Taiwan Telcos

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Taiwan Telcos

Asia Pacific Equity Research

Taiwan First to Market 16 July 2026

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Taiwan Telcos (Ranjan Sharma, CFA/Sigrid Qiu)

Raise PTs on higher earnings expectations; reiterate OW on FET

We are updating our estimates and price targets for FET and CHT post-6M26 trading update. We expect the Taiwan telcos to

sustain mid-single-digit or slightly higher mobile revenue growth through the remainder of FY26 and into FY27. Beyond mobile,

ICT continues to be an important earnings growth driver as CHT is delivering above-expectation growth from AI, IDC, cloud,

and cybersecurity projects, while FET’s strong contract value signed underpins a robust project pipeline that positions ICT as a

durable earnings compounder. We are raising our FY26/27 revenue forecasts by 2% for FET and 4% for CHT, with FET seeing

a more meaningful 5-6% EBIT upgrade on moderating marketing costs, translating into a 6% increase in bottom-line and DPS

estimates. We are rolling forward our price targets to June 2027: NT$120 for FET (maintain Overweight) and NT$147 for CHT

(maintain Neutral). FET remains our preferred pick in the Taiwan telcos space, given its superior revenue growth trajectory and

stronger ICT momentum.