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Taiwan's largest telecom operator, providing fixed-line, mobile, broadband and ICT/cloud services.
Taiwan's largest telecom operator, providing fixed-line, mobile, broadband and ICT/cloud services.
Earns monthly service fees from mobile, broadband and landline customers plus enterprise ICT contracts for companies and government. It was a state monopoly until privatised in stages in the 2000s, and the Ministry of Economic Affairs remains its largest shareholder. It also runs the HiNet internet service.
In one line: Taiwan's AT&T/Verizon.
Moat: wide (scale, installed base, regulatory licence). Incumbent fixed-line network and largest mobile subscriber base give durable scale and switching-cost advantages.
Headquarters: Taipei, Taiwan · Founded: 1996
Size Chunghwa Telecom (2412.TW) is a Taiwan Communication Services company (Major Telecommunications) with a market value of $38.4B, the 11th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$163.50 on 6 Nov 2026.
Performance Over six months the shares gained 20.2%, against -7.3% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 2nd highest of 13 in its peer set.
Growth Revenue fell 10.3% over the last twelve months (peer median +1.9%); the operating margin is 20.4% (peer median 21.7%).
Valuation It trades at 30.1× forward earnings against a peer median of 15.1× (most expensive of 13).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is +5 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.6 points above its cost of capital (5.0% WACC).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$211B | NT$236B | NT$230B | NT$223B | NT$217B |
| Revenue growth | — | +3% | +3% | +3% | — |
| Gross profit | n/a | NT$84.6B | NT$81.0B | NT$79.2B | NT$77.8B |
| EBITDA | n/a | NT$89.8B | NT$87.3B | NT$87.5B | NT$87.0B |
| Net income | NT$34.5B | NT$38.7B | NT$37.2B | NT$36.9B | NT$36.5B |
| Free cash flow | n/a | NT$51.6B | NT$51.9B | NT$44.9B | NT$45.2B |
| Capital expenditure | n/a | NT$30.2B | NT$30.6B | NT$32.7B | NT$33.4B |
| Total debt | n/a | NT$38.0B | NT$43.2B | NT$43.6B | NT$43.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Chunghwa Telecom 2412.TW | $38.4B | +20% | -10% | 20% | 30.1× | 7.4% |
| Taiwan Mobile 3045.TW | $12.2B | +20% | +2% | 11% | 24.5× | 2.2% |
| Far Eastone Telecommunications 4904.TW | $12.2B | +17% | +10% | 15% | 26.1× | 3.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2412.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.4% | +5.7% | 2nd highest of 13 |
| 6-month return | +20.2% | -7.3% | 2nd highest of 13 |
| Distance from 52-week high | -1.8% | -17.4% | 2nd highest of 13 |
| Revenue growth (TTM) | -10.3% | +1.9% | lowest of 13 |
| Operating margin | 20.4% | 21.7% | 6th lowest of 13 |
| Forward P/E | 30.1× | 15.1× | most expensive of 13 |
| Growth the price implies (Req g, 7 yrs) | 7.4% | -2.4% | 2nd most demanding of 13 |
| Growth delivered (Del g) | +2.6% | +2.4% | 6th highest of 13 |
| Hurdle (Req g minus delivered) | +4.8 pp | -4.6 pp | 3rd most demanding of 13 |
| ROIC minus cost of capital | +3.6 pp | +3.0 pp | 6th highest of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Chunghwa Telecom 2412.TW | Taiwan | $38.4B | +20% | -10% | 20% | 30.1× | 7.4% | +2.6% |
| Swisscom SCMN.SW | Switzerland | $45.7B | +7% | +14% | 16% | 26.1× | 3.7% | +6.3% |
| BT Group plc BT.A.L | United Kingdom | $28.8B | -8% | -4% | 17% | 12.2× | 4.3% | -1.7% |
| Singapore Telecommunications Z74.SI | Singapore | $52.2B | -14% | +1% | 8% | 21.7× | 21.5% | -1.8% |
| China Unicom 0762.HK | Hong Kong | $21.3B | -26% | +4% | 2% | 8.2× | -8.3% | +4.5% |
| China United Network Communications 600050.SS | China | $20.4B | -1% | 0% | 2% | 17.9× | -14.9% | +5.2% |
| BCE BCE.TO | Canada | $20.3B | -9% | +2% | 22% | 12.3× | -0.9% | +1.3% |
| Telenor TEL.OL | Norway | $19.8B | -14% | -7% | 24% | 13.5× | -7.7% | -8.0% |
| Royal KPN KPN.AS | Netherlands | $18.6B | -4% | +2% | 24% | 18.2× | -2.5% | +1.9% |
| Quebecor QBR-B.TO | Canada | $12.3B | +36% | +3% | 27% | 16.8× | 0.4% | +5.6% |
| HKT Trust and HKT 6823.HK | Hong Kong | $11.9B | -2% | +7% | 22% | 16.8× | -3.1% | +2.4% |
| Tele2 TEL2-A.ST | Sweden | $11.2B | -14% | +2% | 24% | 10.7× | -2.4% | +2.4% |
| Deutsche Telekom DTE.DE | Germany | $139B | -7% | +2% | 22% | 11.4× | -7.7% | +3.3% |