Chunghwa Telecom Co., Ltd.

TWSE-2412

Basic

Market Cap
NT$942.53B
EV
NT$938.54B
Shares Out
7,757.45M
Revenue
NT$223.93B
Employees
19,912

Margins

Gross
36.32%
EBITDA
36.64%
Operating
20.87%
Pre-Tax
20.87%
Net
16.39%
FCF
21.04%

Returns (5Yr Avg)

ROA
7.02%
ROTA
11.43%
ROE
9.18%
ROCE
10.22%
ROIC
7.84%

Valuation (TTM)

P/E
—
P/B
—
EV/Sales
—
EV/EBITDA
—
P/FCF
—
EV/Gross Profit
—

Valuation (NTM)

Price Target
NT$120.6
P/E
—
PEG
—
EV/Sales
—
EV/EBITDA
—
P/FCF
—

Financial Health

Cash
NT$59.53B
Net Debt
-NT$16.13B
Debt/Equity
0.11
EBIT/Interest
142.98

Growth (CAGR)

Rev 3Yr
2.24%
Rev 5Yr
0.99%
Rev 10Yr
-0.11%
Dil EPS 3Yr
2.66%
Dil EPS 5Yr
-0.25%
Dil EPS 10Yr
-1.46%
Rev Fwd 2Yr
2.28%
EBITDA Fwd 2Yr
2.51%
EPS Fwd 2Yr
3.29%
EPS LT Growth Est
1.39%

Dividends

Yield
—
Payout
100.55%
DPS
NT$4.76
DPS Growth 3Yr
3.38%
DPS Growth 5Yr
1.22%
DPS Growth 10Yr
7.13%
DPS Growth Fwd 2Yr
2.48%

Metric	Dec '14	Dec '15	Dec '16	Dec '17	Dec '18	Dec '19	Dec '20	Dec '21	Dec '22	Dec '23	LTM
Total Revenues						207,520	207,609	210,478	216,739	223,199	223,931.6
Total Revenues % Chg.						-3.7%	0%	1.4%	3%	3%	1.9%
Cost of Goods Sold, Total						135,953	137,028.9	135,111	136,717	141,767	142,591.5
Gross Profit						71,567	70,580.1	75,367	80,022	81,432	81,340.1
Selling General & Admin Expenses, Total						26,978	25,918.8	26,237	29,399	30,400	30,639.8
Provision for Bad Debts	—	—	—	—		-125	44.9	143	117	152	107.4
R&D Expenses						3,941	3,850	3,688	3,774	3,892	3,857
Other Operating Expenses	—	—	—	—	—	44	—	—	—	—	—
Other Operating Expenses, Total						30,838	29,813.7	30,068	33,290	34,444	34,604.2
Operating Income						40,729	40,766.5	45,299	46,732	46,988	46,735.9
Interest Expense, Total						-104	-206.1	-218	-263	-319	-326.9
Interest And Investment Income						547	362	249	406	785	823.1
Net Interest Expenses						443	155.9	31	143	466	496.2
Income (Loss) On Equity Invest.						459	242.7	421	442	253	164.4
Currency Exchange Gains (Loss)						16	-46.5	230	-185	-116	-67.7
Other Non Operating Income (Expenses)						152	101.1	451	-7	46	33.3
EBT, Excl. Unusual Items						41,799	41,219.8	46,432	47,125	47,637	47,362.2
Impairment of Goodwill	—	—	—		—	-9	-9.3	—	—	—	—
Gain (Loss) On Sale Of Investments				—	—	151	15.9	4	-14	6	6
Gain (Loss) On Sale Of Assets						-38	1,577.5	-3	-5	—	2.6
Asset Writedown	—					-36	27.1	-366	98	-635	-635
EBT, Incl. Unusual Items						41,867	42,831	46,067	47,204	47,008	46,735.7
Income Tax Expense						7,946	8,125.4	9,020	9,335	8,947	8,943.6
Earnings From Continuing Operations						33,921	34,705.5	37,047	37,869	38,061	37,792.1
Minority Interest						-974	-1,299.4	-1,431	-1,511	-1,103	-1,086
Net Income						32,947	33,406.1	35,616	36,358	36,958	36,706.2
Net Income to Common Incl Extra Items						32,947	33,406.1	35,616	36,358	36,958	36,706.2
Net Income to Common Excl. Extra Items						32,947	33,406.1	35,616	36,358	36,958	36,706.2
Total Shares Outstanding						7,757	7,757.4	7,757.4	7,757.4	7,757.4	7,757.4
Weighted Avg. Shares Outstanding						7,757	7,757.4	7,757	7,757	7,757	7,757
Weighted Avg. Shares Outstanding Dil						7,765	7,764.6	7,765	7,765	7,765	7,765.4
EPS						4.2	4.3	4.6	4.7	4.8	4.7
EPS Diluted						4.2	4.3	4.6	4.7	4.8	4.7
EBITDA						71,549	72,830	79,374	81,869	82,295	82,044.5
Effective Tax Rate						19%	19%	19.6%	19.8%	19%	19.1%