Chunghwa Telecom Co., Ltd.

Chunghwa Telecom's mobile and broadband services are subscription-based, covering roughly 40% of Taiwan's mobile subscribers; revenue grew in every fiscal year from FY2020 through FY2025, including through the COVID period. Consumer and enterprise contracts provide substantial forward visibility with renewal rates typical of an incumbent carrier holding critical infrastructure.

The Consumer Business Group, encompassing mobile, fixed broadband, and fixed voice, accounts for the majority of consolidated revenue, with Enterprise Business contributing a meaningful secondary segment; both groups serve the same Taiwan domestic economy, limiting true diversification. International Business represented approximately 4% of FY2024 revenue, providing only modest offset.

Substantially all revenue originates in Taiwan: the International Business Group contributed approximately NT$9.92 billion against group total revenues of approximately NT$229 billion in FY2024, equivalent to roughly 4% of the consolidated top line. No country outside Taiwan contributes more than 2% of revenue.

Chunghwa Telecom operates capital-intensive fixed and mobile infrastructure requiring ongoing spectrum investment and network densification; NT$27.7 billion in CapEx in FY2025 constrains incremental margin expansion. Operating income of NT$48.55 billion in FY2025 grew modestly faster than revenue, reflecting some operating leverage, though the cost structure is not asset-light.

Mobile subscriptions and broadband contracts are subscription-based, non-discretionary services with high renewal rates, and enterprise ICT contracts are multi-year; service revenue underpins the majority of consolidated billings and is mission-critical infrastructure in Taiwan. Consumer mobile plans are predominantly monthly rather than multi-year, which limits full adherence to the contractual-duration benchmark.