Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Chunghwa Telecom Co., Ltd (Adr) / Equity Bottom-Up

<ul><li>Chunghwa Telecom reported a strong start to 2026, with first quarter revenues reaching a record high for any first quarter since 2012.</li><li>This growth was primarily driven by an outstanding increase in information and communications technology (ICT) revenue, alongside solid mobile and fixed line service performance.</li><li>The company’s mobile revenue market share in Taiwan increased to 41.1%, its highest ever, with a subscriber share of 39.7%, accompanied by rising 5G adoption where penetration reached nearly 48% among smartphone users.</li></ul>

Chunghwa Telecom reported a strong start to 2026, with first quarter revenues reaching a record high for any first quarter since 2012.This growth was primarily driven by an outstanding increase in information and communications technology (ICT) revenue, alongside solid mobile and fixed line service performance.The company’s mobile revenue market share in Taiwan increased to 41.1%, its highest ever, with a subscriber share of 39.7%, accompanied by rising 5G adoption where penetration reached nearly 48% among smartphone users.

Chunghwa Telecom’s TWD 59.99 Billion Quarter: Is ICT Growth Rewriting The Story?

Smartkarma's AI Co-Pilot, Smartkarma

αSK

Smartkarma's AI Co-Pilot

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>Chunghwa Telecom stands as Taiwan's largest integrated telecommunications operator, leveraging its dominant market share in fixed-line, mobile, and broadband services to generate stable cash flows and maintain a strong brand reputation.</li>
  <li>The company's growth strategy is increasingly focused on higher-margin enterprise ICT services, including 5G private networks, cloud computing, cybersecurity, and AI-driven solutions, capitalizing on the digital transformation trend across industries.</li>
  <li>While facing intense competition in a mature domestic market and regulatory pressures, Chunghwa's extensive network infrastructure, strategic government relationships, and consistent dividend payouts present a defensive investment profile with moderate growth prospects.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Chunghwa Telecom stands as Taiwan's largest integrated telecommunications operator, leveraging its dominant market share in fixed-line, mobile, and broadband services to generate stable cash flows and maintain a strong brand reputation.
  The company's growth strategy is increasingly focused on higher-margin enterprise ICT services, including 5G private networks, cloud computing, cybersecurity, and AI-driven solutions, capitalizing on the digital transformation trend across industries.
  While facing intense competition in a mature domestic market and regulatory pressures, Chunghwa's extensive network infrastructure, strategic government relationships, and consistent dividend payouts present a defensive investment profile with moderate growth prospects.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Chunghwa Telecom Co., Ltd (Adr) (CHT US) - Apr 2026

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC: +26.3% Premium; Near Record High After U.S. 4th of July Holiday</li>
<li>UMC: +4.7% Premium; One of the Highest Levels in History -- Short</li>
<li>ASE: +4.6% Premium; Wait for More Extreme Level Before Going Long or Short</li>
</ul>


TSMC: +26.3% Premium; Near Record High After U.S. 4th of July Holiday
UMC: +4.7% Premium; One of the Highest Levels in History -- Short
ASE: +4.6% Premium; Wait for More Extreme Level Before Going Long or Short


Taiwan Dual-Listings Monitor: Spreads Near Record Highs After U.S. Market Holiday

<ul>
<li>TSMC: +15.9% Premium; Sales Rose 33% YoY in August &amp; Headroom Increased</li>
<li>UMC: +1.8% Premium; Largest Monthly Decrease in ADR Headroom, Has Consistently Been Decreasing Since May</li>
<li>ASE: +2.0% Premium; At Current Level Can Consider Going Long the Premium</li>
</ul>


TSMC: +15.9% Premium; Sales Rose 33% YoY in August &amp; Headroom Increased
UMC: +1.8% Premium; Largest Monthly Decrease in ADR Headroom, Has Consistently Been Decreasing Since May
ASE: +2.0% Premium; At Current Level Can Consider Going Long the Premium


Taiwan Dual-Listings Monitor: TSMC 33% Growth, UMC Headroom Decrease, ASE Historically Low Premium

<ul><li>Chunghwa Telecom Co., Ltd., one of Taiwan's leading telecommunications companies, presented its third-quarter 2025 results with several notable outcomes.</li><li>The company reported robust financial performance, surpassing its forecast in key areas such as revenue, operating income, net income, and earnings per share (EPS).</li><li>Chunghwa Telecom's revenue for the third quarter reached TWD 57.92 billion, marking the highest third-quarter revenue level since 2017 and reflecting a 4.2% increase compared to a year ago.</li></ul>

Chunghwa Telecom Co., Ltd., one of Taiwan's leading telecommunications companies, presented its third-quarter 2025 results with several notable outcomes.The company reported robust financial performance, surpassing its forecast in key areas such as revenue, operating income, net income, and earnings per share (EPS).Chunghwa Telecom's revenue for the third quarter reached TWD 57.92 billion, marking the highest third-quarter revenue level since 2017 and reflecting a 4.2% increase compared to a year ago.

Chunghwa Telecom: From Government Cyber Contracts to Smart Rail—The Multi-Engine Strategy Driving the Next Growth Phase!

Taiwan

Chunghwa Telecom Co., Ltd. provides local, domestic, and international long distance services. The Company also offers wireless telecommunication, paging, and Internet services.

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Chunghwa Telecom (2412 TT)

Chunghwa Telecom’s TWD 59.99 Billion Quarter: Is ICT Growth Rewriting The Story?

Chunghwa Telecom reported a strong start to 2026, with first quarter revenues reaching a record high for any first quarter since 2012. This growth...

Baptista Research

Primer: Chunghwa Telecom Co., Ltd (Adr) (CHT US) - Apr 2026

Chunghwa Telecom stands as Taiwan's largest integrated telecommunications operator, leveraging its dominant market share in fixed-line, mobile,...

αSK

Taiwan Dual-Listings Monitor: Spreads Near Record Highs After U.S. Market Holiday

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC 33% Growth, UMC Headroom Decrease, ASE Historically Low Premium

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Chunghwa Telecom: From Government Cyber Contracts to Smart Rail—The Multi-Engine Strategy Driving the Next Growth Phase!

Chunghwa Telecom Co., Ltd., one of Taiwan's leading telecommunications companies, presented its third-quarter 2025 results with several notable...

Baptista Research

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