Taiwan Telcos May-26 trading update: FET sustains growth leadership; CHT ICT momentum intact; MoMo.com recovery gaining ground

Research evidence excerpt

Taiwan Telcos May-26 trading update: FET sustains growth leadership; CHT ICT momentum intact; MoMo.com recovery gaining ground

J P M O R G A N Asia Pacific Equity Research

10 June 2026

Taiwan Telcos

May-26 trading update: FET sustains growth

leadership; CHT ICT momentum intact; MoMo.com

recovery gaining ground

FET, our Taiwan telco top pick, continues to lead the sector on both mobile and ICT ASEAN TMT

revenue growth, with both segments expanding above the industry average. CHT’s Ranjan Sharma, CFA AC

ICT momentum remains strong, underpinned by IDC and cloud services revenues. (65) 6882-1303

TWM’s bottom line is growing faster than expected, at 24% yoy, driven by higher ranjan.x.sharma@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited

non-operating investment income, which may present upside risk to earnings

Sigrid Qiu ACexpectations. FET remains our preferred Taiwanese telco. We are Neutral on TWM

(65) 6882-1454

and CHT. sigrid.qiu@jpmorgan.com

• Upside risk to FET guidance. FET grew 5M26 mobile revenue 6% and ICT Gokul Hariharan

revenue 26%, both above the industry average. Mobile revenue benefited from

(852) 2800-8564

product differentiation for various customer groups and a continued increase gokul.hariharan@jpmorgan.com

in 5G penetration. ICT revenue was supported by strong execution and the J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

timely delivery of system integration, IoT and cloud projects. FET is on track Morgan Broking (Hong Kong) Limited

to outperform its full-year guidance (3.2% growth in NI) and Bloomberg

consensus (7.4% for NI) for FY26.

• IDC and cloud to support strong ICT growth in CHT. CHT’s 5M26 group

revenues grew 7% yoy. CHT’s 5M26 ICT revenue improved 24% yoy,