Chunghwa Telecom Co. (NYSE:CHT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Friday.
According to Zacks, “Chunghwa seems to dominate the Taiwanese telecom market with its presence in 80% of the broadband market and 35% of the wireless market. The company aims to raise its presence in the 4G market in Taiwan to 40% aiming to add almost 2 million 4G wireless subscribers in 2016. Chunghwa is expanding its fiber-based high-speed next-generation FTTx (fiber to the home/building) offerings. The company is building fiber-to-the-home (FTTH) and fiber-to-the-building (FTTB) access infrastructure. However, Chunghwa unveiled a disappointing guidance for certain important metrics for full-year 2016. Both operating and non-operating income and net income are expected to decline in 2016. Again, stringent pricing pressure, oversaturated and competitive telecom market and telecom regulatory changes are the near-term risks.”
Shares of Chunghwa Telecom (NYSE:CHT) traded up 0.78% during midday trading on Friday, reaching $33.43. 139,057 shares of the company were exchanged. Chunghwa Telecom has a 52-week low of $29.31 and a 52-week high of $38.47. The company has a market capitalization of $25.93 billion, a PE ratio of 20.14 and a beta of 0.31. The firm’s 50 day moving average is $34.33 and its 200-day moving average is $35.30.
A number of large investors have recently bought and sold shares of CHT. Causeway Capital Management LLC boosted its stake in Chunghwa Telecom by 22,087.1% in the second quarter. Causeway Capital Management LLC now owns 6,878,000 shares of the company’s stock worth $26,007,000 after buying an additional 6,847,000 shares during the last quarter. Crow Point Partners LLC bought a new stake in Chunghwa Telecom during the third quarter worth about $20,119,000. BlackRock Institutional Trust Company N.A. boosted its stake in Chunghwa Telecom by 53.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 997,980 shares of the company’s stock worth $36,227,000 after buying an additional 349,183 shares during the last quarter. Northern Trust Corp boosted its stake in Chunghwa Telecom by 60.0% in the third quarter. Northern Trust Corp now owns 815,230 shares of the company’s stock worth $28,558,000 after buying an additional 305,574 shares during the last quarter. Finally, Schroder Investment Management Group boosted its stake in Chunghwa Telecom by 20.1% in the second quarter. Schroder Investment Management Group now owns 1,281,650 shares of the company’s stock worth $46,524,000 after buying an additional 214,186 shares during the last quarter. Institutional investors own 5.31% of the company’s stock.
About Chunghwa Telecom
Chunghwa Telecom Co, Ltd. provides telecommunication services. The Company’s segments include Domestic fixed communications business, which is engaged in the provision of local telephone services, domestic long distance telephone services, broadband access and related services; Mobile communications business, which is engaged in the provision of mobile services, sales of mobile handsets and data cards, and related services; Internet business, which is engaged in the provision of HiNet services and related services; International fixed communications business, which includes international long distance telephone services, international leased line services, international data services, satellite services, and information and communication technology (ICT) and other international services, and Others, which is engaged in the provision of non-telecom services.