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Data-driven stock valuation

Chunghwa Telecom Co (2412) fair value: what the stock is really worth

We calculate from audited financials what Chunghwa Telecom Co is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.

  1. Compare price with fair valuebelow fair value = cheap, above = expensive
  2. Check the quality50 and up solid, 75 and up strong
  3. Watch it or check another stockalert when fair value or trend changes

Communication Services · TW · Market cap 1.0T TWD (≈ $32.7B) · ISIN TW0002412004

At a glance

CT Chunghwa Telecom Co 2412 · TW
Price138.00 TWD
Fair Value100.00 TWD
Upside−27.5%
Quality71/100

A solid business, but trading 38% above our fair value of 100.00 TWD.

As of Aug 20, 2026, the fair value of Chunghwa Telecom Co is 100.00 TWD per share against a price of 138.00 TWD, so the fair value sits 28% below the price. A model estimate from reported figures, not an analyst target.

✓Healthy Growth (revenue 5y +2.6 %/yr)
✓Solidly profitable · 16.2% net margin
✓Low debt · generates free cash flow
·3.77% dividend yield
✓Ranks above peers (9/15)
!Moderate moat 59/100
Evidence: High Range 73.31 TWD to 125.03 TWD

Fair value as of: Aug 20, 2026

From 24 valuation models · updated 18 days ago

Share price +0.4% over the past month.

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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

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.

Price vs Fair Value (5 years)

146.50 TWD 99.10 TWD Fair Value 100.00 TWD Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.

How to read this chart

60‑month range 99.10 TWD – 146.50 TWD · fair‑value band 73.31 TWD – 125.03 TWD · the 138.00 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 20, 2026.

Full chart & analysis →

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Analysis

Chunghwa Telecom Co (2412) currently trades at 138.00 TWD, while our model-based Fair Value estimate is 100.00 TWD, implying the stock looks roughly 38.0% overvalued today. The Quality Score stands at 71/100 (solid quality), in the Communication Services sector. Bull case: the DCF Models group reads highest at a median of 98.41 TWD per share, and 1 of the 24 models we run sit above the 138.00 TWD price. Bear case: the Asset-Based group reads lowest at 33.36 TWD, and 23 of the 24 models stay below the price. Evidence for this calculation is 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 20, 2026

Scenario range: 73.31 TWD (bear) to 125.03 TWD (bull), the price of 138.00 TWD sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades about 4% below its 52-week high and 8% above its 52-week low, currently above its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 29% fair-value upside, at −28%, 2412 screens richer than that median.

Fair Value models

Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →

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
FCF DCF best evidence 71.82 TWD 98.31 TWD 153.72 TWD 80
Growth DCF 74.99 TWD 101.21 TWD 151.38 TWD 78
Owner Earnings 72.61 TWD 99.40 TWD 155.43 TWD 76
All 24 models by family
DCF Models
FCF DCF best evidence 71.82 TWD 98.31 TWD 153.72 TWD 80
Owner Earnings 72.61 TWD 99.40 TWD 155.43 TWD 76
5Y Revenue Exit 60.58 TWD 85.37 TWD 122.82 TWD 73
5Y EBITDA Exit 84.24 TWD 125.50 TWD 182.13 TWD 75
5Y P/E Exit 72.27 TWD 105.20 TWD 146.03 TWD 71
10Y Revenue Exit 62.54 TWD 85.06 TWD 110.40 TWD 68
10Y EBITDA Exit 79.00 TWD 112.08 TWD 149.52 TWD 69
10Y P/E Exit 71.49 TWD 98.41 TWD 125.70 TWD 65
Earnings-Based
Graham-Dodd 33.91 TWD 55.01 TWD 66.46 TWD 67
EPV 51.57 TWD 60.39 TWD 68.24 TWD 74
Dividend Discount
Gordon GGM 48.10 TWD 58.88 TWD 70.77 TWD 69
DDM Multi-Stage 48.10 TWD 65.17 TWD 87.35 TWD 67
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 66
EV/EBITDA 105.63 TWD 140.33 TWD 175.02 TWD 67
EV/Revenue 58.51 TWD 82.91 TWD 107.32 TWD 54
Asset-Based
NCAV (Graham) 24.90 TWD 33.36 TWD 49.79 TWD 54
Growth DCF
Growth DCF 74.99 TWD 101.21 TWD 151.38 TWD 78
Rev-Margin DCF 60.58 TWD 86.91 TWD 120.52 TWD 73
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 67

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

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Key figures & financial health

P/E ratio 27.5
P/S ratio 4.50 P/E × margin
EPS (TTM) 5.02 TWD price ÷ EPS = P/E 27.5
Dividend yield 3.8% payout 104%
Net margin 16.4% FY2025
Return on equity 10.0% TTM
More key figures
Profitability
Return on assets (EBIT) 8.9% avg 5y
Operating margin 21.8% TTM
Growth
Revenue (TTM) 240B TWD TTM
Revenue growth (YoY) +7.5% 3y avg +3.1%
EPS growth (YoY) +3.2%
Balance sheet & cash flow
Free cash flow 51.6B TWD FY2025
Net debt 1.1B TWD FY2025 · ≈ 0.0 yrs of FCF

Figures from reported company fundamentals · as of Aug 20, 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 40
Price trend over the last 3–12 months (market factor)
52W Momentum 43
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

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. revenue 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. revenue 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. revenue 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%
Value creation/yr (5Y, in TWD) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. 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.
+6.8%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+3.0%
Dividend yield3.8%
Trend ⓘ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.5Y 3.0% vs 10Y −0.3%, picking up
Operating margin (EBIT) ⓘ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.20.4% (2020) → 20.6% (2025) · steady
Worst earnings drop16% (2012) · in TWD
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 %

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

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

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

2412 screens 38% overvalued. Compare with China Mobile Limited →

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Chunghwa Telecom Co · Fair Value
100.00 TWD −38%Fair Value
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Cite: Fair Value Calculator (2026). "Chunghwa Telecom Co Fair Value". https://www.fairvalue-calculator.com/stock/2412

Earlier news

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

Peer Group

Telecom Services · 250 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.

Valuation
Quality Score 71 · Top 25%
Fair Value upside −27% · Below median
Profitability
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%
Growth and dividend
Revenue growth 8% · Above median
Dividend yield (TTM) 3.8% · Above median
Balance sheet
Debt / equity 0.06× · Below median

Valuation Multiples vs Telecom Services median · lower = cheaper

P/E (TTM) 27.5× · Pricier than median
P/B 2.68× · Pricier than median
P/S (TTM) 4.31× · Priciest 25%
P/FCF 0.6× · Cheaper than median
EV/EBITDA 12.0× · Priciest 25%
PEG 1.69× · Pricier than median

What the price implies (reverse DCF)

The inverse question: what free-cash-flow growth must Chunghwa Telecom Co deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.

Implied FCF growth, 10 years+5.4 % per year
Achieved revenue growth, 5 years+2.6 % p.a.
Sector median revenue growth+1.6 %
FCF yield on price4.83 %
Discount rate (WACC) in the models8.6 %

The price demands roughly the growth the company recently delivered. Ranking of the largest stocks →

Context: sector, industry, market

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 29
FUTURE38 · sector 16
PAST40 · sector 28
HEALTH97 · sector 89
DIVIDEND76 · sector 74

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

Similar stocks

10 more Telecom Services stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).

Stock Price Fair Value vs Fair Value
China Mobile Limited 600941 ¥96.11 ¥109.88 +14%
T-Mobile US, Inc TMUS $181.52 $172.67 −5%
Verizon Communications Inc VZ $50.14 $64.43 +29%
AT&T Inc T $26.01 $43.97 +69%
Bharti Airtel Limited BHARTIARTL ₹1,935 ₹941.48 −51%
Comcast Corporation CMCSA $26.49 $95.42 +260%
China Telecom Corporation 601728 ¥6.43 ¥8.36 +30%
América Móvil, S.A. AMX $23.00 $39.79 +73%
Singapore Telecommunications Limited Z77 4.53 SGD 3.03 SGD −33%
Swisscom AG SCMN CHF 627.50 CHF 463.92 −26%

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Frequently asked questions

Is Chunghwa Telecom Co (2412) overvalued or undervalued?
As of Aug 20, 2026, our model estimates a fair value of 100.00 TWD versus a price of 138.00 TWD, about −28% upside (overvalued).
What is the fair value of 2412?
Our model-based fair value for Chunghwa Telecom Co is 100.00 TWD (as of Aug 20, 2026), built from audited fundamentals. The current price: 138.00 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 price target for Chunghwa Telecom Co (2412)?
Our model-based price target is the fair value of 100.00 TWD (as of Aug 20, 2026) from 24 valuation models. Cautious scenario 73.31 TWD, optimistic scenario 125.03 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 100.00 TWD, about −28% upside versus a price of 138.00 TWD (overvalued). Cautious scenario 73.31 TWD, optimistic scenario 125.03 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 240B TWD (latest available figure, as of Aug 20, 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 3.77% relative to its recent price (as of Aug 20, 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 +5.4 % per year for ten years (discount rate 8.6 %, then 2 % perpetual growth). Over the last 5 years revenue grew +2.6 % per year. As of Aug 20, 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 0.11, country premium for Taiwan. The same rate applies in all 26 models.
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