Chunghwa Telecom's 2019 Guidance Looks Optimistic After Missing 2018 Guidance.

Chunghwa Telecom (2412 TT): Outlook Grim as Revenues Decline

Chunghwa (2412 TT) Monthly Numbers Start to Show the Pain from Lower Tariff Promotion

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Equity Bottom-Up

<p>The Taiwanese telecom regulator (NCC) recently announced the structure of the upcoming 5G auction which is due in 4Q19. The introduction of spectrum caps and <a href="https://www.smartkarma.com/entities/asia-pacific-telecom-co-ltd" target="_blank" data-smartkarma-citation="entities:19657:1" rel="noopener">Asia Pacific Telecom (APT) (3682 TT)</a> securing financing to participate in the 5G auction suggests a more competitive 5G auction later this year. The last time bidding tension increased in 2013, the telco industry under-performed in the run up to the auction, and we also expect some under-performance in the next six months. Recent monthly numbers, while showing some recovery in EBITDA, show no signs of recovery in revenues or net profit.</p>

The Taiwanese telecom regulator (NCC) recently announced the structure of the upcoming 5G auction which is due in 4Q19. The introduction of spectrum caps and Asia Pacific Telecom (APT) (3682 TT) securing financing to participate in the 5G auction suggests a more competitive 5G auction later this year. The last time bidding tension increased in 2013, the telco industry under-performed in the run up to the auction, and we also expect some under-performance in the next six months. Recent monthly numbers, while showing some recovery in EBITDA, show no signs of recovery in revenues or net profit.

Taiwan Telcos: Run up to 5G Auction Will Drive Uncertainty. Remain Cautious

Taiwan Mobile

Taiwan Telcos: Run up to 5G Auction Will Drive Uncertainty. Remain Cautious