Win Semiconductors (3105.TWO): Results Review: New Optical Ramp Beginning but Still Limited; Reiterate Sell

Goldman Sachs reviews Win Semiconductors' (3105.TWO) quarterly results. Third-quarter core operating income came in well above both Goldman Sachs and Bloomberg consensus estimates, driven by a more favorable product mix and a higher contribution from the high-margin infrastructure business, with gross margin up sequentially and above expectations, while operating expenses and net income also beat consensus. For the fourth quarter, management guides revenue to rise by a low single digit percentage sequentially, with the cellular business declining on weak seasonality while infrastructure, Wi-Fi and optical businesses are flat to slightly up;