Intrinsic value of Chunghwa Telecom ADR - CHT

Previous Close

$34.61

  Intrinsic Value

$1.23

stock screener

  Rating & Target

str. sell

-96%

Previous close

$34.61

 
Intrinsic value

$1.23

 
Up/down potential

-96%

 
Rating

str. sell

We calculate the intrinsic value of CHT stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -0.78
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  7,394
  7,276
  7,443
  7,634
  7,849
  8,087
  8,348
  8,632
  8,940
  9,272
  9,628
  10,008
  10,414
  10,847
  11,306
  11,794
  12,311
  12,858
  13,437
  14,048
  14,694
  15,375
  16,093
  16,850
  17,648
  18,488
  19,372
  20,304
  21,283
  22,314
  23,398
Variable operating expenses, $m
 
  5,687
  5,814
  5,960
  6,123
  6,304
  6,503
  6,720
  6,954
  7,206
  7,477
  7,620
  7,930
  8,259
  8,609
  8,980
  9,374
  9,790
  10,231
  10,696
  11,188
  11,706
  12,253
  12,830
  13,437
  14,077
  14,750
  15,459
  16,205
  16,990
  17,816
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  5,866
  5,687
  5,814
  5,960
  6,123
  6,304
  6,503
  6,720
  6,954
  7,206
  7,477
  7,620
  7,930
  8,259
  8,609
  8,980
  9,374
  9,790
  10,231
  10,696
  11,188
  11,706
  12,253
  12,830
  13,437
  14,077
  14,750
  15,459
  16,205
  16,990
  17,816
Operating income, $m
  1,528
  1,589
  1,629
  1,675
  1,726
  1,783
  1,845
  1,913
  1,986
  2,065
  2,150
  2,388
  2,485
  2,588
  2,698
  2,814
  2,937
  3,068
  3,206
  3,352
  3,506
  3,668
  3,840
  4,020
  4,211
  4,411
  4,622
  4,844
  5,078
  5,324
  5,583
EBITDA, $m
  2,573
  2,809
  2,874
  2,948
  3,030
  3,122
  3,223
  3,333
  3,452
  3,580
  3,717
  3,864
  4,021
  4,188
  4,365
  4,554
  4,753
  4,964
  5,188
  5,424
  5,673
  5,936
  6,213
  6,506
  6,814
  7,138
  7,480
  7,839
  8,217
  8,615
  9,034
Interest expense (income), $m
  1
  3
  6
  9
  13
  17
  22
  27
  33
  39
  46
  53
  61
  69
  78
  87
  97
  108
  119
  130
  143
  156
  170
  184
  199
  216
  233
  251
  269
  289
  310
Earnings before tax, $m
  1,588
  1,586
  1,623
  1,666
  1,713
  1,765
  1,823
  1,885
  1,953
  2,026
  2,104
  2,335
  2,424
  2,519
  2,620
  2,727
  2,840
  2,960
  3,087
  3,221
  3,363
  3,512
  3,670
  3,836
  4,011
  4,196
  4,390
  4,594
  4,809
  5,035
  5,273
Tax expense, $m
  262
  428
  438
  450
  462
  477
  492
  509
  527
  547
  568
  630
  654
  680
  707
  736
  767
  799
  834
  870
  908
  948
  991
  1,036
  1,083
  1,133
  1,185
  1,240
  1,298
  1,359
  1,424
Net income, $m
  1,288
  1,158
  1,185
  1,216
  1,250
  1,289
  1,331
  1,376
  1,426
  1,479
  1,536
  1,704
  1,769
  1,839
  1,912
  1,991
  2,073
  2,161
  2,254
  2,352
  2,455
  2,564
  2,679
  2,800
  2,928
  3,063
  3,204
  3,353
  3,510
  3,675
  3,849

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,224
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  14,375
  14,127
  14,452
  14,824
  15,241
  15,703
  16,210
  16,762
  17,360
  18,003
  18,694
  19,433
  20,222
  21,062
  21,954
  22,901
  23,905
  24,967
  26,091
  27,278
  28,531
  29,854
  31,248
  32,719
  34,267
  35,899
  37,616
  39,424
  41,327
  43,328
  45,433
Adjusted assets (=assets-cash), $m
  13,151
  14,127
  14,452
  14,824
  15,241
  15,703
  16,210
  16,762
  17,360
  18,003
  18,694
  19,433
  20,222
  21,062
  21,954
  22,901
  23,905
  24,967
  26,091
  27,278
  28,531
  29,854
  31,248
  32,719
  34,267
  35,899
  37,616
  39,424
  41,327
  43,328
  45,433
Revenue / Adjusted assets
  0.562
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
Average production assets, $m
  11,268
  10,732
  10,978
  11,261
  11,577
  11,928
  12,313
  12,733
  13,187
  13,676
  14,201
  14,762
  15,361
  15,999
  16,677
  17,396
  18,159
  18,966
  19,819
  20,721
  21,673
  22,678
  23,737
  24,854
  26,030
  27,270
  28,574
  29,948
  31,393
  32,913
  34,512
Working capital, $m
  692
  -1,222
  -1,250
  -1,283
  -1,319
  -1,359
  -1,402
  -1,450
  -1,502
  -1,558
  -1,617
  -1,681
  -1,750
  -1,822
  -1,899
  -1,981
  -2,068
  -2,160
  -2,257
  -2,360
  -2,469
  -2,583
  -2,704
  -2,831
  -2,965
  -3,106
  -3,255
  -3,411
  -3,576
  -3,749
  -3,931
Total debt, $m
  56
  106
  168
  240
  320
  410
  507
  614
  729
  854
  987
  1,130
  1,282
  1,444
  1,616
  1,799
  1,993
  2,198
  2,414
  2,644
  2,885
  3,141
  3,410
  3,694
  3,993
  4,307
  4,639
  4,988
  5,355
  5,741
  6,148
Total liabilities, $m
  2,650
  2,727
  2,789
  2,861
  2,941
  3,031
  3,129
  3,235
  3,350
  3,475
  3,608
  3,751
  3,903
  4,065
  4,237
  4,420
  4,614
  4,819
  5,036
  5,265
  5,507
  5,762
  6,031
  6,315
  6,614
  6,928
  7,260
  7,609
  7,976
  8,362
  8,769
Total equity, $m
  11,725
  11,401
  11,663
  11,963
  12,299
  12,672
  13,081
  13,527
  14,009
  14,529
  15,086
  15,683
  16,319
  16,997
  17,717
  18,481
  19,291
  20,149
  21,055
  22,013
  23,025
  24,092
  25,217
  26,404
  27,654
  28,970
  30,356
  31,815
  33,351
  34,966
  36,665
Total liabilities and equity, $m
  14,375
  14,128
  14,452
  14,824
  15,240
  15,703
  16,210
  16,762
  17,359
  18,004
  18,694
  19,434
  20,222
  21,062
  21,954
  22,901
  23,905
  24,968
  26,091
  27,278
  28,532
  29,854
  31,248
  32,719
  34,268
  35,898
  37,616
  39,424
  41,327
  43,328
  45,434
Debt-to-equity ratio
  0.005
  0.010
  0.010
  0.020
  0.030
  0.030
  0.040
  0.050
  0.050
  0.060
  0.070
  0.070
  0.080
  0.080
  0.090
  0.100
  0.100
  0.110
  0.110
  0.120
  0.130
  0.130
  0.140
  0.140
  0.140
  0.150
  0.150
  0.160
  0.160
  0.160
  0.170
Adjusted equity ratio
  0.799
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807
  0.807

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,288
  1,158
  1,185
  1,216
  1,250
  1,289
  1,331
  1,376
  1,426
  1,479
  1,536
  1,704
  1,769
  1,839
  1,912
  1,991
  2,073
  2,161
  2,254
  2,352
  2,455
  2,564
  2,679
  2,800
  2,928
  3,063
  3,204
  3,353
  3,510
  3,675
  3,849
Depreciation, amort., depletion, $m
  1,045
  1,220
  1,245
  1,273
  1,305
  1,340
  1,378
  1,420
  1,466
  1,514
  1,567
  1,476
  1,536
  1,600
  1,668
  1,740
  1,816
  1,897
  1,982
  2,072
  2,167
  2,268
  2,374
  2,485
  2,603
  2,727
  2,857
  2,995
  3,139
  3,291
  3,451
Funds from operations, $m
  1,509
  2,378
  2,430
  2,489
  2,555
  2,628
  2,709
  2,796
  2,891
  2,993
  3,103
  3,180
  3,306
  3,439
  3,580
  3,730
  3,889
  4,058
  4,236
  4,424
  4,622
  4,832
  5,053
  5,286
  5,531
  5,790
  6,062
  6,348
  6,650
  6,967
  7,300
Change in working capital, $m
  -579
  -24
  -28
  -32
  -36
  -40
  -44
  -48
  -52
  -56
  -60
  -64
  -68
  -73
  -77
  -82
  -87
  -92
  -97
  -103
  -108
  -114
  -121
  -127
  -134
  -141
  -149
  -156
  -165
  -173
  -182
Cash from operations, $m
  2,088
  2,402
  2,458
  2,521
  2,591
  2,668
  2,753
  2,844
  2,943
  3,049
  3,163
  3,244
  3,374
  3,511
  3,657
  3,812
  3,976
  4,150
  4,333
  4,526
  4,731
  4,946
  5,174
  5,413
  5,665
  5,931
  6,210
  6,505
  6,814
  7,140
  7,482
Maintenance CAPEX, $m
  0
  -1,052
  -1,073
  -1,098
  -1,126
  -1,158
  -1,193
  -1,231
  -1,273
  -1,319
  -1,368
  -1,420
  -1,476
  -1,536
  -1,600
  -1,668
  -1,740
  -1,816
  -1,897
  -1,982
  -2,072
  -2,167
  -2,268
  -2,374
  -2,485
  -2,603
  -2,727
  -2,857
  -2,995
  -3,139
  -3,291
New CAPEX, $m
  -765
  -213
  -247
  -282
  -317
  -351
  -385
  -419
  -454
  -489
  -525
  -561
  -599
  -638
  -678
  -719
  -762
  -807
  -853
  -902
  -952
  -1,005
  -1,059
  -1,117
  -1,177
  -1,239
  -1,305
  -1,373
  -1,445
  -1,520
  -1,599
Cash from investing activities, $m
  -696
  -1,265
  -1,320
  -1,380
  -1,443
  -1,509
  -1,578
  -1,650
  -1,727
  -1,808
  -1,893
  -1,981
  -2,075
  -2,174
  -2,278
  -2,387
  -2,502
  -2,623
  -2,750
  -2,884
  -3,024
  -3,172
  -3,327
  -3,491
  -3,662
  -3,842
  -4,032
  -4,230
  -4,440
  -4,659
  -4,890
Free cash flow, $m
  1,392
  1,137
  1,138
  1,141
  1,148
  1,160
  1,175
  1,194
  1,216
  1,241
  1,270
  1,263
  1,298
  1,337
  1,379
  1,425
  1,474
  1,527
  1,583
  1,643
  1,707
  1,774
  1,846
  1,923
  2,003
  2,089
  2,179
  2,274
  2,374
  2,480
  2,592
Issuance/(repayment) of debt, $m
  -4
  52
  63
  72
  80
  89
  98
  107
  115
  124
  133
  143
  152
  162
  172
  183
  194
  205
  217
  229
  242
  255
  269
  284
  299
  315
  332
  349
  367
  386
  406
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  1
  52
  63
  72
  80
  89
  98
  107
  115
  124
  133
  143
  152
  162
  172
  183
  194
  205
  217
  229
  242
  255
  269
  284
  299
  315
  332
  349
  367
  386
  406
Total cash flow (excl. dividends), $m
  1,395
  1,189
  1,201
  1,213
  1,229
  1,249
  1,273
  1,300
  1,331
  1,366
  1,404
  1,406
  1,451
  1,499
  1,552
  1,608
  1,668
  1,732
  1,800
  1,872
  1,948
  2,030
  2,116
  2,206
  2,302
  2,403
  2,510
  2,623
  2,742
  2,867
  2,998
Retained Cash Flow (-), $m
  130
  -216
  -262
  -300
  -337
  -373
  -409
  -446
  -482
  -520
  -558
  -597
  -636
  -678
  -720
  -764
  -810
  -857
  -907
  -958
  -1,011
  -1,067
  -1,126
  -1,186
  -1,250
  -1,317
  -1,386
  -1,459
  -1,535
  -1,615
  -1,699
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  973
  938
  913
  892
  876
  864
  855
  849
  846
  846
  809
  814
  822
  831
  844
  858
  874
  893
  914
  937
  962
  990
  1,020
  1,052
  1,087
  1,124
  1,164
  1,206
  1,251
  1,299
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  933
  859
  794
  735
  679
  627
  577
  531
  486
  444
  384
  347
  312
  279
  248
  218
  190
  164
  141
  119
  100
  82
  67
  54
  42
  33
  25
  19
  14
  10
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Chunghwa Telecom Co., Ltd. provides telecommunication services. The Company's segments include Domestic fixed communications business, which is engaged in the provision of local telephone services, domestic long distance telephone services, broadband access and related services; Mobile communications business, which is engaged in the provision of mobile services, sales of mobile handsets and data cards, and related services; Internet business, which is engaged in the provision of HiNet services and related services; International fixed communications business, which includes international long distance telephone services, international leased line services, international data services, satellite services, and information and communication technology (ICT) and other international services, and Others, which is engaged in the provision of non-telecom services. Its ICT service includes integrated services, such as intelligent energy network and intelligent transportation system.

FINANCIAL RATIOS  of  Chunghwa Telecom ADR (CHT)

Valuation Ratios
P/E Ratio 208.5
Price to Sales 36.3
Price to Book 22.9
Price to Tangible Book
Price to Cash Flow 128.6
Price to Free Cash Flow 202.9
Growth Rates
Sales Growth Rate -0.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -32.9%
Cap. Spend. - 3 Yr. Gr. Rate -20.8%
Financial Strength
Quick Ratio 306
Current Ratio 0
LT Debt to Equity 0.4%
Total Debt to Equity 0.5%
Interest Coverage 1589
Management Effectiveness
Return On Assets 8.9%
Ret/ On Assets - 3 Yr. Avg. 9%
Return On Total Capital 10.9%
Ret/ On T. Cap. - 3 Yr. Avg. 11%
Return On Equity 10.9%
Return On Equity - 3 Yr. Avg. 11.1%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 35.8%
Gross Margin - 3 Yr. Avg. 35.5%
EBITDA Margin 35.6%
EBITDA Margin - 3 Yr. Avg. 36%
Operating Margin 20.7%
Oper. Margin - 3 Yr. Avg. 20.7%
Pre-Tax Margin 21.5%
Pre-Tax Margin - 3 Yr. Avg. 21.5%
Net Profit Margin 17.4%
Net Profit Margin - 3 Yr. Avg. 17.6%
Effective Tax Rate 16.5%
Eff/ Tax Rate - 3 Yr. Avg. 16.1%
Payout Ratio 106.2%

CHT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CHT stock intrinsic value calculation we used $7133 million for the last fiscal year's total revenue generated by Chunghwa Telecom ADR. The default revenue input number comes from 2016 income statement of Chunghwa Telecom ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CHT stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for CHT is calculated based on our internal credit rating of Chunghwa Telecom ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Chunghwa Telecom ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CHT stock the variable cost ratio is equal to 78.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CHT stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Chunghwa Telecom ADR.

Corporate tax rate of 27% is the nominal tax rate for Chunghwa Telecom ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CHT stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CHT are equal to 147.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Chunghwa Telecom ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CHT is equal to -16.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $11185 million for Chunghwa Telecom ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 7757 million for Chunghwa Telecom ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Chunghwa Telecom ADR at the current share price and the inputted number of shares is $268.5 billion.

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COMPANY NEWS

▶ Chunghwa Telecom 2017 Form 20-F filed with the U.S. SEC   [Apr-27-18 08:00AM  PR Newswire]
▶ 5 Companies Hit 52-Week Highs   [Feb-20-18 11:52AM  GuruFocus.com]
▶ Chunghwa posts 4Q profit   [Jan-31-18 05:44AM  Associated Press]
▶ Chunghwa Telecom Reports 2018 Guidance   [Jan-30-18 06:26AM  PR Newswire]
▶ Chunghwa posts 3Q profit   [Oct-27-17 05:01AM  Associated Press]
▶ Chunghwa Telecom Announces Management Changes   [Aug-08-17 08:12AM  PR Newswire]
▶ Chunghwa posts 2Q profit   [01:31AM  Associated Press]
▶ Top Ranked Income Stocks to Buy for July 20th   [Jul-20-17 11:55AM  Zacks]
▶ Top Ranked Income Stocks to Buy for July 19th   [Jul-19-17 09:59AM  Zacks]
▶ Top Ranked Income Stocks to Buy for July 6th   [Jul-06-17 11:25AM  Zacks]
▶ New Strong Buy Stocks for June 23rd   [Jun-23-17 09:43AM  Zacks]
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▶ New Strong Buy Stocks for June 6th   [Jun-06-17 10:51AM  Zacks]
▶ New Strong Buy Stocks for May 31st   [May-31-17 09:27AM  Zacks]
▶ Chunghwa Telecom Announces Senior Management Changes   [May-26-17 05:00AM  PR Newswire]
▶ Chunghwa posts 1Q profit   [Apr-27-17 05:00AM  Associated Press]
▶ Chunghwa Telecom 2016 Form 20-F filed with the U.S. SEC   [Apr-25-17 08:00AM  PR Newswire]
▶ Why These 7 Stocks Are Poised to Explode   [Feb-03-17 09:58AM  TheStreet.com]
▶ Chunghwa posts 4Q profit   [Jan-25-17 05:01AM  Associated Press]
▶ Chunghwa Telecom Reports 2017 Guidance   [Jan-24-17 03:14AM  PR Newswire]
▶ New Strong Sell Stocks for January 9th   [Jan-09-17 08:47AM  Zacks]
▶ Chunghwa Telecom Announces Chairman and CEO Change   [Dec-15-16 03:19AM  PR Newswire]
▶ Is Royal Bank of Scotland Group PLC (RBS) A Good Stock To Buy?   [Dec-11-16 05:39AM  at Insider Monkey]
▶ How Credit Suisse Group AG (ADR) (CS) Stacks Up Against Its Peers   [Dec-10-16 02:46PM  at Insider Monkey]
▶ CHUNGHWA TELECOM CO LTD Financials   [01:04PM  EDGAR Online Financials]
▶ Chunghwa Telecom 2015 Form 20-F filed with the U.S. SEC   [Apr-27-16 08:00AM  PR Newswire]
▶ Chunghwa Telecom Reports 2016 Guidance   [Jan-27-16 04:27AM  PR Newswire]
Financial statements of CHT
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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