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%)

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Equity Bottom-Up

<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.

<p>We last wrote about Taiwanese Telcos just over three months ago with a recognition of benign competitive conditions and an improved outlook. The stocks did actually perform quite well for a while but have struggled since mid-July and are now all essentially flat since 1 June. </p><p>The latest results (3Q16) reflect increased pressure on earnings following the iPhone launch and tougher YoY comparables. This has seen Ebitda growth move from +4% in 1H16 to -6% in 3Q16. Consensus forecasts seem to assume…</p>

We last wrote about Taiwanese Telcos just over three months ago with a recognition of benign competitive conditions and an improved outlook. The stocks did actually perform quite well for a while but have struggled since mid-July and are now all essentially flat since 1 June. The latest results (3Q16) reflect increased pressure on earnings following the iPhone launch and tougher YoY comparables. This has seen Ebitda growth move from +4% in 1H16 to -6% in 3Q16. Consensus forecasts seem to assume…

Taiwan Telcos: Downgrading Chunghwa to Reduce

<p>We don't write about the Taiwanese telcos all that often. This is effectively a three player market with the new entrants having had little impact on the market. However, it is also a market where data use is very high but not monetized well while voice prices are high but have been largely retained so far. The overall market lacks much growth but the good news is that pricing discipline is returning to the market.</p><p><strong>Recent pricing moves positive, but not transformative:</strong> The recent move to increase…</p>

We don't write about the Taiwanese telcos all that often. This is effectively a three player market with the new entrants having had little impact on the market. However, it is also a market where data use is very high but not monetized well while voice prices are high but have been largely retained so far. The overall market lacks much growth but the good news is that pricing discipline is returning to the market.Recent pricing moves positive, but not transformative: The recent move to increase…

Taiwan Telcos: Benign Competition and Dividends Support Valuations

Taiwan

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

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Chunghwa Telecom (2412 TT)