Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$184, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 35x in the Semiconductor industry in Taiwan. Total returns to shareholders of 617% over the past three years. Price Target Changed • Jun 17
Price target increased by 11% to NT$192 Up from NT$173, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of NT$198. Stock is up 905% over the past year. The company is forecast to post earnings per share of NT$19.50 for next year compared to NT$0.88 last year. Price Target Changed • Jun 15
Price target increased by 7.8% to NT$187 Up from NT$173, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of NT$189. Stock is up 927% over the past year. The company is forecast to post earnings per share of NT$19.50 for next year compared to NT$0.88 last year. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$189, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 29x in the Semiconductor industry in Taiwan. Total returns to shareholders of 603% over the past three years. Major Estimate Revision • Jun 04
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from NT$229.3b to NT$232.3b. EPS estimate increased from NT$16.13 to NT$18.03 per share. Net income forecast to grow 467% next year vs 60% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$146 to NT$183. Share price rose 25% to NT$180 over the past week. New Risk • May 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 12% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. This is currently the only risk that has been identified for the company. Price Target Changed • May 28
Price target increased by 18% to NT$173 Up from NT$146, the current price target is an average from 6 analysts. New target price is 20% above last closing price of NT$144. Stock is up 714% over the past year. The company is forecast to post earnings per share of NT$17.08 for next year compared to NT$0.88 last year. Price Target Changed • May 27
Price target increased by 7.1% to NT$153 Up from NT$143, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of NT$155. Stock is up 791% over the past year. The company is forecast to post earnings per share of NT$16.13 for next year compared to NT$0.88 last year. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$141, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 30x in the Semiconductor industry in Taiwan. Total returns to shareholders of 461% over the past three years. Major Estimate Revision • May 12
Consensus 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 12
Investor 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 06
First quarter 2026 earnings: EPS misses analyst expectations First 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 07
Price target decreased by 12% to NT$143 Down 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 20
Upcoming dividend of NT$0.50 per share Eligible 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%). Announcement • Mar 11
Winbond Electronics Corporation, Annual General Meeting, May 29, 2026 Winbond 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 06
Consensus 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 24
Consensus 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 13
Price target increased by 9.1% to NT$141 Up 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 06
Now 27% overvalued after recent price rise Over 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 05
Price target increased by 11% to NT$90.80 Up 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. Announcement • Dec 13
Winbond Electronics Corporation Launches 8Gb DDR4 DRAM Built on Advanced 16nm Process Technology for Industrial and Embedded Applications Winbond 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 10
Now 22% undervalued Over 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 18
Now 21% undervalued Over 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 08
Third quarter 2025 earnings: EPS exceeds analyst expectations Third 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 31
Now 20% undervalued Over 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 09
Price target increased by 9.0% to NT$36.33 Up 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 17
Price target increased by 7.4% to NT$27.12 Up 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 15
New minor risk - Share price stability The 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 07
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second 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 02
Now 21% undervalued after recent price drop Over 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. Announcement • Apr 27
Winbond Electronics Corporation to Report Q1, 2025 Results on May 05, 2025 Winbond Electronics Corporation announced that they will report Q1, 2025 results on May 05, 2025 Reported Earnings • Apr 16
Full year 2024 earnings: EPS and revenues miss analyst expectations Full 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 08
Investor 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 12
Consensus 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 11
Price target increased by 8.3% to NT$23.98 Up 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 20
Price target decreased by 12% to NT$20.34 Down 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. Announcement • Feb 20
Winbond Electronics Corporation Announces Position Adjustment for Financial Officer, Effective March 1, 2025 Winbond 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. Announcement • Feb 19
Winbond Electronics Corporation, Annual General Meeting, May 27, 2025 Winbond 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 17
New minor risk - Share price stability The 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. Announcement • Feb 11
Winbond Electronics Corporation to Report Fiscal Year 2024 Results on Feb 18, 2025 Winbond Electronics Corporation announced that they will report fiscal year 2024 results on Feb 18, 2025 Major Estimate Revision • Jan 23
Consensus 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 15
Price target decreased by 14% to NT$23.24 Down 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. Announcement • Dec 11
Winbond Introduces the New Automotive-qualified W77T Secure Flash Memory Winbond 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 06
Third 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. Announcement • Oct 29
Winbond Electronics Corporation to Report Q3, 2024 Results on Nov 05, 2024 Winbond Electronics Corporation announced that they will report Q3, 2024 results on Nov 05, 2024 Price Target Changed • Sep 16
Price target decreased by 7.9% to NT$28.08 Down 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 03
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second 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. Announcement • Aug 03
Winbond Electronics Corporation announced that it expects to receive TWD 2.999999982 billion in funding Winbond 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. Announcement • Aug 02
Winbond Electronics Corporation Appoints Hsiang-Yun Fan as Executive Vice President Winbond 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. Announcement • Jul 25
Winbond Electronics Corporation to Report Q2, 2024 Results on Aug 01, 2024 Winbond Electronics Corporation announced that they will report Q2, 2024 results on Aug 01, 2024 Announcement • May 03
Winbond 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 03
First 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. Announcement • Apr 02
Winbond Extends Its Secure Flash Family with New Memory Densities, PQC Support and Secure Supply Chain Management Winbond 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 08
Full year 2023 earnings: EPS misses analyst expectations Full 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. Announcement • Feb 07
Winbond Electronics Corporation, Annual General Meeting, May 09, 2024 Winbond 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 17
New minor risk - Share price stability The 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 10
New minor risk - Shareholder dilution The 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 04
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third 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 13
Upcoming dividend of NT$1.00 per share at 3.7% yield Eligible 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%). Announcement • Sep 07
Winbond Electronics Corporation Announces Cash Dividend, Payable on October 6, 2023 Winbond 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 07
New major risk - Dividend sustainability The 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 07
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second 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 05
Consensus 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. Announcement • Jun 20
Winbond Electronics Corporation Announces 8Mb 3V NOR W25Q80RV Winbond 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. Major Estimate Revision • May 07
Consensus 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 26
Consensus 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 25
Price target increased by 7.9% to NT$28.38 Up 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 14
Consensus 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 03
Price target increased by 8.7% to NT$26.30 Up 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 18
Full year 2022 earnings: EPS and revenues miss analyst expectations Full 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. Announcement • Dec 02
Winbond Electronics Corporation Announces Appointment of Shui-Pao Wu as Chief Information Security Officer Winbond 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. Announcement • Nov 17
Winbond Electronics Corporation Adopts Low Temperature Soldering (Lts) to Slow the Pace of Global Warming Winbond 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 16
Price target decreased to NT$24.25 Down 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 16
Less than half of directors are independent Following 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 06
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third 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. Announcement • Sep 02
Winbond Electronics Corporation Receives ISO/SAE 21434 Certification from TUV NORD for Road Vehicles Cybersecurity Management System Winbond 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 07
Second quarter 2022 earnings: EPS exceeds analyst expectations Second 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. Announcement • Aug 05
Winbond Electronics Corporation Appoints Eungjoon Park as Chief Strategy Officer On 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 06
Investor sentiment deteriorated over the past week After 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 02
Price target decreased to NT$29.63 Down 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 22
Investor sentiment deteriorated over the past week After 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 09
Upcoming dividend of NT$1.00 per share Eligible 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 09
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First 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 27
Less than half of directors are independent Following 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 23
Consensus forecasts updated The 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 13
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full 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. Announcement • Dec 21
Winbond Electronics Par Ord Sponsored GDR to Be Deleted from Other OTC Winbond 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.