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CHT.N

ISIN: US17133Q4038
SEDOL: 2885120

Rating:

HOLD

Target Price:

17.15 USD

Investment Horizon:

6 to 12 months
15th Jul 2009 View Report   Download

Company News Alert

Chunghwa Telecom Ltd (Chunghwa), in its press release dated 14 July 2009, provided revenues, operating income, income before income tax and EPS guidance. As the current price supports a HOLD rating we do not expect a change in our rating. We will reassess the common stock rating for Chunghwa in the coming weeks. As we anticipate a significant positive currency impact on the ADR over a 6-12 month horizon and considering current price levels, we maintain our HOLD rating…

29th Apr 2009 View Report   Download

1Q 09 News Alert

Chunghwa Telecom Ltd (Chunghwa) reported its 1Q 09 results today. While revenues were in line with our estimate, EBITDA, operating income and adjusted1 net income were below our estimates. The y-o-y decline in revenues was due to a decline in Fixed Line, Wireless and Internet & Data revenues, while margins were under pressure due to increased cost of services and general & administrative expenses....

14th Apr 2009 View Report   Download

4Q 08 & FY 2008 Update Report

Chunghwa registered a y-o-y decline in revenues during the quarter, driven by price cuts imposed by the National Communications Commission (NCC) in fixed-line and ADSL services, partially offset by increased revenues from the Internet & data segment (driven by increased subscriber-base). Going forward, we expect Chunghwa to face stiff competition from small telecom operators (as they provide cheap tariff packages to attract subscribers)...

30th Mar 2009 View Report   Download

4Q 08 & FY 2008 News Alert

Chunghwa Telecom Ltd (Chunghwa) reported its 4Q 08 and FY 2008 results today. In 4Q 08, EBITDA and operating income were in line with our estimates while revenues and adjusted net income were below our estimates. The y-o-y decline in revenues was due to an increased decline in Fixed Line and wireless revenues. Furthermore, margins were under pressure due to increased cost of services and general & administrative expenses....

4th Mar 2009 View Report   Download

Company News Alert

On 26 December 2008, Chunghwa Telecom Ltd (Chunghwa) announced a reverse stock split and cash dividend, effective from today. Accordingly, we have adjusted our target prices for the common stock and ADR. However, as our fundamental outlook for Chunghwa remains broadly unchanged from our last update report, we reiterate our BUY rating for the common stock at current price levels. We will reassess the common stock rating and target price in…