中华电信股份有限公司：ICT和AIDC支持增长，核心电信业务支撑现金流——CHT 2026年第二季度财报电话会议要点

研报英文原文证据摘录

J P M O R G A N

Asia Pacific Equity Research

05 August 2026

Chunghwa Telecom Co., Ltd

ICT and AIDC Support Growth as Core Telecom

Business Underpins Cash Flow - Takeaways from

CHT’s 2Q26 Earnings Call

Neutral

2412.TW, 2412 TT

Price (05 Aug 26):NT$137.00

Price Target (Jun-27):NT$147.00

CHT’s 2Q26 revenue growth outpaced operating income growth, consistent with

an increased share of lower-margin ICT and product sales revenues. CHT’s

telecom business is driving growth in FCFs, while ICT and international segments

are supporting revenue growth. This includes a new 36MW IDC. 1H26 ICT

contract book already matches full-year bookings in 2025. We are Neutral on CHT.

Strong 2Q26 revenue growth with slightly lower margins. CHT’s 2Q26

revenue growth of 8.2% outpaced operating income growth of 5.7%. While

growth in higher margin telecom revenues remained high, CHT has seen strong

growth in lower margin ICT revenues.

IDC buildouts to support continued revenue growth momentum. The

international business segment posted revenue up >78% YoY, with US revenue

up more than 11-fold on the delivery of large-scale AI supply-chain projects in

Texas, and Southeast Asia revenue doubling on Singapore and Vietnam

construction work. In 2Q26, big data, cybersecurity and IDC revenue increased

167%, 34% and 14% yoy respectively. 2Q26 contract value rose 30% yoy, and

1H ICT contract value has already matched the full-year 2025 total.

Additionally, the newly commissioned Lunping AIDC will add up to 36MW

at full build-out and support CHT’s continued IDC revenue growth.

Management disclosed that on a combined basis with Chief Telecom, CHT

now holds a 78% IDC market share in Taiwan.

Core telecoms contributed steady revenue growth. The domestic franchise

has held pricing and generated high-margin revenues. Postpaid churn has

stayed low, which has further supported margins. Roaming recovered as a

function of inbound tourism normalization, and the OTT strength that was tied

to the FIFA World Cup will carry into Q3 with the Asian Games. In our view,

the mobile segment will continue to drive healthy cashflow growth while ICT

will support top-line growth. We forecast FY26 mobile revenue to grow at 4%

…