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Dr. Andrew Stotz, CFA

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<ul><li>Good price momentum and slow asset growth relative to its sector</li><li>Taiwan Mobile’s eCommerce platform momo.com (8454 TT), which is<br>one of the top three players in Taiwan should further enjoy revenue<br>growth supported by the increasing popularity of online shopping</li><li>Room for continued growth in higher average revenue per user (ARPU)<br>4G postpaid subscriptions, up by 50% YoY reaching 64% of subscriber base</li><li>Trades above Asian Telecoms at 17CE* 5.3x PB but offers more than<br>double the sector ROE and a solid 5% dividend yield</li><li>Risks: Slower than anticipated growth in smartphone sales</li></ul><p><em>* Consensus Estimates</em></p>

Good price momentum and slow asset growth relative to its sectorTaiwan Mobile’s eCommerce platform momo.com (8454 TT), which is one of the top three players in Taiwan should further enjoy revenue growth supported by the increasing popularity of online shoppingRoom for continued growth in higher average revenue per user (ARPU) 4G postpaid subscriptions, up by 50% YoY reaching 64% of subscriber baseTrades above Asian Telecoms at 17CE* 5.3x PB but offers more than double the sector ROE and a solid 5% dividend yieldRisks: Slower than anticipated growth in smartphone sales* Consensus Estimates

Taiwan Mobile: One to Watch Among Isle's Telcoms

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<p> <a href="https://www.smartkarma.com/entities/9181" target="_blank" data-smartkarma-citation="entities:9181:1">Chunghwa Telecom (2412 TT)</a> continues to be our main source of concern in the Taiwanese telecom market. The market remains expensive and hopes for a revenue pick up as the country moved from 3G to 4G have largely been unmet. In fact, they have declined and that has put pressure on margins. Investors had hoped for a move away from unlimited to tiered plans but the ongoing market share losses at Chunghwa suggest the risks are now on the downside. </p><p>While new entrants have failed to have much impact…</p>

 Chunghwa Telecom (2412 TT) continues to be our main source of concern in the Taiwanese telecom market. The market remains expensive and hopes for a revenue pick up as the country moved from 3G to 4G have largely been unmet. In fact, they have declined and that has put pressure on margins. Investors had hoped for a move away from unlimited to tiered plans but the ongoing market share losses at Chunghwa suggest the risks are now on the downside. While new entrants have failed to have much impact…

Taiwan Telcos Remain Under Pressure. How Will Chunghwa Respond to Market Share Losses?

Macro & Asian equity Technical Strategies, BBSP Asia

Federico D'Inca

Macro & Asian equity Technical Strategies

BBSP Asia

Technical Analysis

Chunghwa Telecom Co., Ltd (Adr) / Technical Analysis

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/025/901/original/BBSP%20Chunghwa%20Telecom%20.JPG?1494557345" class="editor-image img-responsive" data-smartkarma-image-id="25901"></figure><table class="table table-striped"><tbody><tr><td><div id="dtd_titreConseil">Bullish above <strong>100.00</strong>
</div></td></tr></tbody></table><div id="dtd_analyse">*** Strong view conviction</div><table class="table table-striped"><tbody><tr><td>
<div id="dtd_titreCas1_pre"><strong>Preferred case:</strong></div>
<div id="dtd_titreCas1_suf"><strong>Bullish</strong></div>
<ul><li>
<strong>100.00</strong> support, rise expected to <strong>116.00</strong>.</li></ul>
</td></tr></tbody></table><div id="dtd_kelTitre">Key elements on a weekly basis:</div><ul>
<li>Back to graphical support and 144 week MA</li>
<li>weekly Rsi at level where the stock reversed in the past.</li>
</ul><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/025/903/original/BBSP%20Chunghwa%20rv%20vs%20TWSE%20outperf.JPG?1494557499" class="editor-image img-responsive" data-smartkarma-image-id="25903"></figure><p>Also, relative value 2412 TT vs TWSE outperformance expected</p><div class="content-remarks"><p>Access to this document is restricted to the use of the intended recipient designated by BBSP and may not be<br>shared with others. Any unauthorized use, dissemination, distribution or copying of this…</p></div>

Bullish above 100.00
*** Strong view conviction
Preferred case:
Bullish

100.00 support, rise expected to 116.00.
Key elements on a weekly basis:
Back to graphical support and 144 week MA
weekly Rsi at level where the stock reversed in the past.
Also, relative value 2412 TT vs TWSE outperformance expectedAccess to this document is restricted to the use of the intended recipient designated by BBSP and may not be shared with others. Any unauthorized use, dissemination, distribution or copying of this…

Chunghwa Telecom 2412 TT - About to Explode Upside - Target 116 (+10%)

<p>When we wrote about the Taiwanese telcos after our December visits we noted <a href="https://www.smartkarma.com/entities/9181" target="_blank" data-smartkarma-citation="entities:9181:1">Chunghwa's (2412 TT)</a> market share losses. So far they have acceded to falling market share while <a href="https://www.smartkarma.com/entities/19488" target="_blank" data-smartkarma-citation="entities:19488:1">Far Eastone (4904 TT)</a> and <a href="https://www.smartkarma.com/entities/12128" target="_blank" data-smartkarma-citation="entities:12128:1">Taiwan Mobile (3045 TT)</a> have gained. However, we are starting to worry about retaliatory action.</p><p><strong>Taiwan</strong><strong> December operator numbers: Chunghwa’s struggles continue</strong></p><p>The Taiwanese telecom operators have all reported their December 2016 results. The key conclusion is that Chunghwa continues to struggle which…</p>

When we wrote about the Taiwanese telcos after our December visits we noted Chunghwa's (2412 TT) market share losses. So far they have acceded to falling market share while Far Eastone (4904 TT) and Taiwan Mobile (3045 TT) have gained. However, we are starting to worry about retaliatory action.Taiwan December operator numbers: Chunghwa’s struggles continueThe Taiwanese telecom operators have all reported their December 2016 results. The key conclusion is that Chunghwa continues to struggle which…

Taiwan Telcos: Chunghwa Still Struggling. Risk Increasing They Take Action to Protect Share

<p>We met with the CFOs of all three Taiwanese telcos before Christmas. The overall picture was modestly positive in our view. Competition remains benign with the three operators acting rationally and all wary of igniting price competition.  Our current recommendations for the stocks are neutral for <a href="https://www.smartkarma.com/entities/19488" target="_blank" data-smartkarma-citation="entities:19488:1">Far Eastone (FET) (4904 TT)</a> and <a href="https://www.smartkarma.com/entities/12128" target="_blank" data-smartkarma-citation="entities:12128:1">Taiwan Mobile (TM) (3045 TT)</a> with a modest reduce on <a href="https://www.smartkarma.com/entities/9181" target="_blank" data-smartkarma-citation="entities:9181:1">Chunghwa Telecom (CHT) (2412 TT)</a> (8% downside after recent rally). We are not more positive because of the high…</p>

We met with the CFOs of all three Taiwanese telcos before Christmas. The overall picture was modestly positive in our view. Competition remains benign with the three operators acting rationally and all wary of igniting price competition.  Our current recommendations for the stocks are neutral for Far Eastone (FET) (4904 TT) and Taiwan Mobile (TM) (3045 TT) with a modest reduce on Chunghwa Telecom (CHT) (2412 TT) (8% downside after recent rally). We are not more positive because of the high…

Taiwan Telecom Meetings: Strong Dividends Support the Sector.

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)

Taiwan Mobile: One to Watch Among Isle's Telcoms

Good price momentum and slow asset growth relative to its sector Taiwan Mobile’s eCommerce platform momo.com (8454 TT), which isone of the top...

A. Stotz Investment Research