Financials Chunghwa Telecom Co., Ltd.

Equities

2412

TW0002412004

Integrated Telecommunications Services

End-of-day quote Taiwan S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
123.5 ^TWD	0.00%		+0.41%	+2.92%

Mar. 26	IKala Interactive Media Inc. announced that it has received TWD 660 million in funding from Chunghwa Telecom Co., Ltd., Honesty Ventures Ltd, Cherubic Ventures, Wistron Digital Technology Holding Company, Hotung Venture Capital Corporation	CI
Mar. 13	Chunghwa Telecom Co., Ltd. Proposes Cash Dividend	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	853,319	845,562	903,743	876,591	930,894	958,045	-	-
Enterprise Value (EV) ¹	820,939	843,764	892,566	876,591	929,716	922,612	924,620	926,724
P/E ratio	26 x	25.3 x	25.3 x	24 x	25.2 x	25.5 x	24.2 x	23.8 x
Yield	3.84%	3.95%	3.63%	4.16%	3.97%	3.91%	4.05%	4.2%
Capitalization / Revenue	4.11 x	4.07 x	4.29 x	4.04 x	4.17 x	4.18 x	4.08 x	4.04 x
EV / Revenue	3.96 x	4.06 x	4.24 x	4.04 x	4.17 x	4.02 x	3.94 x	3.91 x
EV / EBITDA	10.8 x	10.7 x	10.7 x	10.2 x	10.8 x	10.4 x	10.2 x	10.2 x
EV / FCF	17 x	16.5 x	22.6 x	19.7 x	21.2 x	18.4 x	17.2 x	-
FCF Yield	5.88%	6.04%	4.43%	5.07%	4.71%	5.45%	5.83%	-
Price to Book	2.27 x	2.24 x	2.38 x	2.3 x	2.43 x	2.44 x	2.46 x	2.49 x
Nbr of stocks (in thousands)	7,757,447	7,757,447	7,757,447	7,757,447	7,757,447	7,757,447	-	-
Reference price ²	110.0	109.0	116.5	113.0	120.0	123.5	123.5	123.5
Announcement Date	1/10/20	2/4/21	1/26/22	1/31/23	1/10/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	207,520	207,613	210,478	216,740	223,200	229,419	234,598	237,151
EBITDA ¹	75,871	78,703	83,330	86,270	86,010	88,423	90,647	91,179
EBIT ¹	40,700	42,360	44,930	46,840	46,350	47,240	49,694	50,335
Operating Margin	19.61%	20.4%	21.35%	21.61%	20.77%	20.59%	21.18%	21.22%
Earnings before Tax (EBT) ¹	41,780	42,840	46,060	47,270	46,991	48,273	50,540	50,726
Net income ¹	32,813	33,420	35,750	36,520	36,920	37,654	39,566	39,707
Net margin	15.81%	16.1%	16.99%	16.85%	16.54%	16.41%	16.87%	16.74%
EPS ²	4.230	4.310	4.610	4.710	4.760	4.840	5.102	5.187
Free Cash Flow ¹	48,261	50,999	39,537	44,416	43,820	50,260	53,862	-
FCF margin	23.26%	24.56%	18.78%	20.49%	19.63%	21.91%	22.96%	-
FCF Conversion (EBITDA)	63.61%	64.8%	47.45%	51.48%	50.95%	56.84%	59.42%	-
FCF Conversion (Net income)	147.08%	152.6%	110.59%	121.62%	118.69%	133.48%	136.13%	-
Dividend per Share ²	4.226	4.306	4.226	4.702	4.758	4.832	5.007	5.187
Announcement Date	1/10/20	2/4/21	1/26/22	1/31/23	1/10/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	95,958	50,886	59,890	51,295	52,440	103,730	53,508	59,500	54,211	53,464	53,658	61,867	55,634	54,633	55,638	63,726	-
EBITDA ¹	38,714	21,064	20,855	21,290	21,970	43,315	22,308	20,850	22,050	22,194	21,377	20,389	22,936	22,923	22,512	21,100	-
EBIT ¹	21,140	11,440	11,100	11,610	12,030	23,686	12,211	10,970	12,170	12,261	11,464	10,455	12,084	12,136	11,938	11,048	-
Operating Margin	22.03%	22.48%	18.53%	22.63%	22.94%	22.83%	22.82%	18.44%	22.45%	22.93%	21.36%	16.9%	21.72%	22.21%	21.46%	17.34%	-
Earnings before Tax (EBT) ¹	-	12,140	11,170	11,674	12,503	-	12,240	10,880	12,260	12,673	11,631	10,433	12,200	12,577	12,118	11,141	-
Net income ¹	16,893	9,400	8,630	9,060	9,680	18,716	9,332	8,450	9,640	9,934	9,088	8,258	9,650	9,832	9,631	8,411	-
Net margin	17.6%	18.47%	14.41%	17.66%	18.46%	18.04%	17.44%	14.2%	17.78%	18.58%	16.94%	13.35%	17.35%	18%	17.31%	13.2%	-
EPS ²	2.170	1.210	1.110	1.170	1.240	2.410	1.200	1.090	1.240	1.280	1.180	1.060	1.243	1.266	1.243	1.084	-
Dividend per Share ²	-	1.000	4.226	-	-	-	-	-	-	-	-	4.758	1.000	1.000	1.000	1.878	1.000
Announcement Date	7/30/20	11/1/21	1/26/22	5/3/22	7/29/22	7/29/22	11/1/22	1/31/23	5/9/23	8/8/23	10/15/23	1/10/24	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	32,380	1,798	11,177	-	1,178	35,432	33,425	31,321
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	48,261	50,999	39,537	44,416	43,820	50,260	53,862	-
ROE (net income / shareholders' equity)	8.7%	8.9%	9.5%	9.59%	9.6%	9.91%	10.2%	10.5%
ROA (Net income/ Total Assets)	7.2%	6.8%	7.2%	7.04%	9.7%	7.2%	7.51%	-
Assets ¹	455,736	491,471	496,528	518,743	380,619	522,977	526,524	-
Book Value Per Share ²	48.50	48.70	48.90	49.10	49.30	50.60	50.10	49.60
Cash Flow per Share ²	9.330	9.580	9.650	9.780	9.610	9.390	10.90	10.70
Capex ¹	24,166	23,311	35,331	31,535	30,740	30,472	28,083	28,075
Capex / Sales	11.65%	11.23%	16.79%	14.55%	13.77%	13.28%	11.97%	11.84%
Announcement Date	1/10/20	2/4/21	1/26/22	1/31/23	1/10/24	-	-	-

¹TWD in Million²TWD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Chunghwa Telecom Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

123.5 TWD

Average target price

120.6 TWD

Spread / Average Target

-2.35%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
CHUNGHWA TELECOM CO., LTD.	+2.92%	29.37B
CHINA MOBILE LIMITED	+9.65%	199B
VERIZON COMMUNICATIONS	+5.25%	167B
DEUTSCHE TELEKOM AG	+0.46%	116B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-2.38%	89.84B
CHINA TELECOM CORPORATION LIMITED	+17.65%	72.93B
AMÉRICA MÓVIL, S.A.B. DE C.V.	+2.80%	58.42B
SAUDI TELECOM COMPANY	-5.07%	50.97B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-13.54%	40.2B
CHARTER COMMUNICATIONS, INC.	-34.49%	36.67B

Other Integrated Telecommunications Services