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Chunghwa Telecom Co (2412) Fair Value & Analysis

Communication Services · TW · Market cap 1.0T TWD

CT Chunghwa Telecom Co 2412 · TW
Price135.00 TWD
Fair Value100.00 TWD
Upside-25.9%
Quality71/100
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Healthy Growth
Solidly profitable · 16.2% net margin
Low debt · generates free cash flow
3.90% dividend yield
Ranks above peers (9/15)
Moderate moat 59/100
Evidence: High Range 73.31 TWD – 125.03 TWD Share as image

Fair value as of: Aug 13, 2026

From 24 valuation models · updated yesterday

Share price +1.5% over the past month.

A solid business, but screening 26% overvalued on our models.

What matters now

  • A high-quality business (quality 71/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The price sits above even our optimistic bull case (125.03 TWD). The favourable scenario is already priced in.
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Price vs Fair Value (5 years)

146.50 TWD 98.21 TWD Fair Value 100.00 TWD Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 98.21 TWD – 146.50 TWD · fair‑value band 73.31 TWD – 125.03 TWD · the 135.00 TWD price screens above the 100.00 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

Full chart & analysis →

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Analysis

Chunghwa Telecom Co (2412) currently trades at 135.00 TWD, while our model-based Fair Value estimate is 100.00 TWD, implying the stock looks roughly 25.9% overvalued today. The Quality Score stands at 71/100 (solid quality), in the Communication Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Chunghwa Telecom Co generated revenue of 240B TWD at a net margin of 16.2%. Revenue grew 7.5% year over year. It earns a return on equity of 10.0%. Net debt stands at 1.1B TWD. Fundamentals as of Aug 13, 2026

Our scenario range runs from 73.31 TWD (bear case) to 125.03 TWD (bull case); at 135.00 TWD, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 6% below its 52-week high and 5% above its 52-week low, currently above its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 30% fair-value upside, at -26%, 2412 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF 74.99 TWD 101.21 TWD 151.38 TWD 80
Residual Income 44.80 TWD 49.83 TWD 72.77 TWD 76
Rev-Margin DCF 60.58 TWD 86.91 TWD 120.52 TWD 74
All 24 models by family
DCF Models
FCF DCF 71.82 TWD 98.31 TWD 153.72 TWD 38
Owner Earnings 72.61 TWD 99.40 TWD 155.43 TWD 31
5Y Revenue Exit 60.58 TWD 85.37 TWD 122.82 TWD 39
5Y EBITDA Exit 84.24 TWD 125.50 TWD 182.13 TWD 41
5Y P/E Exit 72.27 TWD 105.20 TWD 146.03 TWD 38
10Y Revenue Exit 62.54 TWD 85.06 TWD 110.40 TWD 36
10Y EBITDA Exit 79.00 TWD 112.08 TWD 149.52 TWD 37
10Y P/E Exit 71.49 TWD 98.41 TWD 125.70 TWD 35
Earnings-Based
Graham-Dodd 33.91 TWD 55.01 TWD 66.46 TWD 54
EPV 51.57 TWD 60.39 TWD 68.24 TWD 59
Dividend Discount
Gordon GGM 48.10 TWD 58.88 TWD 70.77 TWD 70
DDM Multi-Stage 48.10 TWD 65.17 TWD 87.35 TWD 61
Multiples
P/E Multiple 82.29 TWD 109.72 TWD 137.16 TWD 63
P/S Multiple 63.59 TWD 84.79 TWD 105.98 TWD 58
P/B Multiple 63.59 TWD 84.79 TWD 105.98 TWD 55
EV/EBIT 76.66 TWD 101.69 TWD 126.72 TWD 53
EV/EBITDA 105.63 TWD 140.33 TWD 175.02 TWD 54
EV/Revenue 58.51 TWD 82.91 TWD 107.32 TWD 43
Asset-Based
NCAV (Graham) 24.90 TWD 33.36 TWD 49.79 TWD 50
Growth DCF
Growth DCF 74.99 TWD 101.21 TWD 151.38 TWD 80
Rev-Margin DCF 60.58 TWD 86.91 TWD 120.52 TWD 74
Economic Profit
Residual Income 44.80 TWD 49.83 TWD 72.77 TWD 76
ROIC Compounder 51.68 TWD 61.84 TWD 73.58 TWD 72
Growth Earnings
Growth-Adj P/E 58.01 TWD 82.87 TWD 107.73 TWD 68

Widest divergence: DCF Models (98.41 TWD) versus Asset-Based (33.36 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 240B TWD
Revenue growth (YoY) +7.5%
Net margin 16.2%
Return on equity 10.0%
Free cash flow 51.6B TWD FY2025
P/E ratio 26.9
More key figures
Operating margin 21.8%
EPS (TTM) 5.02 TWD
Dividend yield 3.9%
EPS growth (YoY) +3.2%
Net debt 1.1B TWD FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 71/100

Of which business quality 70 · Market factors (momentum, volatility) 58

Profitability 44
Margins and returns on capital today
Quality Growth 47
Are margins and returns improving?
Cashflow 85
Earnings quality: real cash, not paper profit
Fin. Strength 84
Balance sheet, leverage, solvency risk
Investment 80
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 42
Price trend over the last 3–12 months (market factor)
52W Momentum 37
Distance to the 52-week high (market factor)
Net Issuance 85
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Chunghwa Telecom Co., Ltd., together with its subsidiaries, operates as an integrated telecommunications service provider in Taiwan and internationally. The company operates through Consumer Business, Enterprise Business, International Business, and Others segments.

Full company description

Chunghwa Telecom Co., Ltd., together with its subsidiaries, operates as an integrated telecommunications service provider in Taiwan and internationally. The company operates through Consumer Business, Enterprise Business, International Business, and Others segments. Its services primarily include mobile, fixed-line, information and communication technology (ICT), and sales and other services. The company provides mobile services, including prepaid and postpaid plans; fixed-line services, such as fixed broadband and voice, leased line, video, and satellite services; and fixed broadband services comprising broadband access, data communication, and Wi-Fi services. It also offers ICT services consisting of cloud, content delivery network, advanced networks defense system, and web application firewall. In addition, it distributes and sells mobile handsets and wearable devices on its mobile network to customers through its directly owned stores, online store, and third-party retailers, as well as offers interconnection services. The company was incorporated in 1996 and is headquartered in Taipei City, Taiwan.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Chunghwa Telecom Co reported revenue of 236B TWD in FY2025 versus 209B TWD in FY2021, a compound +3.0%/yr. Reported net income was 38.7B TWD in FY2025, compounding +2.1%/yr from FY2021.

Growth Quality 68/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
236B TWD
Latest YoY
+3.3%
Avg. growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+3.1%
Avg. growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.6%
Avg. growth/yr (25Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−0.7%
Revenue +3.0%/yr
FY21 209B TWD
FY22 216B TWD
FY23 223B TWD
FY24 229B TWD
FY25 236B TWD
Net income +2.1%/yr
FY21 35.6B TWD
FY22 36.4B TWD
FY23 37.0B TWD
FY24 37.2B TWD
FY25 38.7B TWD
Character of growth · EPS growth decomposed (2014-2025) −0.8 % p.a.
Revenue per share +0.0 pp

of which total revenue +0.0 pp · buybacks/dilution +0.0 pp

EBIT margin −0.1 pp
Tax rate −0.5 pp
Residual (interest, one-offs) −0.2 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

2412 screens 26% overvalued. Compare with China Mobile Limited →

Run the numbers yourself: free valuation calculators
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Chunghwa Telecom Co · Fair Value
100.00 TWD −26%Fair Value
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Cite: Fair Value Calculator (2026). "Chunghwa Telecom Co Fair Value". https://www.fairvalue-calculator.com/stock/2412

Recent news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Telecom Services · 253 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 71 · Top 25%
Fair Value upside −26% · Below median
Return on equity (TTM) 10% · Above median
Return on assets 6% · Above median
Net margin (TTM) 16% · Top 25%
Operating margin (TTM) 22% · Top 25%
Revenue growth 8% · Above median
Dividend yield (TTM) 3.9% · Above median
Debt / equity 0.06× · Lower than median

Valuation Multiples vs Telecom Services median · lower = cheaper

P/E (TTM) 26.9× · Pricier than median
P/B 2.68× · Pricier than median
P/S (TTM) 4.31× · Pricier than 75% of peers
P/FCF 0.6× · Cheaper than median
EV/EBITDA 12.0× · Pricier than 75% of peers
PEG 1.69× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 27
FUTURE 38 · sector 15
PAST 40 · sector 27
HEALTH 97 · sector 89
DIVIDEND 78 · sector 71

VALUE 0: the price sits above our fair-value range.

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Telecom Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
China Mobile Limited 600941 ¥96.11 ¥109.88 +14%
Bharti Airtel Limited BHARTIARTL ₹1,945 ₹941.55 -52%
China Telecom Corporation 601728 ¥6.43 ¥8.36 +30%
América Móvil, S.A. AMXB 23.07 MXN 30.35 MXN +32%
Vodafone Group VODN 259.50 MXN 494.99 MXN +91%
Advanced Info Service Public Company ADVANC 374.00 THB 286.77 THB -23%
Telefónica, S.A TEFN 75.67 MXN 108.96 MXN +44%
TLKM TLKM 2,590 IDR 3,898 IDR +50%
Koninklijke KPN N.V KPNN 84.19 MXN 53.17 MXN -37%
PT Indoritel Makmur Internasional Tbk., DNET 9,500 IDR 1,503 IDR -84%

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Frequently asked questions

Is Chunghwa Telecom Co (2412) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 100.00 TWD versus a price of 135.00 TWD, about −26% (overvalued).
What is the fair value of 2412?
Our model-based fair value for Chunghwa Telecom Co is 100.00 TWD (as of Aug 13, 2026), built from audited fundamentals. The current price is 135.00 TWD.
What is the quality score of 2412?
Chunghwa Telecom Co has a Quality Score of 71/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Chunghwa Telecom Co (2412)?
Chunghwa Telecom Co reported trailing-twelve-month revenue of about 240B TWD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 2412?
The net profit margin of Chunghwa Telecom Co is about 16.2%, meaning it keeps roughly 16.2% of revenue as net income. Based on the latest reported figures.
Does Chunghwa Telecom Co pay a dividend?
Chunghwa Telecom Co currently shows a dividend yield of about 3.67% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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