Chunghwa Telecom Co Ltd (CHT)
NYSE:CHT
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Chunghwa Telecom Co
(NYSE:CHT)
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Rating:74Outperform
Price Target:
$50.00
â–²(19.05% Upside)
Action:Reiterated
Date:06/07/26
The score is driven primarily by strong financial quality (low leverage, stable margins, positive cash generation), partially offset by weaker recent revenue and free-cash-flow momentum. Technicals are mildly constructive, while valuation is a headwind due to a relatively high P/E despite a decent dividend yield.
Positive Factors
Conservative balance sheet
CHT’s very low leverage and large equity base provide durable financial flexibility. A debt-to-equity near 0.10 and steady ROE (~9%–10%) reduce refinancing and solvency risk, enabling continued capex, dividend payments and strategic investments through industry cycles without stressing liquidity.
Negative Factors
TTM revenue softness
A marked TTM revenue decline signals structural demand or pricing headwinds in core services. For a mature incumbent, sustained top-line weakness can compress future scale economics, limit reinvestment capacity, and raise pressure on margins unless offset by new enterprise or digital revenue streams.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
CHT’s very low leverage and large equity base provide durable financial flexibility. A debt-to-equity near 0.10 and steady ROE (~9%–10%) reduce refinancing and solvency risk, enabling continued capex, dividend payments and strategic investments through industry cycles without stressing liquidity.
Read all positive factors
Chunghwa Telecom Co (CHT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$35.57B
Dividend Yield3.15%
Average Volume (3M)124.35K
Price to Earnings (P/E)29.8
Beta (1Y)0.20
Revenue Growth9.48%
EPS Growth9.11%
CountryUS
Employees19,912
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)50.10
Shares Outstanding775,744,700
10 Day Avg. Volume129,806
30 Day Avg. Volume124,346
Financial Highlights & Ratios
PEG Ratio6.27
Price to Book (P/B)2.62
Price to Sales (P/S)4.32
P/FCF Ratio20.43
Enterprise Value/Market Cap30.00
Enterprise Value/Revenue4.47
Enterprise Value/Gross Profit12.29
Enterprise Value/Ebitda11.66
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.63
Revenue Forecast (FY)$7.71B
Chunghwa Telecom Co Business Overview & Revenue Model
Company Description
Chunghwa Telecom Co., Ltd., along with its subsidiaries, operates as a leading telecommunications service provider, serving customers both within Taiwan and across international markets. The company organizes its extensive operations into several ...
How the Company Makes Money
CHT primarily makes money by charging recurring service fees for connectivity and communication services, supplemented by enterprise ICT project revenue and other telecom-related income. Key revenue streams typically include: (1) Mobile services: ...
Chunghwa Telecom Co Earnings Call Summary
Earnings Call Date:Feb 03, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call highlighted strong full-year financial performance, record revenue and EPS milestones, clear market leadership in mobile/5G, robust ICT recurring revenue and strategic investments (IDC, satellites, submarine cables) with solid cash and leverage metrics. Lowlights centered on quarterly declines in certain ICT subsegments (cloud, AIDC, cybersecurity) driven by timing and high comparables, one‑off impairments (3G sunset) that depressed Q4 operating profit, international revenue softness, and an outlook showing operating costs rising slightly faster than guided revenue and a significant increase in non‑mobile CapEx for 2026. Overall the positives — sustained revenue and profit growth, market share gains, high-margin EBITDA stability, and strategic wins — materially outweigh the transitory and timing-related negatives.Positive Updates
All-time High Full Year Revenue
Full year 2025 revenue reached TWD 236.11 billion, up 2.7% year-over-year, marking an all-time high driven by core telecom and ICT contributions.
Negative Updates
Quarterly ICT Revenue Weakness and Segment Declines
Group ICT revenue declined 6% YoY in Q4 due to a high comparison base. Specific quarterly declines included cloud (-16% YoY), AIDC (-27% YoY) and cybersecurity (-16% YoY) driven by timing of project recognitions.
Read all updates
Q4-2025 Updates
Positive
Negative
All-time High Full Year Revenue
Full year 2025 revenue reached TWD 236.11 billion, up 2.7% year-over-year, marking an all-time high driven by core telecom and ICT contributions.
Read all positive updates
Company Guidance
Management guided 2026 total revenue to increase 2.5–3.2% year‑over‑year, operating costs and expenses to rise 3.5–3.7% y/y, and EPS to be in the range of TWD 4.82–5.02. They budgeted CapEx of TWD 31.91 billion, with mobile‑related CapEx falling ~6.3% (the fifth consecutive annual decline since 2021) while non‑mobile CapEx is expected to climb ~24% to fund submarine cables, IDC, satellite and AIDC investments; they also expect combined AIoT, satellite and big data revenue to surpass TWD 10 billion in 2026. Management cited a stable Taiwan mobile market and continued 5G and fixed‑broadband ARPU momentum as the drivers supporting this guidance despite higher talent, electricity and depreciation-driven operating costs.Chunghwa Telecom Co Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
86
Very Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 238.99B | 234.75B | 228.57B | 221.50B | 215.71B | 209.44B |
| Gross Profit | 86.81B | 85.61B | 81.99B | 79.73B | 78.99B | 74.33B |
| EBITDA | 91.54B | 90.85B | 87.80B | 86.98B | 86.90B | 84.69B |
| Net Income | 39.02B | 38.70B | 37.19B | 36.96B | 36.36B | 35.62B |
Balance Sheet | ||||||
| Total Assets | 547.69B | 536.35B | 534.30B | 523.74B | 523.00B | 512.88B |
| Cash, Cash Equivalents and Short-Term Investments | 65.67B | 57.34B | 57.94B | 52.40B | 53.00B | 43.28B |
| Total Debt | 39.74B | 38.02B | 43.23B | 43.64B | 43.47B | 38.91B |
| Total Liabilities | 136.35B | 135.42B | 138.49B | 131.02B | 131.47B | 123.75B |
| Stockholders Equity | 396.23B | 386.39B | 382.83B | 380.29B | 379.12B | 377.38B |
Cash Flow | ||||||
| Free Cash Flow | 47.85B | 49.60B | 50.25B | 43.58B | 42.52B | 39.27B |
| Operating Cash Flow | 75.94B | 77.50B | 79.24B | 74.56B | 75.95B | 74.86B |
| Investing Cash Flow | -23.87B | -28.20B | -35.33B | -50.17B | -30.79B | -31.17B |
| Financing Cash Flow | -45.74B | -48.46B | -41.52B | -40.73B | -34.80B | -34.31B |
Chunghwa Telecom Co Technical Analysis
Positive
42.00
Price Trends
43.63
Positive
43.14
Positive
42.91
Positive
Market Momentum
0.60
Negative
64.60
Neutral
89.71
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CHT, the sentiment is Positive. The current price of 42 is below the 20-day moving average (MA) of 44.49, below the 50-day MA of 43.63, and below the 200-day MA of 42.91, indicating a bullish trend. The MACD of 0.60 indicates Negative momentum. The RSI at 64.60 is Neutral, neither overbought nor oversold. The STOCH value of 89.71 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CHT.
Chunghwa Telecom Co Risk Analysis
Chunghwa Telecom Co disclosed 32 risk factors in its most recent earnings report. Chunghwa Telecom Co reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
Effects of climate change may result in potential adverse impacts on our business, financial conditions and results of operations. Q4, 2023
Chunghwa Telecom Co Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $35.57B | 29.83 | 10.23% | 3.15% | 9.48% | 9.11% | |
71 Outperform | $84.73B | 16.45 | 20.61% | 2.69% | 9.51% | 187.55% | |
66 Neutral | $21.51B | 16.82 | 9.28% | 5.03% | 10.34% | 17.26% | |
64 Neutral | $15.99B | 17.67 | 12.76% | 6.14% | -4.78% | -32.55% | |
62 Neutral | $35.11B | -75.79 | -0.79% | 3.77% | 16.69% | 87.12% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% |
* Communication Services Sector Average
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Chunghwa Telecom Co Corporate Events
Chunghwa Telecom AGM Approves 2025 Dividend, Charter Changes and Director Non-Compete Waivers
May 29, 2026
At its annual general meeting on May 29, 2026, Chunghwa Telecom shareholders approved the 2025 earnings distribution, including a cash dividend of NT$5.2 per share, and ratified the 2025 business report and financial statements. Investors also bac...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and ComplianceShareholder Meetings
AT&T Shareholders Approve Governance Changes and Charter Update
Neutral
May 20, 2026
At its virtually held annual meeting on May 14, 2026, ATT shareholders elected all nominated directors and backed management-sponsored proposals, including ratification of the independent auditor, a 2026 incentive plan, and a stock purchase and de...
Chunghwa Telecom to Join UBS Investor Conference in Hong Kong on May 27, 2026
May 18, 2026
Chunghwa Telecom announced on May 18, 2026, that it will participate in an institutional investor conference organized by UBS, underscoring its ongoing engagement with global capital markets and international investors. The company’s managem...
Chunghwa Telecom Posts 7.6% April Sales Growth and Strong Four-Month Results
May 11, 2026
On May 11, 2026, Chunghwa Telecom reported unaudited consolidated operating results for April 2026, highlighting revenue of about NT$20.50 billion, operating income of NT$4.83 billion, net income attributable to shareholders of NT$3.73 billion, EB...
Chunghwa Telecom Details Q1 2026 Earnings Differences Under Taiwan-IFRSs and IFRSs
May 11, 2026
Chunghwa Telecom reported its consolidated financial results for the first quarter of 2026 under both Taiwan-IFRSs and IFRSs, highlighting differences tied to accounting treatment. For the three months ended March 31, 2026, it posted consolidated ...
Chunghwa Telecom Posts Solid Q1 2026 Results and Announces Key Technology Leadership Changes
May 8, 2026
On May 8, 2026, Chunghwa Telecom reported consolidated financial results for the quarter ended March 31, 2026, with operating revenue of NT$59.99 billion and net profit of NT$10.61 billion, translating into basic earnings per share of NT$1.30. The...
Chunghwa Telecom Subsidiary Leases Taipei Office Space From Parent in Related-Party Deal
May 4, 2026
On April 30, 2026, Chunghwa Telecom’s subsidiary Chunghwa Digital Cultural and Creative Capital Co., Ltd. approved the acquisition of a right-of-use office asset from its parent company in Taipei’s Da’an District. The lease cover...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
AT&T Completes $6 Billion Multi-Tranche Global Debt Offering
Positive
Apr 30, 2026
On April 30, 2026, ATT closed a multi-tranche debt offering totaling $6 billion in registered global notes, with maturities ranging from 2033 to 2066 and coupons between 4.750% and 6.300%. The notes were issued under an existing 2013 indenture wit...
Chunghwa Telecom Subsidiary Secures Five-Year Right-of-Use Asset from Parent for New Taipei Office
Apr 27, 2026
On April 24, 2026, Chunghwa Telecom’s subsidiary Honghwa International Corporation agreed to acquire a right-of-use asset from its parent company for office premises at No. 16 Minzu Road in Banqiao District, New Taipei City. The five-year le...
Business Operations and StrategyStock BuybackFinancial DisclosuresM&A Transactions
AT&T Posts Q1 Revenue Growth on Advanced Connectivity Strength
Positive
Apr 22, 2026
ATT reported on April 22, 2026 that first-quarter 2026 operating revenues from continuing operations rose 2.9% year on year to $31.5 billion, driven by growth in Advanced Connectivity wireless and fiber services and supported by favorable foreign ...
Chunghwa Telecom Details 2025 IFRS Reconciliation and Schedules Investor Conference
Apr 15, 2026
On April 15, 2026, Chunghwa Telecom announced it would present at an institutional investor conference hosted by IBF Securities in Taipei on April 16, 2026, directing investors to its online platforms for access to the conference materials. The sa...
Chunghwa Telecom Posts Strong Q1 2026 Growth and Commits US$20 Million to AI Fund
Apr 10, 2026
On April 10, 2026, Chunghwa Telecom’s board approved a NT$2 million donation to the government-related Taiwan Tourism Institute to support national tourism policies, underlining the carrier’s role in broader public policy objectives. T...
Chunghwa Telecom Sets Q1 2026 Results Call and Approves Related-Party Office Lease to Subsidiary
Apr 7, 2026
Chunghwa Telecom said it will host an institutional investor teleconference on May 7, 2026 to present and discuss its first-quarter 2026 financial results. The briefing materials will be made available online shortly before the call, underscoring ...
Chunghwa Telecom Reports Police Raid on Local Offices With No Financial Impact
Mar 23, 2026
On March 20, 2026, Chunghwa Telecom reported that the Daan Precinct of the Taipei City Police Department raided staff offices at its local business operation centers. The company stated it fully cooperated with the authorities’ investigation...
Chunghwa Telecom Boosts Submarine Cable Investment and Secures Long-Term Offshore Wind Power
Mar 16, 2026
On March 11, 2026, Chunghwa Telecom increased its investment in the AUG East submarine cable project to more than NT$2.9 billion, adding about NT$0.502 billion to its previous commitment. The company, joining other network service providers and su...
Private Placements and FinancingRegulatory Filings and Compliance
AT&T Completes CAD-Denominated Long-Term Debt Offering
Neutral
Mar 12, 2026
On March 12, 2026, ATT closed a Canadian-dollar debt offering consisting of CAD$1.25 billion of 4.500% Global Notes due 2036 and CAD$1.0 billion of 5.250% Global Notes due 2056, sold under a March 5, 2026 underwriting agreement with a syndicate le...
Chunghwa Telecom Posts Early-2026 Revenue Growth and Details February Financial Metrics
Mar 10, 2026
On March 11, 2026, Chunghwa Telecom planned to meet institutional investors at a JPMorgan-hosted conference in Taipei, signaling ongoing engagement with the capital markets and providing an opportunity to discuss its latest financial performance. ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.