Buy Or Sell Opportunity • May 18
Now 21% undervalued Over the last 90 days, the stock has risen 3.0% to NT$137. The fair value is estimated to be NT$172, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 5.3% in 2 years. Earnings are forecast to grow by 6.5% in the next 2 years. Reported Earnings • May 09
First quarter 2026 earnings: EPS in line with analyst expectations despite revenue beat First quarter 2026 results: EPS: NT$1.30 (up from NT$1.26 in 1Q 2025). Revenue: NT$60.0b (up 7.5% from 1Q 2025). Net income: NT$10.1b (up 3.2% from 1Q 2025). Profit margin: 17% (in line with 1Q 2025). Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 3% per year. Buy Or Sell Opportunity • Apr 13
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at NT$135. The fair value is estimated to be NT$169, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.9% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 2.9% per annum. Earnings are also forecast to grow by 3.1% per annum over the same time period. Duyuru • Apr 01
Chunghwa Telecom Co., Ltd. to Report Q1, 2026 Results on May 07, 2026 Chunghwa Telecom Co., Ltd. announced that they will report Q1, 2026 results at 2:30 PM, Taipei Standard Time on May 07, 2026 Buy Or Sell Opportunity • Mar 19
Now 20% undervalued Over the last 90 days, the stock has risen 3.1% to NT$135. The fair value is estimated to be NT$169, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.9% over the last 3 years. Earnings per share has declined by 8.1%. Revenue is forecast to grow by 6.1% in 2 years. Earnings are forecast to grow by 7.9% in the next 2 years. Duyuru • Mar 02
Chunghwa Telecom Co., Ltd., Annual General Meeting, May 29, 2026 Chunghwa Telecom Co., Ltd., Annual General Meeting, May 29, 2026, at 09:00 Taipei Standard Time. Location: no,168, min tsu rd., banciao district, new taipei city Taiwan Buy Or Sell Opportunity • Feb 26
Now 20% undervalued Over the last 90 days, the stock has risen 3.4% to NT$135. The fair value is estimated to be NT$170, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.9% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 6.1% in 2 years. Earnings are forecast to grow by 7.9% in the next 2 years. Reported Earnings • Feb 04
Full year 2025 earnings released: EPS: NT$4.99 (vs NT$4.80 in FY 2024) Full year 2025 results: EPS: NT$4.99 (up from NT$4.80 in FY 2024). Revenue: NT$236.1b (up 2.7% from FY 2024). Net income: NT$38.7b (up 3.9% from FY 2024). Profit margin: 16% (in line with FY 2024). Revenue is forecast to grow 3.2% p.a. on average during the next 2 years, compared to a 4.0% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 6% per year. Duyuru • Jan 23
Chunghwa Telecom Co., Ltd. Provides Consolidated Earnings Guidance for the Year 2026 Chunghwa Telecom Co., Ltd. provided consolidated earnings guidance for the year 2026. For the year, the Company expects its total revenue to increase by TWD 5.88 to TWD 7.57 billion, or 2.5%~3.2%, to TWD 241.99 to TWD 243.68 billion as compared to the un-audited consolidated total revenue of 2025. The increase in revenue is expected to be propelled by the growth in mobile communications revenue, broadband access revenue, and data communications revenue, as well as revenue coming from the expansion of emerging businesses driven by the sustainability transformation opportunities, digital resilience opportunities, and digital economy opportunities empowered by AI. Income from operations is expected to range from a decrease of TWD 0.41 to an increase of TWD 1.11 billion, or -0.8%~2.3% to TWD 48.14 to TWD 49.66 billion as compared to the prior year. Income before income tax, net income attributable to stockholders of the parent and net earnings per share are expected to be TWD 48.71 to TWD 50.23 billion, TWD 37.39 TWD 38.94 billion and TWD 4.82 to TWD 5.02, respectively, representing a decrease of TWD 0.03 to an increase of TWD 1.55 billion, a decrease of TWD 1.30 to an increase of TWD 0.25 billion and a decrease of TWD 0.17 to an increase of TWD 0.03 respectively, year over year. Duyuru • Jan 20
Chunghwa Telecom Co., Ltd. to Report Q4, 2025 Results on Feb 03, 2026 Chunghwa Telecom Co., Ltd. announced that they will report Q4, 2025 results at 3:30 PM, Taipei Standard Time on Feb 03, 2026 Reported Earnings • Nov 07
Third quarter 2025 earnings: Revenues and EPS in line with analyst expectations Third quarter 2025 results: EPS: NT$1.22 (up from NT$1.16 in 3Q 2024). Revenue: NT$57.9b (up 4.2% from 3Q 2024). Net income: NT$9.44b (up 4.8% from 3Q 2024). Profit margin: 16% (in line with 3Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 7% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Oct 02
Chunghwa Telecom Co., Ltd. to Report Q3, 2025 Results on Nov 06, 2025 Chunghwa Telecom Co., Ltd. announced that they will report Q3, 2025 results on Nov 06, 2025 Reported Earnings • Aug 06
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: NT$1.31 (up from NT$1.27 in 2Q 2024). Revenue: NT$56.7b (up 4.8% from 2Q 2024). Net income: NT$10.2b (up 3.5% from 2Q 2024). Profit margin: 18% (in line with 2Q 2024). Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 1.8%. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 3% per year. Duyuru • Jul 09
Chunghwa Telecom Co., Ltd. to Report Q2, 2025 Results on Aug 05, 2025 Chunghwa Telecom Co., Ltd. announced that they will report Q2, 2025 results at 2:30 PM, Taipei Standard Time on Aug 05, 2025 Upcoming Dividend • Jun 26
Upcoming dividend of NT$5.00 per share Eligible shareholders must have bought the stock before 03 July 2025. Payment date: 08 August 2025. The company is paying out more than 100% of its profits and is paying out 80% of its cash flow. Trailing yield: 3.6%. Lower than top quartile of Taiwanese dividend payers (5.3%). In line with average of industry peers (3.6%). Declared Dividend • Jun 07
Dividend increased to NT$5.00 Dividend of NT$5.00 is 5.1% higher than last year. Ex-date: 3rd July 2025 Payment date: 8th August 2025 Dividend yield will be 3.8%, which is about the same as the industry average. Sustainability & Growth Dividend is not covered by earnings (103% earnings payout ratio). However, it is covered by cash flows (80% cash payout ratio). The dividend has increased over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 15% to bring the payout ratio under control. EPS is expected to grow by 7.4% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • May 09
First quarter 2025 earnings: EPS in line with expectations, revenues disappoint First quarter 2025 results: EPS: NT$1.26 (up from NT$1.21 in 1Q 2024). Revenue: NT$55.8b (up 1.6% from 1Q 2024). Net income: NT$9.80b (up 4.3% from 1Q 2024). Profit margin: 18% (in line with 1Q 2024). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 2% per year. Duyuru • Apr 09
Chunghwa Telecom Co., Ltd. to Report Q1, 2025 Results on May 08, 2025 Chunghwa Telecom Co., Ltd. announced that they will report Q1, 2025 results at 2:30 PM, Taipei Standard Time on May 08, 2025 Duyuru • Mar 20
Chunghwa Telecom Co., Ltd. Announces Reassignment of Representative of Juristic Person Director Chunghwa Telecom Co., Ltd. announced Reassignment of Representative of Juristic Person Director. Name of the previous position holder: Shih-Hung Tseng. Resume of the previous position holder: Director, Chunghwa Telecom Co., Ltd. Name of the new position holder: Shiow-Long Horng, Resume of the new position holder: President, Chunghwa Telecom Workers' Union Effective date of the new appointment: March 11, 2025. Reported Earnings • Mar 01
Full year 2024 earnings: EPS in line with analyst expectations despite revenue beat Full year 2024 results: EPS: NT$4.80 (up from NT$4.76 in FY 2023). Revenue: NT$230.0b (up 3.0% from FY 2023). Net income: NT$37.2b (flat on FY 2023). Profit margin: 16% (in line with FY 2023). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 1.4% p.a. on average during the next 2 years, compared to a 3.9% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 1% per year and the company’s share price has also increased by 1% per year. Duyuru • Feb 19
Chunghwa Telecom Co., Ltd. to Report Fiscal Year 2024 Results on Feb 26, 2025 Chunghwa Telecom Co., Ltd. announced that they will report fiscal year 2024 results on Feb 26, 2025 Reported Earnings • Jan 24
Full year 2024 earnings: EPS in line with analyst expectations despite revenue beat Full year 2024 results: EPS: NT$4.80 (up from NT$4.76 in FY 2023). Revenue: NT$230.0b (up 3.1% from FY 2023). Net income: NT$37.2b (flat on FY 2023). Profit margin: 16% (in line with FY 2023). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 1.2% p.a. on average during the next 2 years, compared to a 3.9% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 2% per year. Duyuru • Jan 24
Chunghwa Telecom Co., Ltd., Annual General Meeting, May 29, 2025 Chunghwa Telecom Co., Ltd., Annual General Meeting, May 29, 2025. Location: no,168, min tsu rd., banciao district, new taipei city Taiwan Duyuru • Jan 22
Chunghwa Telecom Co., Ltd. Provides Earnings Guidance for the Year 2025 Chunghwa Telecom Co., Ltd. provided earnings guidance for the year 2025. For the year, the Company expects its total revenue to increase by TWD 2.71 billion ~ TWD 3.71 billion, or 1.2%~1.6%, to TWD 232.74 billion ~ TWD 233.74 billion as compared to the un-audited consolidated total revenue of 2024. Income from operations is expected to decrease by TWD 0.16 billion ~ TWD 1.58 billion, or -0.3%~3.4% to TWD 45.30 billion ~ TWD 46.72 billion as compared to the prior year. Net income attributable to stockholders of the parent and net earnings per share are expected to be TWD 35.84 billion ~ TWD 37.39 billion and TWD 4.62 ~ TWD 4.82, respectively, representing a decrease of TWD 1.37 billion to an increase of TWD 0.18 billion and a decrease of TWD 0.18 to an increase TWD 0.02 respectively, year over year. Reported Earnings • Nov 08
Third quarter 2024 earnings: EPS misses analyst expectations Third quarter 2024 results: EPS: NT$1.16 (down from NT$1.17 in 3Q 2023). Revenue: NT$55.6b (up 3.6% from 3Q 2023). Net income: NT$9.01b (down 1.0% from 3Q 2023). Profit margin: 16% (in line with 3Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.7%. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 3% per year. Duyuru • Oct 17
Chunghwa Telecom Co., Ltd. to Report Q3, 2024 Results on Nov 06, 2024 Chunghwa Telecom Co., Ltd. announced that they will report Q3, 2024 results at 3:30 PM, Taipei Standard Time on Nov 06, 2024 Reported Earnings • Aug 10
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: NT$1.27 (down from NT$1.28 in 2Q 2023). Revenue: NT$54.1b (up 1.2% from 2Q 2023). Net income: NT$9.82b (down 1.0% from 2Q 2023). Profit margin: 18% (in line with 2Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.6%. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 1% per year. Upcoming Dividend • Jun 29
Upcoming dividend of NT$4.76 per share Eligible shareholders must have bought the stock before 04 July 2024. Payment date: 08 August 2024. The company is paying out more than 100% of its profits and is paying out 78% of its cash flow. Trailing yield: 3.8%. Lower than top quartile of Taiwanese dividend payers (4.2%). In line with average of industry peers (3.8%). Declared Dividend • Jun 11
Dividend increased to NT$4.76 Dividend of NT$4.76 is 1.2% higher than last year. Ex-date: 4th July 2024 Payment date: 8th August 2024 Dividend yield will be 3.8%, which is about the same as the industry average. Sustainability & Growth Dividend is not covered by earnings (101% earnings payout ratio). However, it is covered by cash flows (79% cash payout ratio). The dividend has increased by an average of 7.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 12% to bring the payout ratio under control. EPS is expected to grow by 11% over the next 3 years, which should be enough to bring the dividend into a sustainable range. Reported Earnings • Apr 18
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: NT$4.76 (up from NT$4.69 in FY 2022). Revenue: NT$223.2b (up 3.0% from FY 2022). Net income: NT$37.0b (up 1.7% from FY 2022). Profit margin: 17% (in line with FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 3% per year and the company’s share price has also increased by 3% per year. Duyuru • Mar 15
Chunghwa Telecom Co., Ltd. Proposes Cash Dividend Chunghwa Telecom Co., Ltd. at its annual general shareholders’ meeting to be held on May 31, 2024 the Board approved the proposal to distribute cash dividend of TWD 4.758 per share. Reported Earnings • Feb 27
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: NT$4.76 (up from NT$4.70 in FY 2022). Revenue: NT$223.2b (up 3.0% from FY 2022). Net income: NT$36.9b (up 1.2% from FY 2022). Profit margin: 17% (in line with FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 3% per year and the company’s share price has also increased by 3% per year. Duyuru • Feb 24
Chunghwa Telecom Co., Ltd., Annual General Meeting, May 31, 2024 Chunghwa Telecom Co., Ltd., Annual General Meeting, May 31, 2024. Location: Chunghwa Telecom Telecommunication Training Institute No. 168, Minzu Road, Banchiao District New Taipei City Taiwan Agenda: To consider 2023 business report; to consider 2023 audit committee's review report; to consider 2023 compensation distribution to directors and employees; to consider 2023 directors' remuneration report; to consider Ratification of 2023 business report and financial statements; to consider Ratification of 2023 earnings distribution proposal; and to consider any other matters. Reported Earnings • Jan 28
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: NT$4.76 (up from NT$4.70 in FY 2022). Revenue: NT$223.2b (up 3.0% from FY 2022). Net income: NT$36.9b (up 1.2% from FY 2022). Profit margin: 17% (in line with FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 2.4% p.a. on average during the next 2 years, compared to a 4.1% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 3% per year and the company’s share price has also increased by 3% per year. Duyuru • Jan 26
Chunghwa Telecom Co., Ltd. Provides Earnings Guidance for the Year 2024 Chunghwa Telecom Co., Ltd. provided earnings guidance for the year 2024. For 2024, the Company expects total revenue to increase by TWD 5.34 ~ TWD 6.99 billion, or 2.4% ~3.1%, to TWD 228.54 ~TWD 230.19 billion as compared to the un-audited consolidated total revenue of 2023. The increase in revenue is expected to be propelled by increases in mobile communications revenue, broadband access revenue, and data communications revenue, as well as revenue coming from the expansion of emerging businesses driven by the sustainable transformation and digital economy. Income from operations is expected to decrease by TWD 1.12, to an increase by TWD 0.15 billion, or -2.4%~0.3% to TWD 45.23~TWD 46.50 billion as compared to the prior year. Income before income tax, net income attributable to stockholders of the parent and net earnings per share are expected to be TWD 45.90 ~ TWD 47.58 billion, TWD 35.66 ~ TWD 37.20 billion and TWD 4.60 ~ TWD 4.80, respectively, representing a decrease of TWD 1.09 to an increase of TWD 0.59 billion, a decrease of TWD 1.26 to an increase of TWD 0.28 billion and a decrease of TWD 0.16 to an increase TWD 0.04 respectively, year over year. Reported Earnings • Nov 11
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: NT$1.17 (down from NT$1.21 in 3Q 2022). Revenue: NT$53.7b (flat on 3Q 2022). Net income: NT$9.09b (down 2.8% from 3Q 2022). Profit margin: 17% (in line with 3Q 2022). Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 4.3%. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 2% per year. Duyuru • Aug 11
Chunghwa Telecom Co., Ltd. Announces Management Changes The Board of Chunghwa Telecom Co., Ltd. approved the appointments of senior management. The 7th meeting of the 10th Board of Directors approved the appointment of the management as follows: Mr. Jung-Kuei Chen, president of Information Technology Group, will be discharged on August 15, 2023, and the successor will be Ms. Huei-Chi Yang, vice president of Telecommunication Laboratories. Duyuru • Aug 10
Chunghwa Telecom Co., Ltd. Announces Change of Corporate Governance Officer Chunghwa Telecom Co., Ltd. appointed An-An Hsia, Senior Director of Legal Affairs Department as Corporate Governance Officer in place of Ya-Chian Shiue, Assistant Vice President of Legal Affairs Department, effective August 9, 2023. Reported Earnings • Aug 10
Second quarter 2023 earnings: EPS exceeds analyst expectations Second quarter 2023 results: EPS: NT$1.28 (up from NT$1.25 in 2Q 2022). Revenue: NT$53.5b (up 2.0% from 2Q 2022). Net income: NT$9.93b (up 2.9% from 2Q 2022). Profit margin: 19% (in line with 2Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.8%. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 3% per year. Duyuru • Jul 12
Chunghwa Telecom Co., Ltd. to Report Q2, 2023 Results on Aug 08, 2023 Chunghwa Telecom Co., Ltd. announced that they will report Q2, 2023 results at 2:30 PM, Taipei Standard Time on Aug 08, 2023 Duyuru • Jul 08
Chunghwa Telecom Co., Ltd. Announces Executive Changes Chunghwa Telecom Co., Ltd. announced appointment of Chau-Young Lin as president. Name of the previous position holder: Shui-Yi Kuo, Chairman of Chunghwa Telecom Co., Ltd. Resume of the new position holder: President of the Company’s Information Technology Group. Effective date of the new appointment is July 7, 2023. Reason for the change: The 4th extraordinary meeting of the 10th board approved the appointment of the president. Duyuru • Jul 06
Chunghwa Telecom Co., Ltd. Announces Appointment of Chau-Young Lin as Representative of Juristic Person Director Chunghwa Telecom Co., Ltd. announced appointment of Chau-Young Lin as Representative of Juristic Person Director. Resume of the new position holder: President, Information Technology Group, Chunghwa Telecom Co., Ltd. Effective date of the new appointment is July 04, 2023. Duyuru • Jun 30
Chunghwa Telecom Co., Ltd. Announces Executive Changes The 3rd extraordinary meeting of Chunghwa Telecom Co., Ltd. the 10th Board of Directors has approved that Ms. Hsueh-Lan Wu, president of International Business Group will be discharged on June 30, 2023 due to retirement. Mr. Chin-Chou Chen, vice president of International Business Group will be the successor to Ms. Wu as the president of International Business Group. Buying Opportunity • Jun 29
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 1.7%. The fair value is estimated to be NT$150, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.6% over the last 3 years. Earnings per share has grown by 4.6%. Revenue is forecast to grow by 4.8% in 2 years. Earnings is forecast to grow by 6.1% in the next 2 years. Upcoming Dividend • Jun 22
Upcoming dividend of NT$4.70 per share at 3.7% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 04 August 2023. Payout ratio and cash payout ratio are on the higher end at 98% and 86% respectively. Trailing yield: 3.7%. Lower than top quartile of Taiwanese dividend payers (5.5%). In line with average of industry peers (3.7%). Duyuru • May 27
Chunghwa Telecom Co., Ltd. Approves Dividend for the Year 2022 Chunghwa Telecom Co., Ltd. announced at the share holders meeting held on May 26, 2022, the shareholders ratified 2022 earnings distribution proposal with cash dividend TWD 4.702 per share. Authorized the Chairman to set a record date of ex-cash dividend for distribution. Buying Opportunity • May 22
Now 21% undervalued Over the last 90 days, the stock is up 9.6%. The fair value is estimated to be NT$159, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.6% over the last 3 years. Earnings per share has grown by 4.6%. Revenue is forecast to grow by 4.4% in 2 years. Earnings is forecast to grow by 6.1% in the next 2 years. Reported Earnings • Feb 02
Full year 2022 earnings released: EPS: NT$4.71 (vs NT$4.61 in FY 2021) Full year 2022 results: EPS: NT$4.71 (up from NT$4.61 in FY 2021). Revenue: NT$216.7b (up 3.0% from FY 2021). Net income: NT$36.5b (up 2.1% from FY 2021). Profit margin: 17% (in line with FY 2021). Revenue is forecast to grow 1.8% p.a. on average during the next 2 years, compared to a 3.8% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 1% per year. Duyuru • Feb 01
Chunghwa Telecom Co., Ltd. Provides Consolidated Earnings Guidance for the Fiscal Year 2023 Chunghwa Telecom Co., Ltd. provided consolidated earnings guidance for the fiscal year 2023. for the year, the company expects revenue in the range of TWD 221.27 billion to TWD 222.79 billion, Income from Operations in the range of TWD 44.67 billion to TWD 45.99 billion, Net Income Attributable to Stockholders of The Parent in the range of TWD 34.55 billion to TWD 36.10 billion and EPS in the range of TWD 4.45 to TWD 4.65. Duyuru • Dec 30
Chunghwa Telecom Co., Ltd. to Report Q4, 2022 Results on Feb 02, 2023 Chunghwa Telecom Co., Ltd. announced that they will report Q4, 2022 results at 2:30 PM, Taipei Standard Time on Feb 02, 2023 Reported Earnings • Nov 06
Third quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2022 results: EPS: NT$1.21. Revenue: NT$53.5b (up 5.2% from 3Q 2021). Net income: NT$9.36b (flat on 3Q 2021). Profit margin: 18% (in line with 3Q 2021). Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Telecom industry in Asia. Reported Earnings • Aug 06
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: NT$1.24 (up from NT$1.15 in 2Q 2021). Revenue: NT$52.4b (up 5.7% from 2Q 2021). Net income: NT$9.66b (up 7.9% from 2Q 2021). Profit margin: 18% (in line with 2Q 2021). Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 1.8%, compared to a 4.2% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 4% per year. Upcoming Dividend • Jun 23
Upcoming dividend of NT$4.61 per share Eligible shareholders must have bought the stock before 30 June 2022. Payment date: 05 August 2022. Payout ratio and cash payout ratio are on the higher end at 99% and 83% respectively. Trailing yield: 3.6%. Lower than top quartile of Taiwanese dividend payers (6.4%). Lower than average of industry peers (4.1%). Reported Earnings • May 08
First quarter 2022 earnings: EPS misses analyst expectations First quarter 2022 results: EPS: NT$1.16 (up from NT$1.14 in 1Q 2021). Revenue: NT$51.3b (up 2.4% from 1Q 2021). Net income: NT$9.02b (up 2.5% from 1Q 2021). Profit margin: 18% (in line with 1Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.5%. Over the next year, revenue is forecast to grow 2.0%, compared to a 4.1% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 5% per year. Reported Earnings • Feb 27
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: NT$4.61 (up from NT$4.31 in FY 2020). Revenue: NT$210.5b (up 1.4% from FY 2020). Net income: NT$35.8b (up 7.0% from FY 2020). Profit margin: 17% (in line with FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.5%. Over the next year, revenue is forecast to grow 1.8%, compared to a 3.6% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Jan 28
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: NT$4.61 (up from NT$4.31 in FY 2020). Revenue: NT$210.5b (up 1.4% from FY 2020). Net income: NT$35.8b (up 7.0% from FY 2020). Profit margin: 17% (in line with FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.5%. Over the next year, revenue is forecast to grow 2.2%, compared to a 4.3% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has increased by 3% per year. Reported Earnings • Nov 05
Third quarter 2021 earnings released: EPS NT$1.21 (vs NT$1.08 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: NT$50.9b (down 2.5% from 3Q 2020). Net income: NT$9.40b (up 13% from 3Q 2020). Profit margin: 19% (up from 16% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has increased by 1% per year. Upcoming Dividend • Aug 18
Upcoming dividend of NT$4.31 per share Eligible shareholders must have bought the stock before 25 August 2021. Payment date: 28 September 2021. Trailing yield: 3.7%. Lower than top quartile of Taiwanese dividend payers (5.3%). In line with average of industry peers (3.6%). Reported Earnings • Aug 03
Second quarter 2021 earnings released: EPS NT$1.15 (vs NT$1.11 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: NT$49.6b (up 3.8% from 2Q 2020). Net income: NT$8.93b (up 4.2% from 2Q 2020). Profit margin: 18% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • May 06
First quarter 2021 earnings released: EPS NT$1.14 (vs NT$1.07 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: NT$50.1b (up 4.1% from 1Q 2020). Net income: NT$8.82b (up 6.4% from 1Q 2020). Profit margin: 18% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Apr 21
Full year 2020 earnings released: EPS NT$4.31 (vs NT$4.25 in FY 2019) The company reported a decent full year result with improved earnings, although revenues and profit margins were flat. Full year 2020 results: Revenue: NT$207.6b (flat on FY 2019). Net income: NT$33.4b (up 1.4% from FY 2019). Profit margin: 16% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Executive Departure • Apr 10
Non-Independent Director has left the company On the 5th of April, Chin-Tsai Pan's tenure as Non-Independent Director ended after 4.0 years in the role. We don't have any record of a personal shareholding under Chin-Tsai's name. A total of 6 executives have left over the last 12 months. Reported Earnings • Feb 26
Full year 2020 earnings released: EPS NT$4.31 (vs NT$4.23 in FY 2019) The company reported a decent full year result with improved earnings, although revenues and profit margins were flat. Full year 2020 results: Revenue: NT$207.6b (flat on FY 2019). Net income: NT$33.4b (up 1.9% from FY 2019). Profit margin: 16% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 26
Revenue behind estimates Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 1.2%, compared to a 7.9% growth forecast for the Telecom industry in Taiwan. Reported Earnings • Feb 05
Full year 2020 earnings released: EPS NT$4.31 (vs NT$4.25 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: NT$207.6m (down 100% from FY 2019). Net income: NT$33.4m (down 100% from FY 2019). Profit margin: 16% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 05
Revenue behind estimates Revenue missed analyst estimates by 0.9%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 101,327%, compared to a 7.4% growth forecast for the Telecom industry in Taiwan. Is New 90 Day High Low • Jan 11
New 90-day high: NT$111 The company is up 3.0% from its price of NT$108 on 13 October 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Telecom industry, which is also up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$127 per share. Analyst Estimate Surprise Post Earnings • Nov 07
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 3.3%. Earnings per share (EPS) also surpassed analyst estimates by 8.3%. Over the next year, revenue is forecast to grow 2.2%, compared to a 3.7% growth forecast for the Telecom industry in Taiwan. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS NT$1.07 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2020 results: Revenue: NT$52.2b (up 2.6% from 3Q 2019). Net income: NT$8.34b (up 3.0% from 3Q 2019). Profit margin: 16% (in line with 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. 
