Chunghwa Telecom Co (2412) fair value: what the stock is really worth
As of Oct 22, 2026: fair value (intrinsic value) of Chunghwa Telecom Co stock TWD 85.34, price TWD 158, upside -46.0%, quality 73 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 22, 2026.
How to read this chart
60‑month range 99.99 TWD – 158.00 TWD · fair‑value band 64.08 TWD – 122.70 TWD · the 158.00 TWD price screens above the 85.34 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 22, 2026.
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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.
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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.
Stock analysis
Chunghwa Telecom Co (2412) currently trades at 158.00 TWD, while our model-based Fair Value estimate is 85.34 TWD, 46.0% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 86.88 TWD per share, and 0 of the 24 models we run sit above the 158.00 TWD price.
Bear case: the Asset-Based group reads lowest at 28.20 TWD, and 24 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: 64.08 TWD (bear) to 122.70 TWD (bull), the price of 158.00 TWD sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 73/100 (solid quality), in the Communication Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
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.
Key figures
Market cap 1.2T TWD (≈ $35.7B) Large · P/E ratio 31.0 · P/S ratio 4.75 · EPS (TTM) 5.09 TWD · Dividend yield 3.3% · Net margin 16.1% · Return on equity 10.9% · Return on assets (EBIT) 8.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 61 out of 100 (low confidence).
What moves the price
The share trades at its 52-week high and 22% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 42% fair-value upside, at −46%, 2412 screens richer than that median.
Fair Value models
Bear64.08 TWDFair Value 85.34 TWDBull122.70 TWD
Price 158.00 TWD · Upside -46.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.68/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+3.3%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+3.1%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+2.6%
Start year 2020 (pandemic). Over 10 years: +0.2% a year
Revenue growth 17 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+0.9%
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What shareholders gained per year (last 5 years), in TWD ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in TWD: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+6.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.0%
Dividend (yield on the price)3.3%
Per share before 2008divided by the spin-off factor 1.21
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.3.0% vs −0.3%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.20% → 21%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+8.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about +6.4% a year for the price and +1.6% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (88 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Telecom Services · 240 stocks
Beats the industry median on 7/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score73 · Top 25%
Fair Value upside−46.0% · Bottom 25%
Profitability
Return on equity (12 months)10.9% · Above median
Return on assets7.2% · Top 25%
Net margin (12 months)16.1% · Top 25%
Operating margin (12 months)21.6% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)8.2% · Above median
Dividend yield (12 months)3.3% · Below median
Balance sheet
Debt / equity0.06× · Below median
Valuation Multiplesvs Telecom Services median · lower = cheaper
P/E (12 months)31.0× · Priciest 25%
P/B3.01× · Pricier than median
P/S (12 months)4.75× · Priciest 25%
Price / free cash flow22.6× · Priciest 25%
EV/EBITDA13.4× · Priciest 25%
PEG1.69× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 39
FUTURE (revenue growth)41· sector 18
PAST (return on equity)44· sector 32
HEALTH (low debt)97· sector 83
DIVIDEND (yield)66· sector 74
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Chunghwa Telecom Co Fair Value". https://www.fairvalue-calculator.com/stock/2412
Frequently asked questions
Is Chunghwa Telecom Co (2412) overvalued or undervalued?
As of Oct 22, 2026, our model estimates a fair value of 85.34 TWD versus a price of 158.00 TWD, about −46% upside (overvalued).
What is the fair value of 2412?
Our model-based fair value for Chunghwa Telecom Co is 85.34 TWD (as of Oct 22, 2026), built from audited fundamentals. The current price: 158.00 TWD.
What is the quality score of 2412?
Chunghwa Telecom Co has a Quality Score of 73/100. 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 price target for Chunghwa Telecom Co (2412)?
Our model-based price target is the fair value of 85.34 TWD (as of Oct 22, 2026) from 24 valuation models. Cautious scenario 64.08 TWD, optimistic scenario 122.70 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Chunghwa Telecom Co stock forecast for 2026?
Our models put fair value at 85.34 TWD, about −46% upside versus a price of 158.00 TWD (overvalued). Cautious scenario 64.08 TWD, optimistic scenario 122.70 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Chunghwa Telecom Co (2412)?
Chunghwa Telecom Co reported trailing-twelve-month revenue of about 245B TWD (latest available figure, as of Oct 22, 2026).
Does Chunghwa Telecom Co pay a dividend?
Chunghwa Telecom Co currently shows a dividend yield of 3.29% relative to its recent price (as of Oct 22, 2026).
What growth is priced into Chunghwa Telecom Co (2412)?
For today's price to be fair in a discounted-cash-flow model, Chunghwa Telecom Co would have to grow free cash flow by +8.1 % per year for five years (discount rate 8.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.6 % per year. As of Oct 22, 2026.
What discount rate (WACC) does the fair value of 2412 use?
Our models discount Chunghwa Telecom Co at 8.6 %: a base by market capitalisation (large), damped by beta 0.10, country premium for Taiwan. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Chunghwa Telecom Co that is +8.1 % per year a year over ten years, using the same discount rate (8.6 %) and the same formula as our fair value.
How much growth has Chunghwa Telecom Co (2412) delivered so far?
Over the past 5 years revenue at Chunghwa Telecom Co grew +2.6 % a year. The price currently implies +8.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Chunghwa Telecom Co (2412) growing?
The median revenue growth in the sector is +3.3 % a year. That is the yardstick for the growth priced into Chunghwa Telecom Co (+8.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Chunghwa Telecom Co (2412)?
The free-cash-flow yield on the price is 4.43 %: that much free cash flow Chunghwa Telecom Co produces per unit of market value. When it exceeds the discount rate of our models (8.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Chunghwa Telecom Co (2412)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Chunghwa Telecom Co it is 85.34 TWD per share (as of Oct 22, 2026), against a price of 158.00 TWD. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Chunghwa Telecom Co stock overvalued or undervalued in 2026?
As of Oct 22, 2026, 2412 trades above its calculated fair value: price 158.00 TWD, fair value 85.34 TWD, a gap of about −46% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 2412?
No. The price is what the market pays today (158.00 TWD); the fair value is what the company's own numbers justify (85.34 TWD). For Chunghwa Telecom Co the two are 72.66 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Chunghwa Telecom Co worth?
The market values Chunghwa Telecom Co at about 1.2T TWD (market capitalisation, as of Oct 22, 2026). Per share that is 158.00 TWD; our models calculate a fair value of 85.34 TWD per share.
What do the bullish and bearish scenarios say about 2412?
Our models span a range for Chunghwa Telecom Co: cautious scenario 64.08 TWD, base 85.34 TWD, optimistic 122.70 TWD per share (as of Oct 22, 2026, price 158.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2412?
Chunghwa Telecom Co trades at a price-to-earnings ratio of 31.0 (as of Oct 22, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 85.34 TWD is built from several models across several years. Other multiples: PEG 1.7, P/B 3.0, P/S 4.8, EV/EBITDA 13.4.
What is the PEG ratio of 2412?
The PEG ratio of Chunghwa Telecom Co is 1.69 (P/E divided by earnings growth, as of Oct 22, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Chunghwa Telecom Co (2412)?
Balance-sheet figures for Chunghwa Telecom Co (as of Oct 22, 2026): return on equity 10.9%, debt of 0.06 per unit of equity. They feed the Quality Score of 73/100, which measures business quality independently of the share price.
How far is 2412 from its 52-week high?
Chunghwa Telecom Co trades at 158.00 TWD, at its 52-week high of 158.00 TWD and 22% above the low of 129.50 TWD (as of Oct 22, 2026). Distance from the high says nothing about value: that is what the fair value of 85.34 TWD is for.
Which stocks are comparable to Chunghwa Telecom Co?
From the same area (Communication Services) we also value China Mobile Limited, Verizon Communications Inc, T-Mobile US, Inc, AT&T Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Chunghwa Telecom Co stock attractive at the current price?
The data as of Oct 22, 2026: price 158.00 TWD, calculated fair value 85.34 TWD (−46%), Quality Score 73/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 2412 calculated?
We run Chunghwa Telecom Co through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 85.34 TWD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.2 % above its aggregate fair value. Chunghwa Telecom Co itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Chunghwa Telecom Co (2412)?
The closing price on Oct 22, 2026 was 158.00 TWD. Our model-based fair value is 85.34 TWD, about −46% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Chunghwa Telecom Co right now?
A high-quality business (quality 73/100), 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 (122.70 TWD). The favourable scenario is already priced in. A fairly wide model range (64.08 TWD to 122.70 TWD) leaves room in how you read the outcome.
Where does the earnings growth of Chunghwa Telecom Co (2412) come from?
Earnings per share at Chunghwa Telecom Co grew −0.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share +0.0 %, EBIT margin −0.1 %, tax rate −0.5 %, residual (interest, one-offs) −0.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Chunghwa Telecom Co
How large is the market capitalisation of Chunghwa Telecom Co (2412)?
The market capitalisation of Chunghwa Telecom Co is 1.2T TWD (≈ $35.7B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Chunghwa Telecom Co (2412)?
The price-to-sales ratio of Chunghwa Telecom Co is 4.75 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Chunghwa Telecom Co (2412)?
Earnings per share at Chunghwa Telecom Co are 5.09 TWD (price ÷ EPS = P/E 31.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Chunghwa Telecom Co (2412)?
The dividend yield of Chunghwa Telecom Co is 3.3% (payout 102%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Chunghwa Telecom Co (2412)?
The net margin of Chunghwa Telecom Co is 16.1% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Chunghwa Telecom Co (2412)?
The return on equity (ROE) of Chunghwa Telecom Co is 10.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Chunghwa Telecom Co (2412)?
On an EBIT basis the return on assets of Chunghwa Telecom Co is 8.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Chunghwa Telecom Co (2412)?
The operating margin of Chunghwa Telecom Co is 21.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Chunghwa Telecom Co (2412)?
Revenue at Chunghwa Telecom Co is growing +8.2% versus a year earlier (3y avg +3.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Chunghwa Telecom Co (2412)?
Earnings per share at Chunghwa Telecom Co are growing +4.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Chunghwa Telecom Co (2412) carry?
The net debt of Chunghwa Telecom Co is 1.1B TWD (fiscal year 2025, ≈ 0.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Oct 22, 2026