Intrinsic value of Chunghwa Telecom Co., Ltd. - CHT

Previous Close

$35.70

  Intrinsic Value

$6.52

stock screener

  Rating & Target

str. sell

-82%

Previous close

$35.70

 
Intrinsic value

$6.52

 
Up/down potential

-82%

 
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

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 27.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.40
  7.16
  6.94
  6.75
  6.57
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
Revenue, $m
  8,224
  8,812
  9,424
  10,060
  10,722
  11,410
  12,126
  12,871
  13,648
  14,457
  15,301
  16,181
  17,100
  18,060
  19,062
  20,109
  21,204
  22,349
  23,547
  24,801
  26,113
  27,487
  28,926
  30,434
  32,014
  33,670
  35,406
  37,226
  39,134
  41,135
Variable operating expenses, $m
  6,475
  6,925
  7,393
  7,880
  8,386
  8,912
  9,460
  10,030
  10,624
  11,243
  11,704
  12,377
  13,080
  13,813
  14,580
  15,381
  16,218
  17,094
  18,010
  18,969
  19,973
  21,024
  22,125
  23,279
  24,487
  25,754
  27,081
  28,473
  29,932
  31,463
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
  6,475
  6,925
  7,393
  7,880
  8,386
  8,912
  9,460
  10,030
  10,624
  11,243
  11,704
  12,377
  13,080
  13,813
  14,580
  15,381
  16,218
  17,094
  18,010
  18,969
  19,973
  21,024
  22,125
  23,279
  24,487
  25,754
  27,081
  28,473
  29,932
  31,463
Operating income, $m
  1,749
  1,887
  2,031
  2,181
  2,336
  2,498
  2,666
  2,842
  3,024
  3,215
  3,598
  3,805
  4,021
  4,246
  4,482
  4,728
  4,985
  5,255
  5,536
  5,831
  6,140
  6,463
  6,801
  7,156
  7,527
  7,917
  8,325
  8,753
  9,201
  9,672
EBITDA, $m
  2,997
  3,212
  3,435
  3,666
  3,908
  4,158
  4,419
  4,691
  4,974
  5,269
  5,576
  5,897
  6,232
  6,582
  6,947
  7,329
  7,728
  8,145
  8,581
  9,038
  9,517
  10,017
  10,542
  11,092
  11,667
  12,271
  12,903
  13,567
  14,262
  14,991
Interest expense (income), $m
  1
  3
  15
  28
  41
  55
  69
  84
  99
  115
  131
  149
  167
  186
  205
  226
  247
  270
  293
  317
  343
  370
  398
  427
  458
  490
  524
  560
  597
  636
  676
Earnings before tax, $m
  1,746
  1,872
  2,003
  2,140
  2,282
  2,429
  2,583
  2,743
  2,909
  3,083
  3,449
  3,638
  3,835
  4,041
  4,256
  4,481
  4,716
  4,962
  5,219
  5,488
  5,770
  6,065
  6,374
  6,698
  7,037
  7,392
  7,765
  8,156
  8,566
  8,995
Tax expense, $m
  471
  505
  541
  578
  616
  656
  697
  741
  786
  832
  931
  982
  1,035
  1,091
  1,149
  1,210
  1,273
  1,340
  1,409
  1,482
  1,558
  1,638
  1,721
  1,808
  1,900
  1,996
  2,097
  2,202
  2,313
  2,429
Net income, $m
  1,274
  1,366
  1,462
  1,562
  1,666
  1,773
  1,885
  2,002
  2,124
  2,251
  2,518
  2,656
  2,800
  2,950
  3,107
  3,271
  3,443
  3,622
  3,810
  4,006
  4,212
  4,427
  4,653
  4,889
  5,137
  5,396
  5,669
  5,954
  6,253
  6,566

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  16,284
  17,450
  18,662
  19,922
  21,232
  22,594
  24,012
  25,488
  27,026
  28,628
  30,299
  32,043
  33,862
  35,762
  37,746
  39,820
  41,988
  44,255
  46,627
  49,110
  51,709
  54,430
  57,280
  60,266
  63,395
  66,674
  70,111
  73,714
  77,492
  81,455
Adjusted assets (=assets-cash), $m
  16,284
  17,450
  18,662
  19,922
  21,232
  22,594
  24,012
  25,488
  27,026
  28,628
  30,299
  32,043
  33,862
  35,762
  37,746
  39,820
  41,988
  44,255
  46,627
  49,110
  51,709
  54,430
  57,280
  60,266
  63,395
  66,674
  70,111
  73,714
  77,492
  81,455
Revenue / Adjusted assets
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
Average production assets, $m
  10,954
  11,738
  12,553
  13,401
  14,282
  15,198
  16,152
  17,145
  18,179
  19,257
  20,381
  21,554
  22,778
  24,055
  25,390
  26,785
  28,244
  29,769
  31,364
  33,034
  34,782
  36,613
  38,530
  40,539
  42,643
  44,849
  47,161
  49,585
  52,126
  54,791
Working capital, $m
  -485
  -520
  -556
  -594
  -633
  -673
  -715
  -759
  -805
  -853
  -903
  -955
  -1,009
  -1,066
  -1,125
  -1,186
  -1,251
  -1,319
  -1,389
  -1,463
  -1,541
  -1,622
  -1,707
  -1,796
  -1,889
  -1,987
  -2,089
  -2,196
  -2,309
  -2,427
Total debt, $m
  285
  518
  761
  1,013
  1,275
  1,547
  1,831
  2,126
  2,433
  2,754
  3,088
  3,437
  3,801
  4,181
  4,577
  4,992
  5,426
  5,879
  6,354
  6,850
  7,370
  7,914
  8,484
  9,081
  9,707
  10,363
  11,050
  11,771
  12,527
  13,319
Total liabilities, $m
  3,257
  3,490
  3,732
  3,984
  4,246
  4,519
  4,802
  5,098
  5,405
  5,726
  6,060
  6,409
  6,772
  7,152
  7,549
  7,964
  8,398
  8,851
  9,325
  9,822
  10,342
  10,886
  11,456
  12,053
  12,679
  13,335
  14,022
  14,743
  15,498
  16,291
Total equity, $m
  13,028
  13,960
  14,930
  15,937
  16,985
  18,075
  19,209
  20,390
  21,621
  22,903
  24,239
  25,634
  27,089
  28,609
  30,197
  31,856
  33,590
  35,404
  37,302
  39,288
  41,367
  43,544
  45,824
  48,213
  50,716
  53,339
  56,089
  58,971
  61,994
  65,164
Total liabilities and equity, $m
  16,285
  17,450
  18,662
  19,921
  21,231
  22,594
  24,011
  25,488
  27,026
  28,629
  30,299
  32,043
  33,861
  35,761
  37,746
  39,820
  41,988
  44,255
  46,627
  49,110
  51,709
  54,430
  57,280
  60,266
  63,395
  66,674
  70,111
  73,714
  77,492
  81,455
Debt-to-equity ratio
  0.020
  0.040
  0.050
  0.060
  0.080
  0.090
  0.100
  0.100
  0.110
  0.120
  0.130
  0.130
  0.140
  0.150
  0.150
  0.160
  0.160
  0.170
  0.170
  0.170
  0.180
  0.180
  0.190
  0.190
  0.190
  0.190
  0.200
  0.200
  0.200
  0.200
Adjusted equity ratio
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,274
  1,366
  1,462
  1,562
  1,666
  1,773
  1,885
  2,002
  2,124
  2,251
  2,518
  2,656
  2,800
  2,950
  3,107
  3,271
  3,443
  3,622
  3,810
  4,006
  4,212
  4,427
  4,653
  4,889
  5,137
  5,396
  5,669
  5,954
  6,253
  6,566
Depreciation, amort., depletion, $m
  1,248
  1,324
  1,403
  1,486
  1,571
  1,660
  1,753
  1,849
  1,950
  2,054
  1,979
  2,093
  2,211
  2,335
  2,465
  2,601
  2,742
  2,890
  3,045
  3,207
  3,377
  3,555
  3,741
  3,936
  4,140
  4,354
  4,579
  4,814
  5,061
  5,320
Funds from operations, $m
  2,523
  2,691
  2,866
  3,048
  3,237
  3,434
  3,638
  3,851
  4,074
  4,305
  4,496
  4,748
  5,011
  5,285
  5,572
  5,872
  6,185
  6,512
  6,855
  7,213
  7,589
  7,982
  8,394
  8,825
  9,277
  9,751
  10,247
  10,768
  11,314
  11,886
Change in working capital, $m
  -33
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -85
  -89
  -93
  -98
  -102
  -107
  -113
  -118
Cash from operations, $m
  2,556
  2,726
  2,902
  3,085
  3,276
  3,474
  3,681
  3,895
  4,119
  4,353
  4,546
  4,800
  5,065
  5,342
  5,631
  5,933
  6,249
  6,580
  6,926
  7,287
  7,666
  8,063
  8,479
  8,914
  9,370
  9,848
  10,350
  10,875
  11,426
  12,004
Maintenance CAPEX, $m
  -991
  -1,063
  -1,140
  -1,219
  -1,301
  -1,387
  -1,476
  -1,568
  -1,665
  -1,765
  -1,870
  -1,979
  -2,093
  -2,211
  -2,335
  -2,465
  -2,601
  -2,742
  -2,890
  -3,045
  -3,207
  -3,377
  -3,555
  -3,741
  -3,936
  -4,140
  -4,354
  -4,579
  -4,814
  -5,061
New CAPEX, $m
  -752
  -784
  -815
  -847
  -881
  -916
  -954
  -993
  -1,034
  -1,078
  -1,124
  -1,173
  -1,224
  -1,278
  -1,335
  -1,395
  -1,458
  -1,525
  -1,596
  -1,670
  -1,748
  -1,830
  -1,917
  -2,008
  -2,105
  -2,206
  -2,312
  -2,424
  -2,542
  -2,665
Cash from investing activities, $m
  -1,743
  -1,847
  -1,955
  -2,066
  -2,182
  -2,303
  -2,430
  -2,561
  -2,699
  -2,843
  -2,994
  -3,152
  -3,317
  -3,489
  -3,670
  -3,860
  -4,059
  -4,267
  -4,486
  -4,715
  -4,955
  -5,207
  -5,472
  -5,749
  -6,041
  -6,346
  -6,666
  -7,003
  -7,356
  -7,726
Free cash flow, $m
  814
  878
  947
  1,019
  1,094
  1,171
  1,251
  1,334
  1,420
  1,510
  1,553
  1,649
  1,749
  1,853
  1,961
  2,073
  2,190
  2,312
  2,440
  2,572
  2,711
  2,856
  3,007
  3,165
  3,330
  3,503
  3,683
  3,873
  4,071
  4,278
Issuance/(repayment) of debt, $m
  229
  233
  242
  252
  262
  272
  284
  295
  308
  321
  334
  349
  364
  380
  397
  415
  434
  453
  474
  497
  520
  544
  570
  597
  626
  656
  687
  721
  756
  792
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
Cash from financing (excl. dividends), $m  
  229
  233
  242
  252
  262
  272
  284
  295
  308
  321
  334
  349
  364
  380
  397
  415
  434
  453
  474
  497
  520
  544
  570
  597
  626
  656
  687
  721
  756
  792
Total cash flow (excl. dividends), $m
  1,043
  1,111
  1,190
  1,271
  1,356
  1,444
  1,535
  1,630
  1,728
  1,830
  1,887
  1,997
  2,113
  2,233
  2,358
  2,488
  2,624
  2,766
  2,914
  3,069
  3,231
  3,400
  3,577
  3,762
  3,956
  4,158
  4,371
  4,593
  4,826
  5,071
Retained Cash Flow (-), $m
  -880
  -933
  -969
  -1,008
  -1,048
  -1,090
  -1,134
  -1,181
  -1,230
  -1,282
  -1,337
  -1,395
  -1,455
  -1,520
  -1,588
  -1,659
  -1,734
  -1,814
  -1,898
  -1,986
  -2,079
  -2,177
  -2,280
  -2,389
  -2,503
  -2,623
  -2,750
  -2,883
  -3,023
  -3,170
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
  163
  178
  220
  263
  308
  354
  401
  449
  498
  548
  550
  603
  657
  713
  770
  829
  890
  952
  1,016
  1,083
  1,152
  1,223
  1,297
  1,373
  1,453
  1,535
  1,621
  1,711
  1,804
  1,901
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
  157
  163
  192
  217
  239
  257
  271
  280
  286
  287
  261
  257
  250
  239
  226
  211
  194
  175
  156
  138
  119
  101
  85
  70
  57
  45
  35
  26
  20
  14
Current shareholders' claim on cash, %
  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 Co., Ltd. (CHT)

Valuation Ratios
P/E Ratio 215
Price to Sales 37.5
Price to Book 23.6
Price to Tangible Book
Price to Cash Flow 132.6
Price to Free Cash Flow 209.3
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 $7657 million for the last fiscal year's total revenue generated by Chunghwa Telecom Co., Ltd.. The default revenue input number comes from 0001 income statement of Chunghwa Telecom Co., Ltd.. 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 7.4% 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 Co., Ltd., 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 Co., Ltd..
    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 78.9%.

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 Co., Ltd..

Corporate tax rate of 27% is the nominal tax rate for Chunghwa Telecom Co., Ltd.. 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 133.2%.

Life of production assets of 10.3 years is the average useful life of capital assets used in Chunghwa Telecom Co., Ltd. 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 -5.9%. 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 - $12147.819063 million for Chunghwa Telecom Co., Ltd. - 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 775.720 million for Chunghwa Telecom Co., Ltd. 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 Co., Ltd. at the current share price and the inputted number of shares is $27.7 billion.

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