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Chunghwa Telecom Co
(NYSE:CHT)
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Rating:77Outperform
Price Target:
$48.00
â–²(14.29% Upside)
Action:Reiterated
Date:08/18/26
The score is driven primarily by strong financial performance (notably a resilient, low-leverage balance sheet and steady profitability) and a very positive earnings call with guidance outperformance and reiterated full-year confidence. These strengths are partially offset by neutral technical momentum and a valuation that looks somewhat elevated on P/E despite supportive dividend yield.
Positive Factors
Enterprise ICT growth
Rapid growth in ICT, cybersecurity, Big Data and data centers diversifies CHT beyond traditional telecom. Rising recurring revenue and order intake can support a more scalable, higher-value enterprise mix over the next several quarters.
Negative Factors
Softening cash conversion
Although cash generation remains positive, weaker conversion of earnings into free cash flow suggests heavier capital spending or working-capital needs. If sustained, this could constrain discretionary investment and reduce the flexibility supporting shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Enterprise ICT growth
Rapid growth in ICT, cybersecurity, Big Data and data centers diversifies CHT beyond traditional telecom. Rising recurring revenue and order intake can support a more scalable, higher-value enterprise mix over the next several quarters.
Read all positive factors
Chunghwa Telecom Co (CHT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$33.21B
Dividend Yield3.73%
Average Volume (3M)124.35K
Price to Earnings (P/E)26.8
Beta (1Y)0.18
Revenue Growth8.46%
EPS Growth7.38%
CountryUS
Employees19,912
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)51.10
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)2.64
Price to Sales (P/S)4.32
P/FCF Ratio20.43
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.61
Revenue Forecast (FY)$7.78B
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:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive operational and financial performance: record Q2 revenue and EPS, robust ICT and international growth, solid mobile and broadband metrics, significant AI infrastructure progress, and healthy cash flow and balance sheet metrics. The main risks noted were project‑driven volatility in ICT/international revenues, limited near‑term visibility on the economics of new AIDC/IOWN investments, and some seasonal/liquidity timing effects (dividend payables and inventory). Overall the positives—broad‑based revenue growth, margin expansion, and clear execution on AI and ICT contracts—materially outweigh the manageable risks.Positive Updates
Record Quarterly and H1 Revenue
Consolidated Q2 revenue reached TWD 61.36 billion, an 8.2% year‑over‑year increase and the highest Q2 top line since 2010. First half revenue rose 7.8% YoY, providing strong momentum toward full‑year targets.
Negative Updates
Project‑Driven / Lumpy ICT and International Revenue
A large portion of the international and ICT growth is driven by significant project deliveries (e.g., U.S. AI supply‑chain projects). Management acknowledged quarter‑to‑quarter volatility in ICT revenue, implying potential lumpiness and timing risk in future results despite a strong pipeline.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly and H1 Revenue
Consolidated Q2 revenue reached TWD 61.36 billion, an 8.2% year‑over‑year increase and the highest Q2 top line since 2010. First half revenue rose 7.8% YoY, providing strong momentum toward full‑year targets.
Read all positive updates
Company Guidance
Management said Q2 results beat the high end of guidance across revenue, operating income, net income and EPS and reiterated confidence in achieving full‑year targets: Q2 consolidated revenue TWD 61.36bn (+8.2% YoY), income from operations +5.7% YoY, EPS TWD 1.38 (vs TWD 1.31), EBITDA TWD 23.52bn (+4.1%) with a 38.32% EBITDA margin; H1 revenue +7.8% YoY, H1 operating income TWD 26.36bn (+5.2%), H1 net income TWD 20.75bn (+3.9%) and H1 EPS TWD 2.68 (vs 2.57), H1 EBITDA TWD 46.82bn (+3.8%). They highlighted strong cash/finance metrics (H1 free cash flow TWD 21.89bn, CapEx TWD 9.85bn −14.3% YoY with more CapEx expected in H2, total assets +3.3% YTD, reported debt ratio 31% or 23.72% adjusted excl. dividend payable, interest‑bearing debt ~5%, current ratio 122.3%, net debt/EBITDA 0) and said the outperformance was driven by ICT momentum (ICT revenue +32% YoY, recurring ICT +9%, Big Data +167%, cybersecurity +34%, IDC +14%, ICT order intake +30% YoY), core telecom strength (mobile service rev +3.2%, mobile market share 41.2%, subscriber share 39.8%, 5G market share 39.4%, 5G penetration ~49%, postpaid ARPU +2.4% / +TWD13, postpaid churn 0.36%) and stronger‑than‑expected product and roaming sales (roaming rev +19% YoY, inbound roaming +42%).Chunghwa Telecom Co Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
88
Very Positive
Cash Flow
76
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 244.66B | 234.75B | 228.57B | 221.50B | 215.71B | 209.44B |
| Gross Profit | 88.11B | 85.61B | 81.99B | 79.73B | 78.99B | 74.33B |
| EBITDA | 92.07B | 90.85B | 87.80B | 86.98B | 86.90B | 84.69B |
| Net Income | 39.11B | 38.70B | 37.19B | 36.96B | 36.36B | 35.62B |
Balance Sheet | ||||||
| Total Assets | 553.63B | 535.68B | 534.30B | 523.74B | 523.00B | 512.88B |
| Cash, Cash Equivalents and Short-Term Investments | 79.57B | 58.59B | 57.94B | 52.40B | 53.00B | 43.28B |
| Total Debt | 38.20B | 38.02B | 43.23B | 43.64B | 43.47B | 38.91B |
| Total Liabilities | 171.55B | 137.21B | 138.49B | 131.02B | 131.47B | 123.75B |
| Stockholders Equity | 366.63B | 384.13B | 382.83B | 380.29B | 379.12B | 377.38B |
Cash Flow | ||||||
| Free Cash Flow | 55.13B | 49.60B | 50.25B | 43.58B | 42.52B | 39.27B |
| Operating Cash Flow | 80.26B | 77.50B | 79.24B | 74.56B | 75.95B | 74.86B |
| Investing Cash Flow | -25.86B | -28.20B | -35.33B | -50.17B | -30.79B | -31.17B |
| Financing Cash Flow | -47.31B | -48.46B | -41.52B | -40.73B | -34.80B | -34.31B |
Chunghwa Telecom Co Technical Analysis
Positive
42.00
Price Trends
42.80
Positive
42.57
Positive
41.76
Positive
Market Momentum
0.15
Negative
57.90
Neutral
72.22
Neutral
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 42.65, below the 50-day MA of 42.80, and above the 200-day MA of 41.76, indicating a bullish trend. The MACD of 0.15 indicates Negative momentum. The RSI at 57.90 is Neutral, neither overbought nor oversold. The STOCH value of 72.22 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $72.74B | 13.46 | 21.99% | 2.28% | 13.40% | 75.68% | |
77 Outperform | $33.21B | 26.76 | 10.22% | 3.15% | 8.46% | 7.38% | |
72 Outperform | $18.29B | 14.28 | 9.70% | 5.69% | 16.10% | 24.13% | |
71 Outperform | $14.59B | 15.12 | 13.16% | 8.52% | -3.37% | -27.49% | |
63 Neutral | $36.90B | -69.80 | -0.79% | 3.59% | 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
Private Placements and FinancingRegulatory Filings and Compliance
AT&T Issues New Floating Rate Global Notes Offering
Positive
Aug 17, 2026
On August 17, 2026, ATT closed the sale of €1.2 billion of floating rate global notes and $1.1 billion of floating rate global notes, both due 2028, in separate underwritten offerings led by Deutsche Bank AG, London Branch, and BNP Paribas S...
Chunghwa Telecom Subsidiaries Secure New Office Leases from Parent Company
Aug 17, 2026
On August 14, 2026, Chunghwa Telecom’s subsidiary Light Era Development Co. approved the acquisition of a right-of-use office asset from its parent for premises on Xinyi Road in Taipei. The lease, covering 9 ping at a monthly rent of NT$915 ...
Chunghwa Telecom Boosts Infrastructure Investment and Reports Strong July 2026 Results
Aug 10, 2026
On August 7, 2026, Chunghwa Telecom’s board approved Phase 1 of a NT$2.46 billion reconstruction of its Pei-Yi telecommunications site in Taipei, part of the government’s Urban Unsafe and Old Buildings program to modernize outdated fac...
Chunghwa Telecom Details Q2 2026 Earnings Gap Between Taiwan-IFRSs and IFRS
Aug 10, 2026
On August 10, 2026, Chunghwa Telecom reported its consolidated financial results for the three and six months ended June 30, 2026 under Taiwan-IFRSs, posting second-quarter consolidated net income of NT$11.27 billion and first-half net income of N...
Chunghwa Telecom Posts Strong First-Half 2026 Results After Board Approval
Aug 7, 2026
Chunghwa Telecom Co., Ltd., a major telecom services provider in Taiwan, reported its consolidated financial results for the six months ended June 30, 2026, following board approval on August 7, 2026. The company’s balance sheet remains siza...
Private Placements and FinancingRegulatory Filings and Compliance
AT&T boosts European funding with new debt issuance
Positive
Aug 4, 2026
On August 3, 2026, ATT completed the sale of multiple euro- and sterling-denominated global notes, raising a total of €4.1 billion and £550 million with maturities ranging from 2030 to 2052. The transaction, led by a syndicate of intern...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
AT&T Expands 5G Spectrum with $23 Billion Acquisition
Positive
Jul 28, 2026
On July 28, 2026, ATT Mobility II LLC, an indirect wholly owned subsidiary of ATT Inc., closed its previously announced acquisition of wireless spectrum licenses from EchoStar for approximately $23 billion, covering virtually every U.S. market. Th...
Chunghwa Telecom Posts Strong June 2026 Results and Announces Small Strategic Investment
Jul 13, 2026
On July 9, 2026, Chunghwa Telecom made a long-term strategic investment of US$78,000 in Catalight Capital GP, L.P., representing a very small portion of its total assets and equity. The transaction, executed under a limited partnership agreement w...
Chunghwa Telecom Schedules Q2 2026 Investor Teleconference for August 5
Jul 6, 2026
Chunghwa Telecom Co., Ltd. is a leading telecommunications operator based in Taipei, Taiwan, providing fixed-line, mobile, and broadband services across the domestic market. The company also offers data, cloud, and enterprise solutions, positionin...
Executive/Board Changes
AT&T Announces CFO Retirement and Successor Appointment
Neutral
Jun 16, 2026
On June 11, 2026, ATT announced that Senior Executive Vice President and Chief Financial Officer Pascal Desroches will retire effective December 31, 2026, marking a planned leadership transition in the company’s top finance role. On June 15,...
Chunghwa Telecom Posts Higher May 2026 Sales and Solid Year-to-Date Earnings
Jun 10, 2026
On June 10, 2026, Chunghwa Telecom reported unaudited consolidated operating results for May 2026, posting revenue of about NT$19.52 billion, operating income of NT$4.35 billion, net income attributable to shareholders of NT$3.36 billion, EBITDA o...
Chunghwa Telecom Sets Record Date and Schedule for 2026 Cash Dividend
Jun 8, 2026
Chunghwa Telecom Co., Ltd., a major Taiwanese telecommunications provider, reported a board resolution dated June 5, 2026, approving a cash dividend of NT$5.2 per share, with the announcement furnished to the U.S. Securities and Exchange Commissio...
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...
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.