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Chunghwa Telecom Co.

CHT
57
Telecommunications Services · Communication Services
Price
$47.64
-0.02 (-0.04%)
Market Cap
$36.96B
Exchange
New York Stock Exchange
Winston Score
57
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
15/30
Growth
Good
13/20
Cash Flow
Exceptional
10/10
Stability
Exceptional
10/10
Valuation
Good
5/10
Ownership
Weak
1/15
Dividends
Good
3/5

57 of 100 counted points = Winston Score 57.

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§Winston Score History

The full picture

Chunghwa Telecom is Taiwan's largest telecommunications company. It provides mobile phone service, home internet, fixed-line phone service, and cloud computing to millions of consumers and businesses across Taiwan. The company is majority-owned by the Taiwanese government and holds the dominant market position in nearly every segment of the country's telecom industry.

Chunghwa makes money by charging monthly fees for mobile plans, broadband subscriptions, and enterprise data services, as well as selling cloud and IT solutions to corporate clients. It operates almost entirely within Taiwan, generating roughly $33 billion in market value from a mature, stable customer base. Its government backing and deep network infrastructure give it a strong competitive moat, but that same maturity is also a risk — Taiwan's telecom market is largely saturated, so meaningful revenue growth depends on expanding higher-margin cloud and data center services rather than adding new subscribers.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+7.6% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

NT$4.4B/ year

→ Flat (+5% vs prior year)

1.9% of revenue

Below sector average (12%)

Steady R&D investment year-over-year

Insider Activity

0.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

NT$104.2B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Chunghwa Telecom Co. is a rare growth stock that's already generating positive cash flow while growing at 10%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 776.5M (2021) → 775.4M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
36.6%
Modest — 36.6% gross margin
Profit after running costs
Operating Margin
21.6%
Excellent — 21.6% operating margin
Return on the money invested
ROCE
11.8%
Below par — 11.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+5.5%
Slow sales growth (+5.5% YoY)
Profit growth
EPS YoY
+4.5%
Modest earnings growth (+4.5% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
194%
Turns 194% of profit into real cash
Spare cash per sale
FCF Margin
20.1%
Converts sales into free cash efficiently (20.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.07
Conservative — low debt load (0.07)
Covers its interest
Interest Cover
127.35x
Comfortably covers interest (127.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
34.4x
Pricey — P/E 34.4

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+4.9
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (34.4 → 29.5)

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Dividends

Dividend
Dividend Yield
3.49%
Moderate income — 3.49% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+4.8%
Dividend growing modestly (4.8% YoY)
Payout Ratio
114%
no trend
Paying out more than the last 12 months of profit. The dividend is being funded from cash or borrowing, not this year’s earnings.

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