Taiwan Telcos: June-26 trading update: Healthy earnings growth continues

研报英文原文证据摘录

Taiwan Telcos: June-26 trading update: Healthy earnings growth continues

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

13 July 2026

Taiwan Telcos

June-26 trading update: Healthy earnings growth

continues

Taiwan telcos’ June 2026 and 1H26 earnings releases confirm our expectations of ASEAN TMT

healthy earnings growth. FET, our Taiwan telco top pick, continues to lead the Ranjan Sharma, CFA AC

sector on both mobile and ICT revenue growth, with both segments expanding (65) 6882-1303

above the industry average. CHT’s ICT momentum remains strong, underpinned ranjan.x.sharma@jpmorgan.com

by IDC and cloud services revenues. TWM’s bottom line is growing faster than Sigrid Qiu AC

expected, at 25% yoy, driven by higher non-operating investment income. We (65) 6882-1454

sigrid.qiu@jpmorgan.com

believe there are upside risks to market expectations for Taiwan telcos’ earnings. J.P. Morgan Securities Singapore Private Limited

FET remains our preferred Taiwanese telco.

• FET on track to outperform guidance and consensus. FET’s 1H26 mobile

revenue and ICT revenues have grown 6% and 33%, respectively. Mobile

revenue benefited from product differentiation for various customer groups

and a continued increase in 5G penetration. ICT revenue was supported by

strong execution on multiple cloud and IoT projects. FET’s 1H26 NI growth

rate of 17% sits well above its full-year guidance (3% growth in NI) and

Bloomberg consensus (6% for NI) for FY26, presenting upside risk to street

EPS and DPS forecasts.

• ICT to lead revenue growth at CHT. CHT’s 1H26 mobile service revenue

increased 3.6% yoy, mainly driven by the continued expansion of the 5G

subscriber base, increases in roaming revenue and enterprise SMS revenue.

FBB revenue increased 3.7% yoy as subscribers increasingly adopted higher