$141Up from NT$129, the current price target is an average from 5 analysts. New target price is 34% above last closing price of NT$106. Stock is up 515% over the past year. The company is forecast to post earnings per share of NT$13.37 for next year compared to NT$0.88 last year.Buy Or Sell Opportunity • Jan 06Now 27% overvalued after recent price riseOver the last 90 days, the stock has risen 152% to NT$104. The fair value is estimated to be NT$81.98, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.6% over the last 3 years. Meanwhile, the company became loss making.Price Target Changed • Jan 05Price target increased by 11% to NT$90.80Up from NT$81.70, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of NT$95.50. Stock is up 545% over the past year. The company is forecast to post earnings per share of NT$0.94 for next year compared to NT$0.14 last year.お知らせ • Dec 13Winbond Electronics Corporation Launches 8Gb DDR4 DRAM Built on Advanced 16nm Process Technology for Industrial and Embedded ApplicationsWinbond Electronics Corporation announced the release of its new 8Gb DDR4 DRAM, developed using Winbond's in-house advanced 16nm process technology, delivering higher speed, lower power consumption, and better cost efficiency solution for TV, servers, networking, industrial PCs, and embedded applications. Despite the increasing adoption of DDR5, many industries continue to rely on DDR4 for its proven stability and well-established ecosystem. Winbond's 8Gb DDR4 DRAM is designed for customers who depend on the DDR4's ecosystem but want faster data transfer and improved system competitiveness. Leveraging its advanced 16nm manufacturing platform, Winbond achieves a significant performance leap in its new DDR4 generation. Compared to previous generations, the 16nm node offers a smaller die size, higher wafer productivity, and improved power efficiency, allowing customers to integrate higher-density DRAM without increasing the package footprint. The refined process also enhances signal integrity and reduces leakage, supporting stable operation even at data rates up to 3600Mbps. This combination of higher speed, lower cost, and robust manufacturing maturity makes Winbond's 16nm DDR4 a compelling choice for long-lifecycle industrial and embedded applications. The device supports an industry-first data rate of up to 3600Mbps, surpassing existing DDR4 standards and enabling faster data transfer for high-speed computing applications. Built on Winbond's 16nm technology, the smaller die size increases capacity within the same package and helps reduce overall system cost. As a Taiwanese brand with full in-house capabilities across design, 16nm process development, and manufacturing, Winbond ensures a stable supply chain for industrial and Known Good Die (KGD) customers, alongside dedicated after-sales support. Winbond's 16nm process node marks a new benchmark in DDR4 manufacturing maturity, combining speed, scalability, and efficiency for long-lifecycle applications. Building on this platform, three additional products are already under development in the same 16nm process -- CUBE, 8Gb LPDDR4, and 16Gb DDR4 -- further expanding Winbond's next-generation memory portfolio.Buy Or Sell Opportunity • Dec 10Now 22% undervaluedOver the last 90 days, the stock has risen 170% to NT$67.50. The fair value is estimated to be NT$86.59, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.6% over the last 3 years. Meanwhile, the company became loss making.Buy Or Sell Opportunity • Nov 18Now 21% undervaluedOver the last 90 days, the stock has risen 242% to NT$61.50. The fair value is estimated to be NT$77.59, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.6% over the last 3 years. Meanwhile, the company became loss making.Reported Earnings • Nov 08Third quarter 2025 earnings: EPS exceeds analyst expectationsThird quarter 2025 results: EPS: NT$0.65 (up from NT$0.002 loss in 3Q 2024). Revenue: NT$21.8b (up 2.1% from 3Q 2024). Net income: NT$2.94b (up NT$2.95b from 3Q 2024). Profit margin: 14% (up from 0% in 3Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 29%. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 168 percentage points per year, which is a significant difference in performance.Buy Or Sell Opportunity • Oct 31Now 20% undervaluedOver the last 90 days, the stock has risen 211% to NT$54.70. The fair value is estimated to be NT$68.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.9% over the last 3 years. Meanwhile, the company became loss making.Price Target Changed • Oct 09Price target increased by 9.0% to NT$36.33Up from NT$33.33, the current price target is an average from 6 analysts. New target price is 16% below last closing price of NT$43.45. Stock is up 115% over the past year. The company is forecast to post earnings per share of NT$0.20 for next year compared to NT$0.14 last year.Price Target Changed • Sep 17Price target increased by 7.4% to NT$27.12Up from NT$25.25, the current price target is an average from 6 analysts. New target price is 7.8% below last closing price of NT$29.40. Stock is up 44% over the past year. The company is forecast to post a net loss per share of NT$0.17 compared to earnings per share of NT$0.14 last year.New Risk • Sep 15New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company.Reported Earnings • Aug 07Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behindSecond quarter 2025 results: NT$0.29 loss per share (down from NT$0.41 profit in 2Q 2024). Revenue: NT$21.0b (down 2.2% from 2Q 2024). Net loss: NT$1.31b (down 176% from profit in 2Q 2024). Revenue exceeded analyst estimates by 4.6%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 8.0% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 117 percentage points per year, which is a significant difference in performance.Buy Or Sell Opportunity • Jun 02Now 21% undervalued after recent price dropOver the last 90 days, the stock has fallen 8.9% to NT$16.90. The fair value is estimated to be NT$21.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Meanwhile, the company became loss making.お知らせ • Apr 27Winbond Electronics Corporation to Report Q1, 2025 Results on May 05, 2025Winbond Electronics Corporation announced that they will report Q1, 2025 results on May 05, 2025Reported Earnings • Apr 16Full year 2024 earnings: EPS and revenues miss analyst expectationsFull year 2024 results: EPS: NT$0.14 (up from NT$0.29 loss in FY 2023). Revenue: NT$81.6b (up 8.8% from FY 2023). Net income: NT$601.0m (up NT$1.75b from FY 2023). Profit margin: 0.7% (up from net loss in FY 2023). Revenue missed analyst estimates by 6.2%. Earnings per share (EPS) also missed analyst estimates by 84%. Revenue is forecast to grow 7.0% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance.Valuation Update With 7 Day Price Move • Apr 08Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to NT$15.20, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 18x in the Semiconductor industry in Taiwan. Total loss to shareholders of 39% over the past three years.Major Estimate Revision • Mar 12Consensus EPS estimates increase by 16%The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from NT$0.779 to NT$0.905. Revenue forecast unchanged at NT$87.0b. Net income forecast to grow 493% next year vs 19% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$21.82 to NT$23.98. Share price rose 12% to NT$21.00 over the past week.Price Target Changed • Mar 11Price target increased by 8.3% to NT$23.98Up from NT$22.14, the current price target is an average from 6 analysts. New target price is 26% above last closing price of NT$19.10. Stock is down 31% over the past year. The company is forecast to post earnings per share of NT$0.91 next year compared to a net loss per share of NT$0.29 last year.Price Target Changed • Feb 20Price target decreased by 12% to NT$20.34Down from NT$23.24, the current price target is an average from 5 analysts. New target price is 7.3% above last closing price of NT$18.95. Stock is down 32% over the past year. The company is forecast to post earnings per share of NT$0.69 next year compared to a net loss per share of NT$0.29 last year.お知らせ • Feb 20Winbond Electronics Corporation Announces Position Adjustment for Financial Officer, Effective March 1, 2025Winbond Electronics Corporation announced position adjustment for Financial Officer, effective March 1, 2025 from Chih-Chung Chou, CFO of Finance Center, Financial Officer, Corporate Governance Officer and Spokesperson to Hsiang-Yun Fan, Executive Vice President while serving as the President of Headquarters Functions and Acting Spokesperson.お知らせ • Feb 19Winbond Electronics Corporation, Annual General Meeting, May 27, 2025Winbond Electronics Corporation, Annual General Meeting, May 27, 2025. Location: 1 floor no,539, sec.2 wen hsing rd., jhubei city, hsinchu county TaiwanNew Risk • Feb 17New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Large one-off items impacting financial results.お知らせ • Feb 11Winbond Electronics Corporation to Report Fiscal Year 2024 Results on Feb 18, 2025Winbond Electronics Corporation announced that they will report fiscal year 2024 results on Feb 18, 2025Major Estimate Revision • Jan 23Consensus EPS estimates fall by 33%The consensus outlook for fiscal year 2024 has been updated. 2024 consensus EPS estimate fell from NT$0.791 to NT$0.529. Revenue forecast reaffirmed at NT$85.3b. Net income forecast to grow 971% next year vs 31% growth forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$23.24 to NT$22.14. Share price rose 2.5% to NT$14.35 over the past week.Price Target Changed • Jan 15Price target decreased by 14% to NT$23.24Down from NT$27.10, the current price target is an average from 5 analysts. New target price is 71% above last closing price of NT$13.60. Stock is down 49% over the past year. The company is forecast to post earnings per share of NT$0.94 next year compared to a net loss per share of NT$0.29 last year.お知らせ • Dec 11Winbond Introduces the New Automotive-qualified W77T Secure Flash MemoryWinbond Electronics Corporation unveiled the TrustME W77T Secure Flash family, specifically designed for the automotive industry. This ISO26262 ASIL-D Ready, ISO21434 Certified, UNECE WP.29 and TISAX compliant Secure Flash is tailored to meet the demands of emerging automotive applications, such as software-defined vehicles (SDVs) and E/E systems, providing advanced protection for connected and autonomous vehicles. Operating at a 200MHz Double Transfer Rate (DTR) on the industry-standard Octal/xSPI interface, the W77T delivers a read bandwidth of up to 400MB/s, making it ideal for automotive System-on-Chip (SoC) designs that require fast boot times and high-performance processing capabilities. Available in a range of densities from 64Mb to 1Gb, the W77T is offered in TFBGA (Octal SPI), SOIC (Quad SPI) and WSON (Quad SPI) packages. It also features extended Replay Protected Monotonic Counters (RPMC) with 8 counters for PC based implementation. Other advanced capabilities include JEDEC SPI CRC, JEDEC xSPI compatible interface, ECC, and is manufactured in security certified fabrication facility to ensure a secure supply chain. As part of Winbond's TrustME Secure Flash family, the W77T offers robust security features, including Post-Quantum Cryptography (PQC) capabilities for the security engine, NIST 800-193 compliant firmware resiliency, LMS-OTS (NIST-800-208) based remote attestation for secure supply chain, Common Criteria, ISO21434, FIPS 140-3 certification and ISO26262 Functional Safety requirements, ensuring vehicle safety, performance, and integrity. Winbond's W77T Secure Flash is backward compatible with the popular W25Q NOR Flash and W77Q Secure Flash family and comes equipped with an arsenal of features designed to ensure Automotive security: Code and Data Protection: robust protection for both code and data, making it exceedingly difficult for hackers to tamper. Root of Trust implementation follows the TCG DICE attestation mechanism. Authentication: Winbond Secure Flash devices employ stringent authentication protocols, ensuring that only authorized actors and software layers gain access. Secure Software Updates with Rollback Protection: the devices facilitate remote secure software updates while safeguarding against rollback attacks, ensuring that only legitimate updates are executed. To maintain the highest level of security and integrity during software updates, W77T employs Leighton-Micali Signature (LMS) algorithms, as recommended by NIST Special Publication 800-208. This method guarantees the authenticity and integrity of the updating software, thereby providing an additional layer of security. Platform Resiliency: follows NIST 800-193 recommendations, unauthorized code changes are automatically detected, enabling the system to recover to a secure state and disturbing potential cyber threats. Secure Supply Chain: Secure Flash ensures the integrity and authenticity of flash content throughout the entire supply chain. The W77T implements remote attestation based on LMS-OTS (NIST 800-208). This advanced approach effectively prevents content tampering and misconfiguration during platform assembly, transportation, and configuration, safeguarding against cyber adversaries.Reported Earnings • Nov 06Third quarter 2024 earnings released: NT$0.002 loss per share (vs NT$0.029 loss in 3Q 2023)Third quarter 2024 results: NT$0.002 loss per share (improved from NT$0.029 loss in 3Q 2023). Revenue: NT$21.3b (up 9.3% from 3Q 2023). Net loss: NT$9.44m (loss narrowed 92% from 3Q 2023). Profit margin: 0% (up from net loss in 3Q 2023). Revenue is expected to decline by 12% p.a. on average during the next 2 years, while revenues in the Semiconductor industry in Taiwan are expected to grow by 17%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance.お知らせ • Oct 29Winbond Electronics Corporation to Report Q3, 2024 Results on Nov 05, 2024Winbond Electronics Corporation announced that they will report Q3, 2024 results on Nov 05, 2024Price Target Changed • Sep 16Price target decreased by 7.9% to NT$28.08Down from NT$30.49, the current price target is an average from 6 analysts. New target price is 33% above last closing price of NT$21.05. Stock is down 24% over the past year. The company is forecast to post earnings per share of NT$0.98 next year compared to a net loss per share of NT$0.29 last year.Reported Earnings • Aug 03Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behindSecond quarter 2024 results: EPS: NT$0.41 (up from NT$0.089 in 2Q 2023). Revenue: NT$21.5b (up 14% from 2Q 2023). Net income: NT$1.72b (up 387% from 2Q 2023). Profit margin: 8.0% (up from 1.9% in 2Q 2023). Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) exceeded analyst estimates by 123%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings.お知らせ • Aug 03Winbond Electronics Corporation announced that it expects to receive TWD 2.999999982 billion in fundingWinbond Electronics Corporation announced a private placement to issue 142,857,142 common shares at an issue price of TWD 21 per share for the gross proceeds of TWD 2,999,999,982 on August 2, 2024. The transaction will include participation from returning investor Walsin Lihwa Corporation. The transaction has been approved by shareholders of investors of company.お知らせ • Aug 02Winbond Electronics Corporation Appoints Hsiang-Yun Fan as Executive Vice PresidentWinbond Electronics Corporation appointed Hsiang-Yun Fan, as Executive Vice President while serving as the President of Headquarters Functions. Resume of the new position holder: Vice President of Customized Memory Solution Business Group and Acting Spokesperson. Effective date: August 1, 2024.お知らせ • Jul 25Winbond Electronics Corporation to Report Q2, 2024 Results on Aug 01, 2024Winbond Electronics Corporation announced that they will report Q2, 2024 results on Aug 01, 2024お知らせ • May 03Winbond Electronics Corporation has filed a Follow-on Equity Offering.Winbond Electronics Corporation has filed a Follow-on Equity Offering. Security Name: Common Shares Security Type: Common Stock Securities Offered: 64,000,000Reported Earnings • May 03First quarter 2024 earnings released: NT$0.11 loss per share (vs NT$0.25 loss in 1Q 2023)First quarter 2024 results: NT$0.11 loss per share (improved from NT$0.25 loss in 1Q 2023). Revenue: NT$20.1b (up 15% from 1Q 2023). Net loss: NT$464.3m (loss narrowed 54% from 1Q 2023). Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings.お知らせ • Apr 02Winbond Extends Its Secure Flash Family with New Memory Densities, PQC Support and Secure Supply Chain ManagementWinbond Electronics Corporation announced it is unveils the latest extension of TrustME® Secure Flash W77Q family with 256Mb, 512Mb and 1Gb devices. These ground-breaking secure flash devices are the first in the market implementing Leighton–Micali Signature (LMS) algorithm for PQC (Post Quantum Cryptography), a critical enhancement for securing connected IoT edge devices used in commercial, industrial and server segments. PQC (Post Quantum Cryptography) is considered crucial as it replaces classical cryptographic algorithms that are no longer considered to be safe in lieu of Quantum Computers. Governments and security analysts portray 2030 as the year traditional cryptography will become obsolete. In response, US NSA and UK NCSC have adopted LMS as the preferred PQC algorithms for digitally signing and authenticating firmware and software updates. Compliance with the new CNSA 2.0 guidelines for software and firmware signing is expected by 2025, with a complete transition mandated by 2030. The newly released TrustME® W77Q series in densities of 256Mb, 512Mb, 1Gb are the cutting-edge technology, supporting asymmetric key cryptography algorithm and enabling devices to facilitate both Secure OTA with asymmetric PQC signatures and Secure Supply chain via LMS-OTS (NIST 800-208). Winbond is proud to be the first memory vendor to integrate PQC, meeting the emerging regulations requirements and setting a new standard in the industry. These devices are optimally designed for applications in Industrial IoT, networking, servers, and critical infrastructure applications. These new W77Q devices support high-performance Quad-SPI at 166MHz, extended Replay Protected Monotonic Counters (RPMC) with 8 counters for PC based implementation. The 512Mb and 1Gb devices enable simultaneous read and write option enhancing operational efficiency for software OTA operation. Winbond's W77Q Secure Flash is backward compatible with the popular W25Q family and comes equipped with an arsenal of features designed to ensure platform security: Code and Data Protection: robust protection for both code and data, making it exceedingly difficult for hackers to tamper. RoT implementation follows the TCG DICE attestation mechanism. Authentication: Winbond Secure Flash devices employ stringent authentication protocols, ensuring that only authorized actors and software layers gain access. Secure Software Updates with Rollback Protection: the devices facilitate remote secure software updates while safeguarding against rollback attacks, ensuring that only legitimate updates are executed. To maintain the highest level of security and integrity during software updates, W77Q employs Leighton-Micali Signature (LMS) algorithms, as recommended by NIST Special Publication 800-208. This method guarantees the authenticity and integrity of the updating software, thereby providing an additional layer of security. Platform Resiliency: follows NIST 800-193 recommendations, unauthorized code changes are automatically detected, enabling the system to recover to a secure state and disturbing potential cyber threats. Secure Supply Chain: the origin and integrity of flash content is guaranteed by Secure Flash at every stage of the supply chain. W77Q implements remote attestation based on LMS-OTS (NIST 800-208). This advanced approach effectively prevents content tampering and misconfiguration during platform assembly, transportation, and configuration, safeguarding against cyber adversaries.Reported Earnings • Feb 08Full year 2023 earnings: EPS misses analyst expectationsFull year 2023 results: NT$0.29 loss per share (down from NT$3.25 profit in FY 2022). Revenue: NT$75.0b (down 21% from FY 2022). Net loss: NT$1.15b (down 109% from profit in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.3%. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings.お知らせ • Feb 07Winbond Electronics Corporation, Annual General Meeting, May 09, 2024Winbond Electronics Corporation, Annual General Meeting, May 09, 2024. Agenda: To consider Business report of fiscal year 2023; to consider Audit Committees review report on 2023 financial statements; to consider Other matters to be reported; to recognize business report and financial statements of fiscal year 2023; to recognize the proposal for distribution of 2023 profits.New Risk • Nov 17New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 5.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (5.5% average weekly change). Shareholders have been diluted in the past year (5.0% increase in shares outstanding).New Risk • Nov 10New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Shareholders have been diluted in the past year (5.0% increase in shares outstanding).Reported Earnings • Nov 04Third quarter 2023 earnings: EPS and revenues miss analyst expectationsThird quarter 2023 results: NT$0.03 loss per share (down from NT$0.67 profit in 3Q 2022). Revenue: NT$19.5b (down 12% from 3Q 2022). Net loss: NT$114.1m (down 104% from profit in 3Q 2022). Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 13% per year.Upcoming Dividend • Sep 13Upcoming dividend of NT$1.00 per share at 3.7% yieldEligible shareholders must have bought the stock before 20 September 2023. Payment date: 06 October 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.7%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.3%).お知らせ • Sep 07Winbond Electronics Corporation Announces Cash Dividend, Payable on October 6, 2023Winbond Electronics Corporation announced total cash dividends to common shareholders will be TWD 3,980,000,193(TWD 1 per share). Ex-rights (ex-dividend) trading date: September 20, 2023; Ex-rights (ex-dividend) record date: September 26, 2023. Payment date of cash dividend distribution: October 6, 2023.New Risk • Aug 07New major risk - Dividend sustainabilityThe dividend is not well covered by earnings and cash flows. Payout ratio: 159% The company is paying a dividend despite having no free cash flows. Dividend yield: 3.6% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 159% Paying a dividend despite having no free cash flows. High level of non-cash earnings (20% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (3.3% net profit margin).Reported Earnings • Aug 07Second quarter 2023 earnings: EPS and revenues exceed analyst expectationsSecond quarter 2023 results: EPS: NT$0.09 (down from NT$1.30 in 2Q 2022). Revenue: NT$18.8b (down 29% from 2Q 2022). Net income: NT$353.6m (down 93% from 2Q 2022). Profit margin: 1.9% (down from 19% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth.Major Estimate Revision • Aug 05Consensus EPS estimates fall by 29%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$79.3b to NT$77.6b. EPS estimate also fell from NT$0.291 per share to NT$0.206 per share. Net income forecast to shrink 66% next year vs 11% decline forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$29.33 to NT$30.08. Share price fell 4.7% to NT$27.25 over the past week.お知らせ • Jun 20Winbond Electronics Corporation Announces 8Mb 3V NOR W25Q80RVWinbond Electronics Corporation announced the 8Mb 3V NOR W25Q80RV, the first of a new family of high performance, small form factor serial flash devices with higher read performance addressing the requirement of connected edge devices used in industrial and consumer applications. This 8Mb density Serial Flash produced in Winbond's own 12-inch wafer fabrication facility is manufactured using the new generation of 58nm technology and is significantly smaller in size compared to its predecessor which was built using 90nm technology. The KGD (Known Good Die) and WLCSP (Wafer Level Chip Scale Package) versions of this latest device are ideal for use in variety of small-form-factor IoT devices. The company has been supporting the requirements of customers using the 8Mb Serial Flash with the existing generation of W25QxxDV series for several years in applications including instrumentation, networking, PC, printer, automotive and gaming. Now the time has come to support these applications to include new use-cases such as wireless connectivity with KGD and WLCSP solutions in advanced technology and with smaller lead frame packages. KGDs are fully baked and tested to have the same reliability level as packaged products. They are ideal for stacking with MCUs or SoCs requiring high-speed flash access. With faster read speed to enhance system performance, faster programing for efficient manufacturing and firmware OTA (Over-the-Air) update coupled with the smaller form factor aspect of SIP (system-in-package), this new 8Mb flash provides greater value for a variety of embedded systems. The W25Q80RV supports all popular single/dual/quad/QPI commands and read modes. It is ideal for executing code (XIP) directly from flash as well as code shadowing to RAM. This device operates on a single 2.7V to 3.6V power supply with power-down current down to 1µA. The flash is organized as small 4KB sectors which allow for greater flexibility and storage efficiency in applications that require code, data and parameter storage. SPI clock frequencies of up to 133MHz Single Data Rate and 66MHz Double Data Rate are supported. The Read Command Bypass Mode allows for faster memory access with as few as 8-clocks of instruction-overhead to read a 24-bit address, allowing for true XIP (execute in place) operation. W25Q80RV is available now. This will be followed by other densities in the family.お知らせ • May 31+ 1 more updateWinbond Electronics Corporation Announces the Replacement of Members of Compensation CommitteeWinbond Electronics Corporation announced the replacement of members of Compensation Committee. Name and resume of the previous position holder: Allen Hsu (Independent Director, Nuvoton Technology Corporation); Stephen T.Tso (Independent Director, AOPEN Incorporated.); Francis Tsai (Chairman/CEO,Waffer Technology Corp.); Jerry Hsu (Chairman,AcBel Polytech Inc.). Name and resume of the new position holder: Allen Hsu (Independent Director, Nuvoton Technology Corporation); Stephen T.Tso (Independent Director, AOPEN Incorporated.); Chung-Ming Kuan (NTU University Chair Professor, Department of Finance, National Taiwan University); LI-JONG PEIR (Chairman,TCC INFORMATION SYSTEMS CORP.). Effective date of the new member is May 30, 2023.Major Estimate Revision • May 07Consensus EPS estimates increase by 25%The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from NT$0.445 to NT$0.557. Revenue forecast steady at NT$78.4b. Net income forecast to shrink 94% next year vs 21% decline forecast for Semiconductor industry in Taiwan. Consensus price target of NT$28.38 unchanged from last update. Share price fell 5.0% to NT$24.65 over the past week.Major Estimate Revision • Apr 26Consensus EPS estimates fall by 19%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$80.6b to NT$78.4b. EPS estimate also fell from NT$0.686 per share to NT$0.557 per share. Net income forecast to shrink 94% next year vs 23% decline forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$25.88 to NT$28.38. Share price fell 4.7% to NT$24.60 over the past week.Price Target Changed • Apr 25Price target increased by 7.9% to NT$28.38Up from NT$26.30, the current price target is an average from 4 analysts. New target price is 15% above last closing price of NT$24.60. Stock is down 8.7% over the past year. The company is forecast to post earnings per share of NT$0.69 for next year compared to NT$3.25 last year.Major Estimate Revision • Mar 14Consensus revenue estimates decrease by 11%The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from NT$90.3b to NT$80.6b. EPS estimate reaffirmed at NT$0.818. Net income forecast to shrink 82% next year vs 20% decline forecast for Semiconductor industry in Taiwan. Consensus price target broadly unchanged at NT$25.88. Share price fell 4.2% to NT$23.85 over the past week.Price Target Changed • Mar 03Price target increased by 8.7% to NT$26.30Up from NT$24.20, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of NT$25.60. Stock is down 24% over the past year. The company is forecast to post earnings per share of NT$0.82 for next year compared to NT$3.25 last year.Reported Earnings • Feb 18Full year 2022 earnings: EPS and revenues miss analyst expectationsFull year 2022 results: EPS: NT$3.25 (down from NT$3.42 in FY 2021). Revenue: NT$94.5b (down 5.1% from FY 2021). Net income: NT$12.9b (down 4.9% from FY 2021). Profit margin: 14% (in line with FY 2021). Revenue missed analyst estimates by 5.3%. Earnings per share (EPS) also missed analyst estimates by 13%. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth.お知らせ • Dec 02Winbond Electronics Corporation Announces Appointment of Shui-Pao Wu as Chief Information Security OfficerWinbond Electronics Corporation announced the appointment of Shui-Pao Wu as Chief Information Security Officer, effective December 1, 2022. Resume of the new position holder: Shui-Pao Wu, Technology Director of General Administration Center.お知らせ • Nov 17Winbond Electronics Corporation Adopts Low Temperature Soldering (Lts) to Slow the Pace of Global WarmingWinbond Electronics Corporation announced that its Flash Memory products will now support the low temperature soldering (LTS) process, which reduces Surface Mount Technology (SMT) temperature from 220~260oC in the lead-free process to ~190oC. This new process will enable Winbond to significantly reduce CO2 emissions in SMT production lines, while also simplifying, shortening and lowering the cost of the SMT process. Below are some of the key benefits of moving to an LTS process: Reduced carbon emissions – According to the Intel Introduction to Low Temperature Soldering (LTS) 2017, p18-19, reducing the SMT temperature from 220~260oC in the lead-free process to ~190oC can lower the CO2 emission of each SMT production line by 57 metric tons a year. Simpler and faster SMT process for PCBs with plug-in components – The plug-in components only can withstand the lower soldering temperature. With introducing the device supports the low-temperature soldering process, the SMT line can assemble all components on the PCB at one time, which greatly simplifies and shortens the SMT process. Cost Reduction – As the soldering temperature drops, lower-cost low-temperature materials can be selected for chips and PCBs. According to the Intel LTS 2017, p15-16, the overall annual cost of SMT production can be reduced by approximately 40% when transitioning to LTS.Price Target Changed • Nov 16Price target decreased to NT$24.25Down from NT$27.75, the current price target is an average from 4 analysts. New target price is 8.7% above last closing price of NT$22.30. Stock is down 26% over the past year. The company is forecast to post earnings per share of NT$3.72 for next year compared to NT$3.42 last year.Board Change • Nov 16Less than half of directors are independentFollowing the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Steve Tso was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.Reported Earnings • Nov 06Third quarter 2022 earnings: EPS and revenues miss analyst expectationsThird quarter 2022 results: EPS: NT$0.67 (down from NT$1.13 in 3Q 2021). Revenue: NT$22.1b (down 18% from 3Q 2021). Net income: NT$2.67b (down 40% from 3Q 2021). Profit margin: 12% (down from 17% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 8.7%. Earnings per share (EPS) also missed analyst estimates by 4.2%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth.お知らせ • Sep 02Winbond Electronics Corporation Receives ISO/SAE 21434 Certification from TUV NORD for Road Vehicles Cybersecurity Management SystemWinbond Electronics Corporation announced that they had received the ISO/SAE 21434 certification from TÜV NORD for Road vehicles Cybersecurity Management System (CSMS), making them the world's first memory vendor to receive the ISO/SAE 21434 standard certification for Road vehicles Cybersecurity Management System (CSMS). ISO/SAE 21434 standard protects vehicle and automotive security by specifying the requirements to make automotive systems more robust against cyber-attacks. It outlines the criteria needed during the concept, development, production, usage and decommissions of automotive systems. Many car manufacturers and their component suppliers make this stand mandatory to improve how cyber threats are managed significantly. The ISO/SAE 21434 standard applies to microcomputers and their components and requires the automotive industry to adapt devices capable of meeting this standard and providing the required protection against cyber threats. Winbond is the first memory manufacturer to receive this Road vehicles CyberSecurity certification. Their TrustME® W77Q Secure Flash has already obtained Common Criteria EAL2 and ISO26262 ASIL-C Ready certifications from SGS Brightsight and SGS-TÜV Saar, respectively. With the prestigious industry-recognized security and safety certifications, TrustME W77Q Secure Flash can simultaneously satisfy the emerging demands in safety and cybersecurity in automotive applications. Apart from that, their code storage flash memory, including Serial NOR, QspiNAND and OctalNAND, has also received ISO26262 ASIL-B Ready certifications.Reported Earnings • Aug 07Second quarter 2022 earnings: EPS exceeds analyst expectationsSecond quarter 2022 results: EPS: NT$1.29 (up from NT$0.84 in 2Q 2021). Revenue: NT$26.6b (up 5.6% from 2Q 2021). Net income: NT$5.15b (up 55% from 2Q 2021). Profit margin: 19% (up from 13% in 2Q 2021). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 42%. Over the next year, revenue is forecast to grow 3.2%, compared to a 21% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth.お知らせ • Aug 05Winbond Electronics Corporation Appoints Eungjoon Park as Chief Strategy OfficerOn August 04, 2022, Winbond Electronics Corporation announced the appointment of Eungjoon Park, Business Executive of Flash Memory IC Business Group, as the new Chief Strategy Officer, effective from October 01, 2022.Valuation Update With 7 Day Price Move • Jul 06Investor sentiment deteriorated over the past weekAfter last week's 19% share price decline to NT$18.70, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Semiconductor industry in Taiwan. Total returns to shareholders of 24% over the past three years.Price Target Changed • Jul 02Price target decreased to NT$29.63Down from NT$32.13, the current price target is an average from 4 analysts. New target price is 48% above last closing price of NT$20.05. Stock is down 42% over the past year. The company is forecast to post earnings per share of NT$3.88 for next year compared to NT$3.42 last year.Valuation Update With 7 Day Price Move • Jun 22Investor sentiment deteriorated over the past weekAfter last week's 15% share price decline to NT$22.80, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Semiconductor industry in Taiwan. Total returns to shareholders of 69% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$13.85 per share.Upcoming Dividend • Jun 09Upcoming dividend of NT$1.00 per shareEligible shareholders must have bought the stock before 16 June 2022. Payment date: 07 July 2022. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (3.0%).Reported Earnings • May 09First quarter 2022 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2022 results: EPS: NT$1.15 (up from NT$0.40 in 1Q 2021). Revenue: NT$26.5b (up 24% from 1Q 2021). Net income: NT$4.56b (up 187% from 1Q 2021). Profit margin: 17% (up from 7.4% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) also surpassed analyst estimates by 29%. Over the next year, revenue is forecast to grow 12%, compared to a 24% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth.Board Change • Apr 27Less than half of directors are independentFollowing the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Steve Tso was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.Major Estimate Revision • Feb 23Consensus forecasts updatedThe consensus outlook for 2022 has been updated. 2022 EPS estimate increased from NT$3.72 to NT$4.17. Revenue forecast steady at NT$113.0b. Net income forecast to grow 15% next year vs 30% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$34.17 to NT$35.17. Share price was steady at NT$34.15 over the past week.Reported Earnings • Feb 13Full year 2021 earnings: Revenues and EPS in line with analyst expectationsFull year 2021 results: EPS: NT$3.42 (up from NT$0.33 in FY 2020). Revenue: NT$99.6b (up 64% from FY 2020). Net income: NT$13.6b (up NT$12.3b from FY 2020). Profit margin: 14% (up from 2.1% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 14%, compared to a 24% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 30% per year whereas the company’s share price has increased by 32% per year.お知らせ • Dec 21Winbond Electronics Par Ord Sponsored GDR to Be Deleted from Other OTCWinbond Electronics Corporation Par Ord Sponsored GDR Reg S (Taiwan) will be deleted from Other OTC effective from December 21, 2021, due to ADR /GDR Program Terminated.Reported Earnings • Nov 07Third quarter 2021 earnings released: EPS NT$1.13 (vs NT$0.083 in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$27.0b (up 69% from 3Q 2020). Net income: NT$4.48b (up NT$4.15b from 3Q 2020). Profit margin: 17% (up from 2.1% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings.Valuation Update With 7 Day Price Move • Aug 13Investor sentiment deteriorated over the past weekAfter last week's 16% share price decline to NT$28.50, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 15x in the Semiconductor industry in Taiwan. Total returns to shareholders of 92% over the past three years.お知らせ • Jul 23Winbond Electronics Corporation Announces Successful Interoperability of OctalNAND Flash with Synopsys Designware Amba IP Delivers Complete High-Density NAND Flash Memory SolutionWinbond Electronics Corporation announced the successful interoperability of Synopsys' DesignWare Synchronous Serial Interface (SSI) IP and Winbond's OctalNAND Flash Memory. The DesignWare SSI IP, offering high transfer rates and low latency in serial flash memories and OctalNAND Flash deliver a complete NAND flash memory solution for automotive, mobile and IoT SoCs, enabling faster adoption of octal non-volatile memories (NVM) with high-speed read bandwidth in densities up to 4Gbit. As the world's first x8 Octal interface NAND Flash, Winbond's OctalNAND Flash enables automotive, communications, and industrial system manufacturers to provide cost effective embedded code storage in high density and in the same form factor as NOR Flash. Winbond developed OctalNAND Flash because flash suppliers are reaching the limits of NOR technology's ability to provide high-density NVM cost effectively while still being assembled in industry standard packages. In applications such as Advanced Driver Assistance Systems (ADAS), Cluster (dashboard), and Factory Automation Controllers, system designers have traditionally been using NOR. As the code size routinely exceeds 512Mb, NOR Flash costs much more than the equivalent density NAND. OctalNAND Flash Advantages: As the majority of high density embedded applications use flash for boot then code shadow into DRAM for execution, OctalNAND Flash has read throughput of 240Mbytes/s along with the ability to continuously read from the beginning to near the end of the flash memory space. While NAND devices can come with bad memory blocks, Winbond's OctalNAND Flash comes with the block management look-up table feature that enables bad blocks to be mapped away and replaced with good blocks, thus enabling the host to maintain a contiguous address space and simplifying high speed code shadowing without the host having to skip around bad blocks. As the OTA (Over-the-Air) update capability becomes a standard feature in embedded system designs, the density usage often doubles. 1Gb and 2Gb for code storage are now common. 4Gb is also being regularly considered. With OTA, erase and program performance of the flash becomes important. Compared to NOR Flash, OctalNAND Flash is capable of erasing up to 400 times faster and programming up to 50 times faster. When a large section of the flash needs to be OTA updated, moving from a NOR device to OctalNAND Flash can mean a reduction of Erase/Program time from nearly 10 min to less than 1 min thus greatly improving system availability and user experience.Price Target Changed • Jul 18Price target increased to NT$40.14Up from NT$37.43, the current price target is an average from 3 analysts. New target price is 15% above last closing price of NT$35.00. Stock is up 169% over the past year.Upcoming Dividend • Jul 06Upcoming dividend of NT$0.20 per shareEligible shareholders must have bought the stock before 13 July 2021. Payment date: 30 July 2021. Trailing yield: 0.6%. Lower than top quartile of Taiwanese dividend payers (4.9%). Lower than average of industry peers (2.2%).お知らせ • Jun 18Winbond Electronics Corporation Unveils New 1.8V 512Mb SPI Nor Flash for 5G and Other High-End Server ApplicationsWinbond Electronics Corporation announced it is expanding its total solution of SPI NOR Flash with the introduction of the new single die monolithic 1.8V 512Mb SPI NOR flash that can support up to 166 MHz standard/dual/quad SPI clocks. Apart from the existing 3V 512Mb W25Q512JV, the new 1.8V W25Q512NW SPI NOR Flash also features pin-to-pin compatibility, enabling customers to easily upgrade to higher flash storage capacities without having to change the footprint of their designs. This enables them to extend the life of their products, speed time to market, and save development time and effort by having one single flash platform that can be used across their future product roadmap. W25Q512NW Benefits & Target Application: W25Q512NW can support up to 166 MHz SDR and 80MHz DDR in high read-speed, it can achieve high performance on XIP (eXecute In Place) and Instant-on with QPI. The new W25Q512NW can also be stacked to 1Gb and 2Gb, which gives designers more flexibility to extend the density up to 2Gb and better performance on Read-While-Write. For example, the two-die device will support Read While Write operation for OTA updating without suspension of read operations and with no risk of losing the existing firmware image in the event of an unexpected power interruption, providing fast and stable live OTA (Over-The-Air) system firmware update. This compatibility is a game-changer for customers designing applications such as 5G modem, 5G edge computing, cloud server, fiber optic modems, and smart IoT segments where they typically increase code-storage flash density 2X every 2 years. This also helps the OEM software teams to develop application-code well-suited for new code releases with multiple new feature-set without compromising on Code Storage Flash Memory density limitations.Valuation Update With 7 Day Price Move • May 29Investor sentiment improved over the past weekAfter last week's 17% share price gain to NT$33.85, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 16x in the Semiconductor industry in Taiwan. Total returns to shareholders of 94% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$41.11 per share.Valuation Update With 7 Day Price Move • May 14Investor sentiment deteriorated over the past weekAfter last week's 16% share price decline to NT$28.45, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 14x in the Semiconductor industry in Taiwan. Total returns to shareholders of 60% over the past three years.Reported Earnings • May 07First quarter 2021 earnings released: EPS NT$0.40 (vs NT$0.022 loss in 1Q 2020)The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$21.3b (up 85% from 1Q 2020). Net income: NT$1.59b (up NT$1.67b from 1Q 2020). Profit margin: 7.4% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance.収支内訳Winbond Electronics の稼ぎ方とお金の使い方。LTMベースの直近の報告された収益に基づく。収益と収入の歴史TWSE:2344 収益、費用、利益 ( )TWD Millions日付収益収益G+A経費研究開発費31 Mar 26107,66715,1678,30419,13531 Dec 2589,4063,9627,47518,18630 Sep 2581,473-1097,06217,36830 Jun 2581,015-3,0617,06016,88031 Mar 2581,481-267,20316,62931 Dec 2481,6106017,08716,40730 Sep 2482,0918747,08316,47230 Jun 2480,2857707,05516,50431 Mar 2477,612-6007,01416,79931 Dec 2375,006-1,1477,06816,95830 Sep 2375,056-2259,69416,63230 Jun 2377,6962,5588,54316,47731 Mar 2385,5327,3579,76416,14131 Dec 2294,53012,92710,69815,81930 Sep 22101,30216,5758,71415,77830 Jun 22106,17118,38410,32115,64831 Mar 22104,75816,5679,44915,46131 Dec 2199,57013,5958,67315,38030 Sep 2193,9229,7517,83215,51030 Jun 2182,9415,6047,08714,31731 Mar 2170,4602,9775,83212,40431 Dec 2060,6831,3044,76910,50630 Sep 2052,7887414,1008,62030 Jun 2050,1751,0013,5907,97831 Mar 2049,4347543,5608,05731 Dec 1948,7711,2563,5278,13230 Sep 1948,1872,3473,4938,11730 Jun 1948,4474,5963,6067,98131 Mar 1949,9216,2893,6057,86531 Dec 1851,1907,4463,5277,69730 Sep 1852,5288,3573,5197,62030 Jun 1851,3977,6013,2157,41631 Mar 1849,3236,4363,0657,08931 Dec 1747,5925,5512,9426,72630 Sep 1745,1614,5802,7556,25930 Jun 1743,3443,1562,6185,95731 Mar 1742,4302,8082,5325,80531 Dec 1642,0922,8982,5525,75330 Sep 1641,1572,8962,5405,68130 Jun 1639,9582,9092,5175,47931 Mar 1638,7133,0672,5135,36731 Dec 1538,3503,2912,4515,26230 Sep 1538,0753,5282,3515,16930 Jun 1538,4723,7832,3155,032質の高い収益: 2344は 高品質の収益 を持っています。利益率の向上: 2344過去に利益を上げました。フリー・キャッシュフローと収益の比較過去の収益成長分析収益動向: 2344の収益は過去 5 年間で年間32.5%減少しました。成長の加速: 2344は昨年収益を上げたため、収益成長率を 5 年間の平均と比較することは困難です。収益対業界: 2344昨年収益を上げたため、昨年の収益成長をSemiconductor業界 ( 2.4% ) と比較することは困難です。株主資本利益率高いROE: 2344の 自己資本利益率 ( 11.6% ) は 低い とみなされます。総資産利益率使用総資本利益率過去の好業績企業の発掘7D1Y7D1Y7D1YSemiconductors 、過去の業績が好調な企業。View Financial Health企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/05/22 11:41終値2026/05/22 00:00収益2026/03/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Winbond Electronics Corporation 6 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。10 アナリスト機関Dai ShenBofA Global Researchnull nullCapital Securities CorporationLiyen ChenCapital Securities Corporation7 その他のアナリストを表示
Reported Earnings • May 06First quarter 2026 earnings: EPS misses analyst expectationsFirst quarter 2026 results: EPS: NT$2.00 (up from NT$0.24 loss in 1Q 2025). Revenue: NT$38.3b (up 91% from 1Q 2025). Net income: NT$10.1b (up NT$11.2b from 1Q 2025). Profit margin: 26% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.5%. Revenue is forecast to grow 54% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 65% per year, which means it is tracking significantly ahead of earnings growth.
Reported Earnings • Nov 08Third quarter 2025 earnings: EPS exceeds analyst expectationsThird quarter 2025 results: EPS: NT$0.65 (up from NT$0.002 loss in 3Q 2024). Revenue: NT$21.8b (up 2.1% from 3Q 2024). Net income: NT$2.94b (up NT$2.95b from 3Q 2024). Profit margin: 14% (up from 0% in 3Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 29%. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 168 percentage points per year, which is a significant difference in performance.
Reported Earnings • Aug 07Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behindSecond quarter 2025 results: NT$0.29 loss per share (down from NT$0.41 profit in 2Q 2024). Revenue: NT$21.0b (down 2.2% from 2Q 2024). Net loss: NT$1.31b (down 176% from profit in 2Q 2024). Revenue exceeded analyst estimates by 4.6%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 8.0% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 117 percentage points per year, which is a significant difference in performance.
お知らせ • Apr 27Winbond Electronics Corporation to Report Q1, 2025 Results on May 05, 2025Winbond Electronics Corporation announced that they will report Q1, 2025 results on May 05, 2025
Reported Earnings • Apr 16Full year 2024 earnings: EPS and revenues miss analyst expectationsFull year 2024 results: EPS: NT$0.14 (up from NT$0.29 loss in FY 2023). Revenue: NT$81.6b (up 8.8% from FY 2023). Net income: NT$601.0m (up NT$1.75b from FY 2023). Profit margin: 0.7% (up from net loss in FY 2023). Revenue missed analyst estimates by 6.2%. Earnings per share (EPS) also missed analyst estimates by 84%. Revenue is forecast to grow 7.0% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance.
お知らせ • Feb 11Winbond Electronics Corporation to Report Fiscal Year 2024 Results on Feb 18, 2025Winbond Electronics Corporation announced that they will report fiscal year 2024 results on Feb 18, 2025
Major Estimate Revision • May 12Consensus revenue estimates increase by 12%The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from NT$204.9b to NT$229.3b. EPS estimate increased from NT$13.80 to NT$16.13 per share. Net income forecast to grow 430% next year vs 53% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$143 to NT$146. Share price rose 22% to NT$121 over the past week.
Valuation Update With 7 Day Price Move • May 12Investor sentiment improves as stock rises 22%After last week's 22% share price gain to NT$121, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 30x in the Semiconductor industry in Taiwan. Total returns to shareholders of 433% over the past three years.
Reported Earnings • May 06First quarter 2026 earnings: EPS misses analyst expectationsFirst quarter 2026 results: EPS: NT$2.00 (up from NT$0.24 loss in 1Q 2025). Revenue: NT$38.3b (up 91% from 1Q 2025). Net income: NT$10.1b (up NT$11.2b from 1Q 2025). Profit margin: 26% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.5%. Revenue is forecast to grow 54% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 65% per year, which means it is tracking significantly ahead of earnings growth.
Price Target Changed • Apr 07Price target decreased by 12% to NT$143Down from NT$162, the current price target is an average from 5 analysts. New target price is 59% above last closing price of NT$89.60. Stock is up 489% over the past year. The company is forecast to post earnings per share of NT$12.84 for next year compared to NT$0.88 last year.
Upcoming Dividend • Mar 20Upcoming dividend of NT$0.50 per shareEligible shareholders must have bought the stock before 27 March 2026. Payment date: 04 May 2026. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (1.4%).
お知らせ • Mar 11Winbond Electronics Corporation, Annual General Meeting, May 29, 2026Winbond Electronics Corporation, Annual General Meeting, May 29, 2026. Location: 1 floor no,539, sec.2 wen hsing rd., jhubei city, hsinchu county Taiwan
Major Estimate Revision • Mar 06Consensus revenue estimates increase by 13%The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from NT$174.9b to NT$198.1b. EPS estimate reaffirmed at NT$10.98. Net income forecast to grow 1,147% next year vs 46% growth forecast for Semiconductor industry in Taiwan. Consensus price target broadly unchanged at NT$165. Share price fell 14% to NT$106 over the past week.
Major Estimate Revision • Feb 24Consensus EPS estimates fall by 18%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from NT$191.7b to NT$174.9b. EPS estimate also fell from NT$13.37 per share to NT$10.98 per share. Net income forecast to grow 1,147% next year vs 42% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$141 to NT$163. Share price rose 16% to NT$123 over the past week.
Price Target Changed • Feb 13Price target increased by 9.1% to NT$141Up from NT$129, the current price target is an average from 5 analysts. New target price is 34% above last closing price of NT$106. Stock is up 515% over the past year. The company is forecast to post earnings per share of NT$13.37 for next year compared to NT$0.88 last year.
Buy Or Sell Opportunity • Jan 06Now 27% overvalued after recent price riseOver the last 90 days, the stock has risen 152% to NT$104. The fair value is estimated to be NT$81.98, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.6% over the last 3 years. Meanwhile, the company became loss making.
Price Target Changed • Jan 05Price target increased by 11% to NT$90.80Up from NT$81.70, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of NT$95.50. Stock is up 545% over the past year. The company is forecast to post earnings per share of NT$0.94 for next year compared to NT$0.14 last year.
お知らせ • Dec 13Winbond Electronics Corporation Launches 8Gb DDR4 DRAM Built on Advanced 16nm Process Technology for Industrial and Embedded ApplicationsWinbond Electronics Corporation announced the release of its new 8Gb DDR4 DRAM, developed using Winbond's in-house advanced 16nm process technology, delivering higher speed, lower power consumption, and better cost efficiency solution for TV, servers, networking, industrial PCs, and embedded applications. Despite the increasing adoption of DDR5, many industries continue to rely on DDR4 for its proven stability and well-established ecosystem. Winbond's 8Gb DDR4 DRAM is designed for customers who depend on the DDR4's ecosystem but want faster data transfer and improved system competitiveness. Leveraging its advanced 16nm manufacturing platform, Winbond achieves a significant performance leap in its new DDR4 generation. Compared to previous generations, the 16nm node offers a smaller die size, higher wafer productivity, and improved power efficiency, allowing customers to integrate higher-density DRAM without increasing the package footprint. The refined process also enhances signal integrity and reduces leakage, supporting stable operation even at data rates up to 3600Mbps. This combination of higher speed, lower cost, and robust manufacturing maturity makes Winbond's 16nm DDR4 a compelling choice for long-lifecycle industrial and embedded applications. The device supports an industry-first data rate of up to 3600Mbps, surpassing existing DDR4 standards and enabling faster data transfer for high-speed computing applications. Built on Winbond's 16nm technology, the smaller die size increases capacity within the same package and helps reduce overall system cost. As a Taiwanese brand with full in-house capabilities across design, 16nm process development, and manufacturing, Winbond ensures a stable supply chain for industrial and Known Good Die (KGD) customers, alongside dedicated after-sales support. Winbond's 16nm process node marks a new benchmark in DDR4 manufacturing maturity, combining speed, scalability, and efficiency for long-lifecycle applications. Building on this platform, three additional products are already under development in the same 16nm process -- CUBE, 8Gb LPDDR4, and 16Gb DDR4 -- further expanding Winbond's next-generation memory portfolio.
Buy Or Sell Opportunity • Dec 10Now 22% undervaluedOver the last 90 days, the stock has risen 170% to NT$67.50. The fair value is estimated to be NT$86.59, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.6% over the last 3 years. Meanwhile, the company became loss making.
Buy Or Sell Opportunity • Nov 18Now 21% undervaluedOver the last 90 days, the stock has risen 242% to NT$61.50. The fair value is estimated to be NT$77.59, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.6% over the last 3 years. Meanwhile, the company became loss making.
Reported Earnings • Nov 08Third quarter 2025 earnings: EPS exceeds analyst expectationsThird quarter 2025 results: EPS: NT$0.65 (up from NT$0.002 loss in 3Q 2024). Revenue: NT$21.8b (up 2.1% from 3Q 2024). Net income: NT$2.94b (up NT$2.95b from 3Q 2024). Profit margin: 14% (up from 0% in 3Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 29%. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 168 percentage points per year, which is a significant difference in performance.
Buy Or Sell Opportunity • Oct 31Now 20% undervaluedOver the last 90 days, the stock has risen 211% to NT$54.70. The fair value is estimated to be NT$68.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.9% over the last 3 years. Meanwhile, the company became loss making.
Price Target Changed • Oct 09Price target increased by 9.0% to NT$36.33Up from NT$33.33, the current price target is an average from 6 analysts. New target price is 16% below last closing price of NT$43.45. Stock is up 115% over the past year. The company is forecast to post earnings per share of NT$0.20 for next year compared to NT$0.14 last year.
Price Target Changed • Sep 17Price target increased by 7.4% to NT$27.12Up from NT$25.25, the current price target is an average from 6 analysts. New target price is 7.8% below last closing price of NT$29.40. Stock is up 44% over the past year. The company is forecast to post a net loss per share of NT$0.17 compared to earnings per share of NT$0.14 last year.
New Risk • Sep 15New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company.
Reported Earnings • Aug 07Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behindSecond quarter 2025 results: NT$0.29 loss per share (down from NT$0.41 profit in 2Q 2024). Revenue: NT$21.0b (down 2.2% from 2Q 2024). Net loss: NT$1.31b (down 176% from profit in 2Q 2024). Revenue exceeded analyst estimates by 4.6%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 8.0% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 117 percentage points per year, which is a significant difference in performance.
Buy Or Sell Opportunity • Jun 02Now 21% undervalued after recent price dropOver the last 90 days, the stock has fallen 8.9% to NT$16.90. The fair value is estimated to be NT$21.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Meanwhile, the company became loss making.
お知らせ • Apr 27Winbond Electronics Corporation to Report Q1, 2025 Results on May 05, 2025Winbond Electronics Corporation announced that they will report Q1, 2025 results on May 05, 2025
Reported Earnings • Apr 16Full year 2024 earnings: EPS and revenues miss analyst expectationsFull year 2024 results: EPS: NT$0.14 (up from NT$0.29 loss in FY 2023). Revenue: NT$81.6b (up 8.8% from FY 2023). Net income: NT$601.0m (up NT$1.75b from FY 2023). Profit margin: 0.7% (up from net loss in FY 2023). Revenue missed analyst estimates by 6.2%. Earnings per share (EPS) also missed analyst estimates by 84%. Revenue is forecast to grow 7.0% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance.
Valuation Update With 7 Day Price Move • Apr 08Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to NT$15.20, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 18x in the Semiconductor industry in Taiwan. Total loss to shareholders of 39% over the past three years.
Major Estimate Revision • Mar 12Consensus EPS estimates increase by 16%The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from NT$0.779 to NT$0.905. Revenue forecast unchanged at NT$87.0b. Net income forecast to grow 493% next year vs 19% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$21.82 to NT$23.98. Share price rose 12% to NT$21.00 over the past week.
Price Target Changed • Mar 11Price target increased by 8.3% to NT$23.98Up from NT$22.14, the current price target is an average from 6 analysts. New target price is 26% above last closing price of NT$19.10. Stock is down 31% over the past year. The company is forecast to post earnings per share of NT$0.91 next year compared to a net loss per share of NT$0.29 last year.
Price Target Changed • Feb 20Price target decreased by 12% to NT$20.34Down from NT$23.24, the current price target is an average from 5 analysts. New target price is 7.3% above last closing price of NT$18.95. Stock is down 32% over the past year. The company is forecast to post earnings per share of NT$0.69 next year compared to a net loss per share of NT$0.29 last year.
お知らせ • Feb 20Winbond Electronics Corporation Announces Position Adjustment for Financial Officer, Effective March 1, 2025Winbond Electronics Corporation announced position adjustment for Financial Officer, effective March 1, 2025 from Chih-Chung Chou, CFO of Finance Center, Financial Officer, Corporate Governance Officer and Spokesperson to Hsiang-Yun Fan, Executive Vice President while serving as the President of Headquarters Functions and Acting Spokesperson.
お知らせ • Feb 19Winbond Electronics Corporation, Annual General Meeting, May 27, 2025Winbond Electronics Corporation, Annual General Meeting, May 27, 2025. Location: 1 floor no,539, sec.2 wen hsing rd., jhubei city, hsinchu county Taiwan
New Risk • Feb 17New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Large one-off items impacting financial results.
お知らせ • Feb 11Winbond Electronics Corporation to Report Fiscal Year 2024 Results on Feb 18, 2025Winbond Electronics Corporation announced that they will report fiscal year 2024 results on Feb 18, 2025
Major Estimate Revision • Jan 23Consensus EPS estimates fall by 33%The consensus outlook for fiscal year 2024 has been updated. 2024 consensus EPS estimate fell from NT$0.791 to NT$0.529. Revenue forecast reaffirmed at NT$85.3b. Net income forecast to grow 971% next year vs 31% growth forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$23.24 to NT$22.14. Share price rose 2.5% to NT$14.35 over the past week.
Price Target Changed • Jan 15Price target decreased by 14% to NT$23.24Down from NT$27.10, the current price target is an average from 5 analysts. New target price is 71% above last closing price of NT$13.60. Stock is down 49% over the past year. The company is forecast to post earnings per share of NT$0.94 next year compared to a net loss per share of NT$0.29 last year.
お知らせ • Dec 11Winbond Introduces the New Automotive-qualified W77T Secure Flash MemoryWinbond Electronics Corporation unveiled the TrustME W77T Secure Flash family, specifically designed for the automotive industry. This ISO26262 ASIL-D Ready, ISO21434 Certified, UNECE WP.29 and TISAX compliant Secure Flash is tailored to meet the demands of emerging automotive applications, such as software-defined vehicles (SDVs) and E/E systems, providing advanced protection for connected and autonomous vehicles. Operating at a 200MHz Double Transfer Rate (DTR) on the industry-standard Octal/xSPI interface, the W77T delivers a read bandwidth of up to 400MB/s, making it ideal for automotive System-on-Chip (SoC) designs that require fast boot times and high-performance processing capabilities. Available in a range of densities from 64Mb to 1Gb, the W77T is offered in TFBGA (Octal SPI), SOIC (Quad SPI) and WSON (Quad SPI) packages. It also features extended Replay Protected Monotonic Counters (RPMC) with 8 counters for PC based implementation. Other advanced capabilities include JEDEC SPI CRC, JEDEC xSPI compatible interface, ECC, and is manufactured in security certified fabrication facility to ensure a secure supply chain. As part of Winbond's TrustME Secure Flash family, the W77T offers robust security features, including Post-Quantum Cryptography (PQC) capabilities for the security engine, NIST 800-193 compliant firmware resiliency, LMS-OTS (NIST-800-208) based remote attestation for secure supply chain, Common Criteria, ISO21434, FIPS 140-3 certification and ISO26262 Functional Safety requirements, ensuring vehicle safety, performance, and integrity. Winbond's W77T Secure Flash is backward compatible with the popular W25Q NOR Flash and W77Q Secure Flash family and comes equipped with an arsenal of features designed to ensure Automotive security: Code and Data Protection: robust protection for both code and data, making it exceedingly difficult for hackers to tamper. Root of Trust implementation follows the TCG DICE attestation mechanism. Authentication: Winbond Secure Flash devices employ stringent authentication protocols, ensuring that only authorized actors and software layers gain access. Secure Software Updates with Rollback Protection: the devices facilitate remote secure software updates while safeguarding against rollback attacks, ensuring that only legitimate updates are executed. To maintain the highest level of security and integrity during software updates, W77T employs Leighton-Micali Signature (LMS) algorithms, as recommended by NIST Special Publication 800-208. This method guarantees the authenticity and integrity of the updating software, thereby providing an additional layer of security. Platform Resiliency: follows NIST 800-193 recommendations, unauthorized code changes are automatically detected, enabling the system to recover to a secure state and disturbing potential cyber threats. Secure Supply Chain: Secure Flash ensures the integrity and authenticity of flash content throughout the entire supply chain. The W77T implements remote attestation based on LMS-OTS (NIST 800-208). This advanced approach effectively prevents content tampering and misconfiguration during platform assembly, transportation, and configuration, safeguarding against cyber adversaries.
Reported Earnings • Nov 06Third quarter 2024 earnings released: NT$0.002 loss per share (vs NT$0.029 loss in 3Q 2023)Third quarter 2024 results: NT$0.002 loss per share (improved from NT$0.029 loss in 3Q 2023). Revenue: NT$21.3b (up 9.3% from 3Q 2023). Net loss: NT$9.44m (loss narrowed 92% from 3Q 2023). Profit margin: 0% (up from net loss in 3Q 2023). Revenue is expected to decline by 12% p.a. on average during the next 2 years, while revenues in the Semiconductor industry in Taiwan are expected to grow by 17%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance.
お知らせ • Oct 29Winbond Electronics Corporation to Report Q3, 2024 Results on Nov 05, 2024Winbond Electronics Corporation announced that they will report Q3, 2024 results on Nov 05, 2024
Price Target Changed • Sep 16Price target decreased by 7.9% to NT$28.08Down from NT$30.49, the current price target is an average from 6 analysts. New target price is 33% above last closing price of NT$21.05. Stock is down 24% over the past year. The company is forecast to post earnings per share of NT$0.98 next year compared to a net loss per share of NT$0.29 last year.
Reported Earnings • Aug 03Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behindSecond quarter 2024 results: EPS: NT$0.41 (up from NT$0.089 in 2Q 2023). Revenue: NT$21.5b (up 14% from 2Q 2023). Net income: NT$1.72b (up 387% from 2Q 2023). Profit margin: 8.0% (up from 1.9% in 2Q 2023). Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) exceeded analyst estimates by 123%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings.
お知らせ • Aug 03Winbond Electronics Corporation announced that it expects to receive TWD 2.999999982 billion in fundingWinbond Electronics Corporation announced a private placement to issue 142,857,142 common shares at an issue price of TWD 21 per share for the gross proceeds of TWD 2,999,999,982 on August 2, 2024. The transaction will include participation from returning investor Walsin Lihwa Corporation. The transaction has been approved by shareholders of investors of company.
お知らせ • Aug 02Winbond Electronics Corporation Appoints Hsiang-Yun Fan as Executive Vice PresidentWinbond Electronics Corporation appointed Hsiang-Yun Fan, as Executive Vice President while serving as the President of Headquarters Functions. Resume of the new position holder: Vice President of Customized Memory Solution Business Group and Acting Spokesperson. Effective date: August 1, 2024.
お知らせ • Jul 25Winbond Electronics Corporation to Report Q2, 2024 Results on Aug 01, 2024Winbond Electronics Corporation announced that they will report Q2, 2024 results on Aug 01, 2024
お知らせ • May 03Winbond Electronics Corporation has filed a Follow-on Equity Offering.Winbond Electronics Corporation has filed a Follow-on Equity Offering. Security Name: Common Shares Security Type: Common Stock Securities Offered: 64,000,000
Reported Earnings • May 03First quarter 2024 earnings released: NT$0.11 loss per share (vs NT$0.25 loss in 1Q 2023)First quarter 2024 results: NT$0.11 loss per share (improved from NT$0.25 loss in 1Q 2023). Revenue: NT$20.1b (up 15% from 1Q 2023). Net loss: NT$464.3m (loss narrowed 54% from 1Q 2023). Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings.
お知らせ • Apr 02Winbond Extends Its Secure Flash Family with New Memory Densities, PQC Support and Secure Supply Chain ManagementWinbond Electronics Corporation announced it is unveils the latest extension of TrustME® Secure Flash W77Q family with 256Mb, 512Mb and 1Gb devices. These ground-breaking secure flash devices are the first in the market implementing Leighton–Micali Signature (LMS) algorithm for PQC (Post Quantum Cryptography), a critical enhancement for securing connected IoT edge devices used in commercial, industrial and server segments. PQC (Post Quantum Cryptography) is considered crucial as it replaces classical cryptographic algorithms that are no longer considered to be safe in lieu of Quantum Computers. Governments and security analysts portray 2030 as the year traditional cryptography will become obsolete. In response, US NSA and UK NCSC have adopted LMS as the preferred PQC algorithms for digitally signing and authenticating firmware and software updates. Compliance with the new CNSA 2.0 guidelines for software and firmware signing is expected by 2025, with a complete transition mandated by 2030. The newly released TrustME® W77Q series in densities of 256Mb, 512Mb, 1Gb are the cutting-edge technology, supporting asymmetric key cryptography algorithm and enabling devices to facilitate both Secure OTA with asymmetric PQC signatures and Secure Supply chain via LMS-OTS (NIST 800-208). Winbond is proud to be the first memory vendor to integrate PQC, meeting the emerging regulations requirements and setting a new standard in the industry. These devices are optimally designed for applications in Industrial IoT, networking, servers, and critical infrastructure applications. These new W77Q devices support high-performance Quad-SPI at 166MHz, extended Replay Protected Monotonic Counters (RPMC) with 8 counters for PC based implementation. The 512Mb and 1Gb devices enable simultaneous read and write option enhancing operational efficiency for software OTA operation. Winbond's W77Q Secure Flash is backward compatible with the popular W25Q family and comes equipped with an arsenal of features designed to ensure platform security: Code and Data Protection: robust protection for both code and data, making it exceedingly difficult for hackers to tamper. RoT implementation follows the TCG DICE attestation mechanism. Authentication: Winbond Secure Flash devices employ stringent authentication protocols, ensuring that only authorized actors and software layers gain access. Secure Software Updates with Rollback Protection: the devices facilitate remote secure software updates while safeguarding against rollback attacks, ensuring that only legitimate updates are executed. To maintain the highest level of security and integrity during software updates, W77Q employs Leighton-Micali Signature (LMS) algorithms, as recommended by NIST Special Publication 800-208. This method guarantees the authenticity and integrity of the updating software, thereby providing an additional layer of security. Platform Resiliency: follows NIST 800-193 recommendations, unauthorized code changes are automatically detected, enabling the system to recover to a secure state and disturbing potential cyber threats. Secure Supply Chain: the origin and integrity of flash content is guaranteed by Secure Flash at every stage of the supply chain. W77Q implements remote attestation based on LMS-OTS (NIST 800-208). This advanced approach effectively prevents content tampering and misconfiguration during platform assembly, transportation, and configuration, safeguarding against cyber adversaries.
Reported Earnings • Feb 08Full year 2023 earnings: EPS misses analyst expectationsFull year 2023 results: NT$0.29 loss per share (down from NT$3.25 profit in FY 2022). Revenue: NT$75.0b (down 21% from FY 2022). Net loss: NT$1.15b (down 109% from profit in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.3%. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings.
お知らせ • Feb 07Winbond Electronics Corporation, Annual General Meeting, May 09, 2024Winbond Electronics Corporation, Annual General Meeting, May 09, 2024. Agenda: To consider Business report of fiscal year 2023; to consider Audit Committees review report on 2023 financial statements; to consider Other matters to be reported; to recognize business report and financial statements of fiscal year 2023; to recognize the proposal for distribution of 2023 profits.
New Risk • Nov 17New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 5.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (5.5% average weekly change). Shareholders have been diluted in the past year (5.0% increase in shares outstanding).
New Risk • Nov 10New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Shareholders have been diluted in the past year (5.0% increase in shares outstanding).
Reported Earnings • Nov 04Third quarter 2023 earnings: EPS and revenues miss analyst expectationsThird quarter 2023 results: NT$0.03 loss per share (down from NT$0.67 profit in 3Q 2022). Revenue: NT$19.5b (down 12% from 3Q 2022). Net loss: NT$114.1m (down 104% from profit in 3Q 2022). Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 13% per year.
Upcoming Dividend • Sep 13Upcoming dividend of NT$1.00 per share at 3.7% yieldEligible shareholders must have bought the stock before 20 September 2023. Payment date: 06 October 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.7%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.3%).
お知らせ • Sep 07Winbond Electronics Corporation Announces Cash Dividend, Payable on October 6, 2023Winbond Electronics Corporation announced total cash dividends to common shareholders will be TWD 3,980,000,193(TWD 1 per share). Ex-rights (ex-dividend) trading date: September 20, 2023; Ex-rights (ex-dividend) record date: September 26, 2023. Payment date of cash dividend distribution: October 6, 2023.
New Risk • Aug 07New major risk - Dividend sustainabilityThe dividend is not well covered by earnings and cash flows. Payout ratio: 159% The company is paying a dividend despite having no free cash flows. Dividend yield: 3.6% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 159% Paying a dividend despite having no free cash flows. High level of non-cash earnings (20% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (3.3% net profit margin).
Reported Earnings • Aug 07Second quarter 2023 earnings: EPS and revenues exceed analyst expectationsSecond quarter 2023 results: EPS: NT$0.09 (down from NT$1.30 in 2Q 2022). Revenue: NT$18.8b (down 29% from 2Q 2022). Net income: NT$353.6m (down 93% from 2Q 2022). Profit margin: 1.9% (down from 19% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth.
Major Estimate Revision • Aug 05Consensus EPS estimates fall by 29%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$79.3b to NT$77.6b. EPS estimate also fell from NT$0.291 per share to NT$0.206 per share. Net income forecast to shrink 66% next year vs 11% decline forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$29.33 to NT$30.08. Share price fell 4.7% to NT$27.25 over the past week.
お知らせ • Jun 20Winbond Electronics Corporation Announces 8Mb 3V NOR W25Q80RVWinbond Electronics Corporation announced the 8Mb 3V NOR W25Q80RV, the first of a new family of high performance, small form factor serial flash devices with higher read performance addressing the requirement of connected edge devices used in industrial and consumer applications. This 8Mb density Serial Flash produced in Winbond's own 12-inch wafer fabrication facility is manufactured using the new generation of 58nm technology and is significantly smaller in size compared to its predecessor which was built using 90nm technology. The KGD (Known Good Die) and WLCSP (Wafer Level Chip Scale Package) versions of this latest device are ideal for use in variety of small-form-factor IoT devices. The company has been supporting the requirements of customers using the 8Mb Serial Flash with the existing generation of W25QxxDV series for several years in applications including instrumentation, networking, PC, printer, automotive and gaming. Now the time has come to support these applications to include new use-cases such as wireless connectivity with KGD and WLCSP solutions in advanced technology and with smaller lead frame packages. KGDs are fully baked and tested to have the same reliability level as packaged products. They are ideal for stacking with MCUs or SoCs requiring high-speed flash access. With faster read speed to enhance system performance, faster programing for efficient manufacturing and firmware OTA (Over-the-Air) update coupled with the smaller form factor aspect of SIP (system-in-package), this new 8Mb flash provides greater value for a variety of embedded systems. The W25Q80RV supports all popular single/dual/quad/QPI commands and read modes. It is ideal for executing code (XIP) directly from flash as well as code shadowing to RAM. This device operates on a single 2.7V to 3.6V power supply with power-down current down to 1µA. The flash is organized as small 4KB sectors which allow for greater flexibility and storage efficiency in applications that require code, data and parameter storage. SPI clock frequencies of up to 133MHz Single Data Rate and 66MHz Double Data Rate are supported. The Read Command Bypass Mode allows for faster memory access with as few as 8-clocks of instruction-overhead to read a 24-bit address, allowing for true XIP (execute in place) operation. W25Q80RV is available now. This will be followed by other densities in the family.
お知らせ • May 31+ 1 more updateWinbond Electronics Corporation Announces the Replacement of Members of Compensation CommitteeWinbond Electronics Corporation announced the replacement of members of Compensation Committee. Name and resume of the previous position holder: Allen Hsu (Independent Director, Nuvoton Technology Corporation); Stephen T.Tso (Independent Director, AOPEN Incorporated.); Francis Tsai (Chairman/CEO,Waffer Technology Corp.); Jerry Hsu (Chairman,AcBel Polytech Inc.). Name and resume of the new position holder: Allen Hsu (Independent Director, Nuvoton Technology Corporation); Stephen T.Tso (Independent Director, AOPEN Incorporated.); Chung-Ming Kuan (NTU University Chair Professor, Department of Finance, National Taiwan University); LI-JONG PEIR (Chairman,TCC INFORMATION SYSTEMS CORP.). Effective date of the new member is May 30, 2023.
Major Estimate Revision • May 07Consensus EPS estimates increase by 25%The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from NT$0.445 to NT$0.557. Revenue forecast steady at NT$78.4b. Net income forecast to shrink 94% next year vs 21% decline forecast for Semiconductor industry in Taiwan. Consensus price target of NT$28.38 unchanged from last update. Share price fell 5.0% to NT$24.65 over the past week.
Major Estimate Revision • Apr 26Consensus EPS estimates fall by 19%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$80.6b to NT$78.4b. EPS estimate also fell from NT$0.686 per share to NT$0.557 per share. Net income forecast to shrink 94% next year vs 23% decline forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$25.88 to NT$28.38. Share price fell 4.7% to NT$24.60 over the past week.
Price Target Changed • Apr 25Price target increased by 7.9% to NT$28.38Up from NT$26.30, the current price target is an average from 4 analysts. New target price is 15% above last closing price of NT$24.60. Stock is down 8.7% over the past year. The company is forecast to post earnings per share of NT$0.69 for next year compared to NT$3.25 last year.
Major Estimate Revision • Mar 14Consensus revenue estimates decrease by 11%The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from NT$90.3b to NT$80.6b. EPS estimate reaffirmed at NT$0.818. Net income forecast to shrink 82% next year vs 20% decline forecast for Semiconductor industry in Taiwan. Consensus price target broadly unchanged at NT$25.88. Share price fell 4.2% to NT$23.85 over the past week.
Price Target Changed • Mar 03Price target increased by 8.7% to NT$26.30Up from NT$24.20, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of NT$25.60. Stock is down 24% over the past year. The company is forecast to post earnings per share of NT$0.82 for next year compared to NT$3.25 last year.
Reported Earnings • Feb 18Full year 2022 earnings: EPS and revenues miss analyst expectationsFull year 2022 results: EPS: NT$3.25 (down from NT$3.42 in FY 2021). Revenue: NT$94.5b (down 5.1% from FY 2021). Net income: NT$12.9b (down 4.9% from FY 2021). Profit margin: 14% (in line with FY 2021). Revenue missed analyst estimates by 5.3%. Earnings per share (EPS) also missed analyst estimates by 13%. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth.
お知らせ • Dec 02Winbond Electronics Corporation Announces Appointment of Shui-Pao Wu as Chief Information Security OfficerWinbond Electronics Corporation announced the appointment of Shui-Pao Wu as Chief Information Security Officer, effective December 1, 2022. Resume of the new position holder: Shui-Pao Wu, Technology Director of General Administration Center.
お知らせ • Nov 17Winbond Electronics Corporation Adopts Low Temperature Soldering (Lts) to Slow the Pace of Global WarmingWinbond Electronics Corporation announced that its Flash Memory products will now support the low temperature soldering (LTS) process, which reduces Surface Mount Technology (SMT) temperature from 220~260oC in the lead-free process to ~190oC. This new process will enable Winbond to significantly reduce CO2 emissions in SMT production lines, while also simplifying, shortening and lowering the cost of the SMT process. Below are some of the key benefits of moving to an LTS process: Reduced carbon emissions – According to the Intel Introduction to Low Temperature Soldering (LTS) 2017, p18-19, reducing the SMT temperature from 220~260oC in the lead-free process to ~190oC can lower the CO2 emission of each SMT production line by 57 metric tons a year. Simpler and faster SMT process for PCBs with plug-in components – The plug-in components only can withstand the lower soldering temperature. With introducing the device supports the low-temperature soldering process, the SMT line can assemble all components on the PCB at one time, which greatly simplifies and shortens the SMT process. Cost Reduction – As the soldering temperature drops, lower-cost low-temperature materials can be selected for chips and PCBs. According to the Intel LTS 2017, p15-16, the overall annual cost of SMT production can be reduced by approximately 40% when transitioning to LTS.
Price Target Changed • Nov 16Price target decreased to NT$24.25Down from NT$27.75, the current price target is an average from 4 analysts. New target price is 8.7% above last closing price of NT$22.30. Stock is down 26% over the past year. The company is forecast to post earnings per share of NT$3.72 for next year compared to NT$3.42 last year.
Board Change • Nov 16Less than half of directors are independentFollowing the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Steve Tso was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
Reported Earnings • Nov 06Third quarter 2022 earnings: EPS and revenues miss analyst expectationsThird quarter 2022 results: EPS: NT$0.67 (down from NT$1.13 in 3Q 2021). Revenue: NT$22.1b (down 18% from 3Q 2021). Net income: NT$2.67b (down 40% from 3Q 2021). Profit margin: 12% (down from 17% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 8.7%. Earnings per share (EPS) also missed analyst estimates by 4.2%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth.
お知らせ • Sep 02Winbond Electronics Corporation Receives ISO/SAE 21434 Certification from TUV NORD for Road Vehicles Cybersecurity Management SystemWinbond Electronics Corporation announced that they had received the ISO/SAE 21434 certification from TÜV NORD for Road vehicles Cybersecurity Management System (CSMS), making them the world's first memory vendor to receive the ISO/SAE 21434 standard certification for Road vehicles Cybersecurity Management System (CSMS). ISO/SAE 21434 standard protects vehicle and automotive security by specifying the requirements to make automotive systems more robust against cyber-attacks. It outlines the criteria needed during the concept, development, production, usage and decommissions of automotive systems. Many car manufacturers and their component suppliers make this stand mandatory to improve how cyber threats are managed significantly. The ISO/SAE 21434 standard applies to microcomputers and their components and requires the automotive industry to adapt devices capable of meeting this standard and providing the required protection against cyber threats. Winbond is the first memory manufacturer to receive this Road vehicles CyberSecurity certification. Their TrustME® W77Q Secure Flash has already obtained Common Criteria EAL2 and ISO26262 ASIL-C Ready certifications from SGS Brightsight and SGS-TÜV Saar, respectively. With the prestigious industry-recognized security and safety certifications, TrustME W77Q Secure Flash can simultaneously satisfy the emerging demands in safety and cybersecurity in automotive applications. Apart from that, their code storage flash memory, including Serial NOR, QspiNAND and OctalNAND, has also received ISO26262 ASIL-B Ready certifications.
Reported Earnings • Aug 07Second quarter 2022 earnings: EPS exceeds analyst expectationsSecond quarter 2022 results: EPS: NT$1.29 (up from NT$0.84 in 2Q 2021). Revenue: NT$26.6b (up 5.6% from 2Q 2021). Net income: NT$5.15b (up 55% from 2Q 2021). Profit margin: 19% (up from 13% in 2Q 2021). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 42%. Over the next year, revenue is forecast to grow 3.2%, compared to a 21% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth.
お知らせ • Aug 05Winbond Electronics Corporation Appoints Eungjoon Park as Chief Strategy OfficerOn August 04, 2022, Winbond Electronics Corporation announced the appointment of Eungjoon Park, Business Executive of Flash Memory IC Business Group, as the new Chief Strategy Officer, effective from October 01, 2022.
Valuation Update With 7 Day Price Move • Jul 06Investor sentiment deteriorated over the past weekAfter last week's 19% share price decline to NT$18.70, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Semiconductor industry in Taiwan. Total returns to shareholders of 24% over the past three years.
Price Target Changed • Jul 02Price target decreased to NT$29.63Down from NT$32.13, the current price target is an average from 4 analysts. New target price is 48% above last closing price of NT$20.05. Stock is down 42% over the past year. The company is forecast to post earnings per share of NT$3.88 for next year compared to NT$3.42 last year.
Valuation Update With 7 Day Price Move • Jun 22Investor sentiment deteriorated over the past weekAfter last week's 15% share price decline to NT$22.80, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Semiconductor industry in Taiwan. Total returns to shareholders of 69% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$13.85 per share.
Upcoming Dividend • Jun 09Upcoming dividend of NT$1.00 per shareEligible shareholders must have bought the stock before 16 June 2022. Payment date: 07 July 2022. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (3.0%).
Reported Earnings • May 09First quarter 2022 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2022 results: EPS: NT$1.15 (up from NT$0.40 in 1Q 2021). Revenue: NT$26.5b (up 24% from 1Q 2021). Net income: NT$4.56b (up 187% from 1Q 2021). Profit margin: 17% (up from 7.4% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) also surpassed analyst estimates by 29%. Over the next year, revenue is forecast to grow 12%, compared to a 24% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth.
Board Change • Apr 27Less than half of directors are independentFollowing the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Steve Tso was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
Major Estimate Revision • Feb 23Consensus forecasts updatedThe consensus outlook for 2022 has been updated. 2022 EPS estimate increased from NT$3.72 to NT$4.17. Revenue forecast steady at NT$113.0b. Net income forecast to grow 15% next year vs 30% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$34.17 to NT$35.17. Share price was steady at NT$34.15 over the past week.
Reported Earnings • Feb 13Full year 2021 earnings: Revenues and EPS in line with analyst expectationsFull year 2021 results: EPS: NT$3.42 (up from NT$0.33 in FY 2020). Revenue: NT$99.6b (up 64% from FY 2020). Net income: NT$13.6b (up NT$12.3b from FY 2020). Profit margin: 14% (up from 2.1% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 14%, compared to a 24% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 30% per year whereas the company’s share price has increased by 32% per year.
お知らせ • Dec 21Winbond Electronics Par Ord Sponsored GDR to Be Deleted from Other OTCWinbond Electronics Corporation Par Ord Sponsored GDR Reg S (Taiwan) will be deleted from Other OTC effective from December 21, 2021, due to ADR /GDR Program Terminated.
Reported Earnings • Nov 07Third quarter 2021 earnings released: EPS NT$1.13 (vs NT$0.083 in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$27.0b (up 69% from 3Q 2020). Net income: NT$4.48b (up NT$4.15b from 3Q 2020). Profit margin: 17% (up from 2.1% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings.
Valuation Update With 7 Day Price Move • Aug 13Investor sentiment deteriorated over the past weekAfter last week's 16% share price decline to NT$28.50, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 15x in the Semiconductor industry in Taiwan. Total returns to shareholders of 92% over the past three years.
お知らせ • Jul 23Winbond Electronics Corporation Announces Successful Interoperability of OctalNAND Flash with Synopsys Designware Amba IP Delivers Complete High-Density NAND Flash Memory SolutionWinbond Electronics Corporation announced the successful interoperability of Synopsys' DesignWare Synchronous Serial Interface (SSI) IP and Winbond's OctalNAND Flash Memory. The DesignWare SSI IP, offering high transfer rates and low latency in serial flash memories and OctalNAND Flash deliver a complete NAND flash memory solution for automotive, mobile and IoT SoCs, enabling faster adoption of octal non-volatile memories (NVM) with high-speed read bandwidth in densities up to 4Gbit. As the world's first x8 Octal interface NAND Flash, Winbond's OctalNAND Flash enables automotive, communications, and industrial system manufacturers to provide cost effective embedded code storage in high density and in the same form factor as NOR Flash. Winbond developed OctalNAND Flash because flash suppliers are reaching the limits of NOR technology's ability to provide high-density NVM cost effectively while still being assembled in industry standard packages. In applications such as Advanced Driver Assistance Systems (ADAS), Cluster (dashboard), and Factory Automation Controllers, system designers have traditionally been using NOR. As the code size routinely exceeds 512Mb, NOR Flash costs much more than the equivalent density NAND. OctalNAND Flash Advantages: As the majority of high density embedded applications use flash for boot then code shadow into DRAM for execution, OctalNAND Flash has read throughput of 240Mbytes/s along with the ability to continuously read from the beginning to near the end of the flash memory space. While NAND devices can come with bad memory blocks, Winbond's OctalNAND Flash comes with the block management look-up table feature that enables bad blocks to be mapped away and replaced with good blocks, thus enabling the host to maintain a contiguous address space and simplifying high speed code shadowing without the host having to skip around bad blocks. As the OTA (Over-the-Air) update capability becomes a standard feature in embedded system designs, the density usage often doubles. 1Gb and 2Gb for code storage are now common. 4Gb is also being regularly considered. With OTA, erase and program performance of the flash becomes important. Compared to NOR Flash, OctalNAND Flash is capable of erasing up to 400 times faster and programming up to 50 times faster. When a large section of the flash needs to be OTA updated, moving from a NOR device to OctalNAND Flash can mean a reduction of Erase/Program time from nearly 10 min to less than 1 min thus greatly improving system availability and user experience.
Price Target Changed • Jul 18Price target increased to NT$40.14Up from NT$37.43, the current price target is an average from 3 analysts. New target price is 15% above last closing price of NT$35.00. Stock is up 169% over the past year.
Upcoming Dividend • Jul 06Upcoming dividend of NT$0.20 per shareEligible shareholders must have bought the stock before 13 July 2021. Payment date: 30 July 2021. Trailing yield: 0.6%. Lower than top quartile of Taiwanese dividend payers (4.9%). Lower than average of industry peers (2.2%).
お知らせ • Jun 18Winbond Electronics Corporation Unveils New 1.8V 512Mb SPI Nor Flash for 5G and Other High-End Server ApplicationsWinbond Electronics Corporation announced it is expanding its total solution of SPI NOR Flash with the introduction of the new single die monolithic 1.8V 512Mb SPI NOR flash that can support up to 166 MHz standard/dual/quad SPI clocks. Apart from the existing 3V 512Mb W25Q512JV, the new 1.8V W25Q512NW SPI NOR Flash also features pin-to-pin compatibility, enabling customers to easily upgrade to higher flash storage capacities without having to change the footprint of their designs. This enables them to extend the life of their products, speed time to market, and save development time and effort by having one single flash platform that can be used across their future product roadmap. W25Q512NW Benefits & Target Application: W25Q512NW can support up to 166 MHz SDR and 80MHz DDR in high read-speed, it can achieve high performance on XIP (eXecute In Place) and Instant-on with QPI. The new W25Q512NW can also be stacked to 1Gb and 2Gb, which gives designers more flexibility to extend the density up to 2Gb and better performance on Read-While-Write. For example, the two-die device will support Read While Write operation for OTA updating without suspension of read operations and with no risk of losing the existing firmware image in the event of an unexpected power interruption, providing fast and stable live OTA (Over-The-Air) system firmware update. This compatibility is a game-changer for customers designing applications such as 5G modem, 5G edge computing, cloud server, fiber optic modems, and smart IoT segments where they typically increase code-storage flash density 2X every 2 years. This also helps the OEM software teams to develop application-code well-suited for new code releases with multiple new feature-set without compromising on Code Storage Flash Memory density limitations.
Valuation Update With 7 Day Price Move • May 29Investor sentiment improved over the past weekAfter last week's 17% share price gain to NT$33.85, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 16x in the Semiconductor industry in Taiwan. Total returns to shareholders of 94% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$41.11 per share.
Valuation Update With 7 Day Price Move • May 14Investor sentiment deteriorated over the past weekAfter last week's 16% share price decline to NT$28.45, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 14x in the Semiconductor industry in Taiwan. Total returns to shareholders of 60% over the past three years.
Reported Earnings • May 07First quarter 2021 earnings released: EPS NT$0.40 (vs NT$0.022 loss in 1Q 2020)The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$21.3b (up 85% from 1Q 2020). Net income: NT$1.59b (up NT$1.67b from 1Q 2020). Profit margin: 7.4% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance.