Chunghwa Telecom Co., Ltd.

NYSE:CHT Stock Report

Market Cap: US$33.9b

Chunghwa Telecom Past Earnings Performance

Past criteria checks 4/6

Chunghwa Telecom has been growing earnings at an average annual rate of 2%, while the Telecom industry saw earnings growing at 17% annually. Revenues have been growing at an average rate of 2.7% per year. Chunghwa Telecom's return on equity is 9.9%, and it has net margins of 16.2%.

Key information

2.02%

Earnings growth rate

2.02%

EPS growth rate

Telecom Industry Growth6.72%
Revenue growth rate2.71%
Return on equity9.95%
Net Margin16.24%
Last Earnings Update31 Mar 2026

Recent past performance updates

Recent updates

Seeking Alpha • Nov 26

Chunghwa Telecom Remains A Hold, As Return Falls Short Of Our Benchmark

Summary Our portfolio includes Singtel and China Mobile, and we are evaluating Chunghwa Telecom for potential addition, given its role in the telecom ecosystem. CHT's revenue grew 2.1% YOY, but operating costs rose 3.2%; net income slightly decreased, and dividend yield is lower than peers. Despite a low dividend yield, the Company's share price increased by 4.9% since August 2023, but still lags behind China Mobile and Singtel. Risks include potential market share loss in Taiwan and geopolitical tensions with China; we remain cautious and seek other telecom opportunities. Read the full article on Seeking Alpha
Seeking Alpha • Aug 16

Chunghwa Telecom Mid-Year Review

Summary I discuss the investment thesis of having telecom companies in the portfolio that can withstand economic downturns. I analyze the financial performance of Taiwan's Chunghwa Telecom, highlighting its growth in revenue and net income. Chunghwa Telecom should improve its dividend payout ratio and I discuss the risks associated with the relationship between China and Taiwan. Read the full article on Seeking Alpha
Seeking Alpha • May 30

How Does Chunghwa Telecom Stack Up Against Asian Peers?

Summary Chunghwa Telecom's Q1 2023 results show revenue growth of 5.7% YoY and net income growth of 6.4% YoY. The company's balance sheet remains strong, but free cash flow decreased by 12%. Compared to its Asian peers, China Mobile appears more attractive based on fundamentals, while Chunghwa Telecom maintains a Hold stance. Read the full article on Seeking Alpha
Seeking Alpha • Feb 02

Chunghwa Telecom GAAP EPS of NT$1.09, revenue of NT$59.5B; initiates FY23 guidance

Chunghwa Telecom press release (NYSE:CHT): Q4 GAAP EPS of NT$1.09. Revenue of NT$59.5B (-0.7% Y/Y). EBITDA was NT$ 20.85B, remained flat. EBITDA margin was 35.05%, as compared to 34.82% in the same period of 2021. For 2023, the company expects total revenue to increase by NT$ 4.53~NT$6.05 billion, or 2.1%~2.8%, to NT$221.27~NT$222.79 billion as compared to the un-audited consolidated total revenue of 2022. Operating costs and expenses for 2023 are expected to increase by NT$ 6.60~NT$ 7.30 billion, or 3.9%~4.3%, to NT$176.59~NT$177.29 billion as compared to the prior year. Income from operations is expected to decrease by NT$ 0.85~NT$2.17 billion, or 1.8%~4.6% to NT$44.67~NT$45.99 billion, year over year. Income before income tax and net income attributable to stockholders of the parent are expected to be NT$44.86~NT$46.58 billion and NT$34.55~NT$36.10 billion, respectively. Basic earnings per share is expected to be NT$4.45~NT$4.65.
Seeking Alpha • Dec 16

Is Chunghwa Telecom In Taiwan Worthy Of A Place In Our Portfolio?

Summary Taiwan's leading telecom company is delivering growth in revenue and EPS. It is well funded with a good balance sheet. We take a look at it in relation to our other telecom companies in our portfolio and find that we have to initiate a hold stance for now. Investment Thesis Our portfolio is heavily tilted toward real estate and financials. Nevertheless, we understand the importance of diversification, as this is the only "free lunch" that is offered in the business of investing. We have had exposure towards telecom for years, and took the plunge into technology too this year, as we took a small position in Alibaba (BABA) which has gone from being a growth company to one looking more like a value proposition in our opinion. Within the telecom sector, we hold Singtel (OTCPK:SGAPY) and China Mobile (CHLKF) which is no longer trading in the U.S. We hold these companies through their listings in Singapore and Hong Kong. Both are great companies with good prospects. In our search to widen our exposure in telecom, we came across Chunghwa Telecom (CHT) in Taiwan. Introduction Chunghwa Telecom logo (Chunghwa Telecom) CHT was established in 1996 and is Taiwan's largest integrated telecommunication service provider. It offers fixed communication, mobile communication, broadband, and internet services. In addition, the Company also provides information and communication technology services to enterprise customers with big data, cybersecurity, cloud computing, and IDC capabilities, and is expanding businesses into emerging technology services such as big data, cloud services, artificial intelligence, and blockchain. Here is what we found when we started to look under the hood. 2022 Q3 Financial Results Let us start by stating that CHT is much smaller than both Singtel and China Mobile. Nevertheless, we have made a quick comparison between the three. Comparison between CHT, Singtel & China Mobile (Author) CHT's market share in the mobile phone market in Taiwan is 39.4%. After the introduction of 5G, they have managed to grow ARPU, which is the average revenue per unit, by 4.2% for the mobile phone sector. Its churn rate is the lowest amongst its peers in Taiwan with only 0.4%. Fixed broadband services are also seeing good growth in ARPU. Their enterprise business group division grew revenue by 5.1% year on year. An area of growth for many telecom companies now lies in big data and cloud services. CHT is no different. These grew by 73.3% and 26.4% respectively. The international business group division grew by 22.6%. In 2021 CHT had an EPS for the full year of NT$4.61. So far this year their EPS was NT$3.62 as of Q3 was slightly higher than the NT$3.50 it had in EPS the year before. The free cash flow up to and including Q3 was NT$27 billion. This is 8.3% higher than the corresponding period of 2021. Their EBITDA margin was 41.6%. The company has a good balance sheet with a debt ratio of 23.7% with zero debt in relation to its EBITDA when we take into account all its liabilities minus its cash and cash equivalents. Cash stood at NT$ 32.9 billion at the end of Q3. This equates to about USD 1.1 billion. Potential catalysts and risks to the thesis We do believe that CHT can continue to grow its top and bottom line modestly for the next few years. The market for both broadband internet and mobile subscriptions is fairly saturated and large investments are required for new developments similar to that of 5G. This will put a cap on the margin they can squeeze out of this. The area of a larger growth will be cloud computing and servicing the business community in Taiwan. This is set to be the catalyst.
Seeking Alpha • Nov 01

Chunghwa Telecom GAAP EPS of NT$1.20, revenue of NT$53.51B

Chunghwa Telecom press release (NYSE:CHT): Q3 GAAP EPS of NT$1.20. Revenue of NT$53.51B (+5.1% Y/Y). EBITDA for the third quarter of 2022 increased by 5.0% to NT$ 22.13B. EBITDA margin was 41.35%, as compared to 41.40% in the same period of 2021.
Seeking Alpha • Jul 29

Chunghwa Telecom GAAP EPS of NT$ 1.25, revenue of NT$ 52.44B

Chunghwa Telecom press release (NYSE:CHT): Q2 GAAP EPS of NT$ 1.25. Revenue of NT$ 52.44B (+5.7% Y/Y). Consumer Business Group revenue increased by 3.3% to NT$ 31.52 billion. Enterprise Business Group revenue increased by 9.4% to NT$ 17.75 billion. International Business Group revenue increased by 17.9% to NT$ 1.76 billion. As of June 30th, 2022, the Company maintained its leading position in the fixed-line market, with a total of 9.53 million subscribers. As of June 30th, 2022, the number of broadband subscribers slightly increased by 0.2% to 4.37 million. The number of HiNet broadband subscribers increased by 1% to 3.64 million. Total fixed broadband revenue grew 3.6% year over year to NT$ 10.59 billion, while ARPU increased 3.1% to NT$ 765. As of June 30th, 2022, Chunghwa Telecom had 12.23 million mobile subscribers, representing a 6.4% year-over-year increase. Total mobile service revenue increased by 6.1% to NT$ 15.20 billion, while mobile post-paid ARPU excluding IoT SIMs grew 4% year over year to NT$ 524.

Revenue & Expenses Breakdown

How Chunghwa Telecom makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

NYSE:CHT Revenue, expenses and earnings (TWD Millions)
DateRevenueEarningsG+A ExpensesR&D Expenses
31 Mar 26240,29439,02334,4264,447
31 Dec 25236,11438,71233,9474,362
30 Sep 25235,75938,41133,5004,380
30 Jun 25233,44837,97633,1374,350
31 Mar 25230,83337,62832,8964,254
31 Dec 24229,96837,22032,4674,167
30 Sep 24226,53936,47431,9914,052
30 Jun 24224,58436,56331,4373,938
31 Mar 24223,93236,66530,7483,856
31 Dec 23223,19936,91730,5533,891
30 Sep 23220,83336,94130,1813,843
30 Jun 23220,68337,20629,9503,873
31 Mar 23219,65536,94229,8513,904
31 Dec 22216,73936,35829,5163,774
30 Sep 22217,12936,71028,6923,769
30 Jun 22214,50636,71827,9823,722
31 Mar 22211,67236,00827,2433,661
31 Dec 21210,47835,61626,3803,688
30 Sep 21210,06735,33126,0563,676
30 Jun 21211,35334,30125,8473,721
31 Mar 21209,56033,92825,9033,789
31 Dec 20207,60933,40625,9643,850
30 Sep 20203,36233,12626,0043,855
30 Jun 20202,03932,88026,4683,963
31 Mar 20204,33932,87426,6223,956
31 Dec 19207,52032,94726,8533,941
30 Sep 19207,77535,47926,8603,902
30 Jun 19209,63235,89227,0793,765
31 Mar 19213,18237,18627,9603,720
31 Dec 18215,48337,55728,6793,725
30 Sep 18220,88035,88929,4683,847
30 Jun 18224,60037,53929,9273,842
31 Mar 18226,61338,12229,7783,891
31 Dec 17227,51438,98829,9833,886
30 Sep 17224,96338,37130,3833,822
30 Jun 17227,05637,79430,5513,819
31 Mar 17227,58038,41130,3533,804
31 Dec 16229,99140,48530,0533,785
30 Sep 16233,88240,99229,8563,789
30 Jun 16231,54143,21629,5863,761
31 Mar 16232,26643,28829,6053,684
31 Dec 15231,79542,03929,5863,617
30 Sep 15229,20539,77729,6683,504
30 Jun 15229,16837,70630,0543,463

Quality Earnings: CHT has high quality earnings.

Growing Profit Margin: CHT's current net profit margins (16.2%) are lower than last year (16.3%).

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: CHT's earnings have grown by 2% per year over the past 5 years.

Accelerating Growth: CHT's earnings growth over the past year (3.7%) exceeds its 5-year average (2% per year).

Earnings vs Industry: CHT earnings growth over the past year (3.7%) exceeded the Telecom industry 0.01%.

Return on Equity

High ROE: CHT's Return on Equity (9.9%) is considered low.

Return on Assets

Return on Capital Employed

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/15 23:48
End of Day Share Price 2026/05/15 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Chunghwa Telecom Co., Ltd. is covered by 23 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Anand RamachandranBarclays
Xinyi PangBofA Global Research
Frank LinCLSA