Chunghwa Telecom Soars in 3Q11 - Analyst Blog
05 11월 2011 - 12:48AM
Zacks
Chunghwa Telecom Co. Ltd. (CHT) declared solid
financial results for the third quarter of 2011. Quarterly total
revenue was approximately $1,900 million, up 9.5% year over
year.
This improved performance was the combined result of increasing
smartphone sales with continuously growing revenue from both mobile
and Internet value-added services (VAS). In the previous quarter,
smartphones constituted 45% of total handsets sold by Chunghwa.
Third-quarter GAAP net income was approximately $406.8 million,
down 0.2% year over year. However, net earnings per ADR were
51 cents, up 5% year over year. The increase was primarily
attributable to the higher net income and the capital reduction in
January 2011, which reduced the total number of outstanding shares
by 20%.
Quarterly operating income was $473.3 million, down 3.9% year
over year. Operating margin was 24.9% compared with 28.4% in the
year-ago quarter. Third-quarter 2011 EBITDA was $746.8 million,
down 4.1% year over year. Quarterly EBITDA margin came in at 39.4%
compared with 45% in the prior-year quarter.
During the third quarter of 2011, Chunghwa generated around
$641.2 million cash from operations, down 14.1% year over year.
Capital expenditure during the reported quarter was around $227.1
million, up 7.9% year over year.
At the end of the third quarter of 2011, Chunghwa had
approximately $2,312.5 million of cash & cash equivalents and
around $72.2 million of outstanding debt on its balance sheet
compared with $3,000 million of cash & cash equivalents and
$112.7 million of outstanding debt at the end of fiscal 2010.
Segment-wise Revenue
Mobile Communications segment accounted for $810.2 million of
the total third-quarter 2011 revenue, up 6.6% year over year.
Internet segment accounted for $219.6 million, up 0.6% year over
year.
Domestic Fixed-line Communications segment generated $699.7
million, up 17.1% year over year. International Fixed-line
Communications segment accounted for $128.9 million, down 6% year
over year. Other Business segment generated the remaining $41.3
million, up 36% year over year.
In the third quarter, Broadband access (including ADSL and FTTx)
revenue was $170.8 million, down 2.1% year over year. Mobile VAS
revenue was $133.7 million, up 40.5% year over year. Internet VAS
revenue was $20.8 million, up 13.3% year over year.
Subscriber Statistics as of September 30,
2011
Total Broadband subscriber base was approximately 4.48 million.
Out of this, FTTx subscriber base was around 2.32 million,
accounting for 51.8% of total broadband subscriber base. HiNet
subscriber base was 3.67 million, up 3% year over year.
Mobile subscriber base was 9.96 million, up 4% year over year.
Out of this, 3G subscribers base was more than 5.83 million. Mobile
Internet subscriber base was 1.32 million, up 102% year over year.
Management is expecting its mobile Internet subscriber base to
reach 1.47 million by the end of 2011.
International /Domestic Fixed-line subscriber base was 12.25
million. Multimedia-on-demand (MOD) subscriber base was more than
980,000. Management is expecting its MOD subscriber base to reach 1
million by the end of November 2011.
Recommendation
Chunghwa operates in a competitive environment with Taiwan
Mobile Company and Far EasTone Telecommunications Co. Ltd. The
company is trying hard to enter into the Chinese telecom market. It
entered into agreements with China Telecom Corp.
Ltd. (CHA) and China Unicom Ltd. (CHU) to
access software from their application stores for providing premium
services to its subscribers.
We maintain our long-term Neutral recommendation on Chunghwa.
Currently, it holds a short-term Zacks #3 Rank (Hold) on the
stock.
CHINA TELCM-ADR (CHA): Free Stock Analysis Report
CHUNGHWA TELECM (CHT): Free Stock Analysis Report
CHINA UNICOM (CHU): Free Stock Analysis Report
Zacks Investment Research
Chunghwa Telecom (NYSE:CHT)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Chunghwa Telecom (NYSE:CHT)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024