Chunghwa Telecom Co. Ltd. (CHT) : juste valeur

Thèse ACCE

Chunghwa Telecom is Taiwan's largest telecom operator, selling fixed-line and mobile service, broadband, and enterprise data and cloud products under its own brand, with a 36.5% gross margin and a 21.6% operating margin that reflect a mostly regulated, infrastructure-heavy incumbent position. The structural case rests on that incumbency: a dense fibre network and a large subscriber base that new entrants would struggle to replicate, with revenue growing 8.2%, faster than a mature telecom profile would suggest. The near-term driver is the enterprise and cloud business, where Chunghwa is positioning data centre and managed-service offerings as growth lines alongside its core connectivity revenue. At 28.2x trailing and 26.5x forward earnings the stock is not cheap for a 10.9% ROE business, so the question for a deeper look is whether the enterprise mix shift lifts returns enough to justify that multiple. With a score of 62/100 and no index membership, the name sits outside the usual screens, which may be part of why it is worth a closer read.