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Chunghwa Telecom CoFRA:CHWD 91 Piotroski F-Score is 6 as of Aug. 15, 2026, which is at its 10-year median of 6.00. GuruFocus rates FRA:CHWD with a GF Score™ of 91/100 and a GF Value™ of €37.00. The stock has 3 warning signs investors should review. Among 354 Telecommunication Services companies, Chunghwa Telecom Co ranks better than 69.21% on this metric.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Chunghwa Telecom Co has an F-score of 5 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Chunghwa Telecom Co's Piotroski F-Score or its related term are showing as below:
FRA:CHWD'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 6 Max: 9
Current: 6
During the past 13 years, the highest Piotroski F-Score of Chunghwa Telecom Co was 9. The lowest was 3. And the median was 6.
Chunghwa Telecom Co (FRA:CHWD) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Chunghwa Telecom Co Piotroski F-Score Related Terms
Chunghwa Telecom Co Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Chunghwa Telecom Co's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
FRA:CHWD vs VZ, TMUS, T: Piotroski F-Score Comparison
For the Telecom Services subindustry, Chunghwa Telecom Co's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Chunghwa Telecom Co Piotroski F-Score vs Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Chunghwa Telecom Co's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Chunghwa Telecom Co's Piotroski F-Score falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Jun26) TTM:
Last Year (Jun25) TTM:
Net Income was 264.837 + 253.281 + 274.399 + 292.121 = €1,085 Mil. Cash Flow from Operations was 453.748 + 871.35 + 301.366 + 566.545 = €2,193 Mil. Revenue was 1616.002 + 1779.349 + 1619.529 + 1674.323 = €6,689 Mil. Gross Profit was 594.47 + 592.438 + 608.814 + 622.161 = €2,418 Mil.
Average Total Assets from the begining of this year (Jun25)
to the end of this year (Jun26) was
(15935.858 + 14394.62 + 14591.297 + 14868.491 + 15197.855) / 5 = €14997.6242 Mil. Total Assets at the begining of this year (Jun25) was €15,936 Mil. Long-Term Debt & Capital Lease Obligation was €818 Mil. Total Current Assets was €3,947 Mil. Total Current Liabilities was €3,225 Mil.
Net Income was 253.896 + 263.058 + 274.849 + 297.571 = €1,089 Mil.
Revenue was 1560.381 + 1898.039 + 1554.668 + 1650.592 = €6,664 Mil. Gross Profit was 567.697 + 618.771 + 595.331 + 627.533 = €2,409 Mil.
Average Total Assets from the begining of last year (Jun24)
to the end of last year (Jun25) was
(15392.172 + 14368.824 + 15664.301 + 15068.311 + 15935.858) / 5 = €15285.8932 Mil. Total Assets at the begining of last year (Jun24) was €15,392 Mil. Long-Term Debt & Capital Lease Obligation was €839 Mil. Total Current Assets was €3,767 Mil. Total Current Liabilities was €3,267 Mil.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Chunghwa Telecom Co's current Net Income (TTM) was 1,085.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Chunghwa Telecom Co's return on assets of this year was 0.06806273. Chunghwa Telecom Co's return on assets of last year was 0.07077455.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Chunghwa Telecom Co's gearing of this year was 0.05455977. Chunghwa Telecom Co's gearing of last year was 0.05486464.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Chunghwa Telecom Co's current ratio of this year was 1.2238605. Chunghwa Telecom Co's current ratio of last year was 1.15289513.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Chunghwa Telecom Co's number of shares in issue this year was 776.203. Chunghwa Telecom Co's number of shares in issue last year was 776.126.
==> There is larger number of shares in issue this year. ==> Score 0.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Chunghwa Telecom Co's gross margin of this year was 0.36146055. Chunghwa Telecom Co's gross margin of last year was 0.36156178.
==> Last year's gross margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Chunghwa Telecom Co's asset turnover of this year was 0.41975794. Chunghwa Telecom Co's asset turnover of last year was 0.43292656.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Chunghwa Telecom Co has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Chunghwa Telecom Co (FRA:CHWD) has a Piotroski F-Score of 6 as of Aug. 15, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Chunghwa Telecom Co and its competitors. This is near median its historical median of 6.00. Over the past decade, Chunghwa Telecom Co's Piotroski F-Score has ranged from 3.00 to 9.00. According to the industry distribution chart, Chunghwa Telecom Co ranks #109 out of 354 companies in the Telecommunication Services industry, placing it in the top 30.8%.
Is Chunghwa Telecom Co's Piotroski F-Score too high?
Chunghwa Telecom Co's current Piotroski F-Score of 6 is near median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 9.00. The Telecommunication Services industry median Piotroski F-Score is 6.00. Chunghwa Telecom Co's value of 6 is 0% at this industry median. Based on the distribution chart, Chunghwa Telecom Co ranks #109 out of 354 companies in the Telecommunication Services industry, which is above the industry midpoint. Overall, Chunghwa Telecom Co has a GF Score™ of 91/100, reflecting its overall financial health beyond just this single metric.
How does Chunghwa Telecom Co's Piotroski F-Score compare to VZ and TMUS?
According to the Telecommunication Services industry distribution chart, Chunghwa Telecom Co ranks #109 out of 354 companies for Piotroski F-Score. This puts Chunghwa Telecom Co in the upper half of its industry. The industry median Piotroski F-Score is 6.00. Chunghwa Telecom Co's value of 6 is 0% at this benchmark. Historically, Chunghwa Telecom Co's own Piotroski F-Score has ranged from 3.00 to 9.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 6.00, Chunghwa Telecom Co has consistently been at the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for a Telecommunication Services company?
The median Piotroski F-Score among Telecommunication Services companies is 6.00, based on 354 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Chunghwa Telecom Co's current Piotroski F-Score of 6 is 0% at the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Chunghwa Telecom Co and its competitors. For the Telecommunication Services industry, the median Piotroski F-Score is 6.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Chunghwa Telecom Co's current Piotroski F-Score is 6, which is near median its own 10-year median of 6.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Chunghwa Telecom Co stock overvalued right now?
Chunghwa Telecom Co (FRA:CHWD) has a current Piotroski F-Score of 6. The stock's GF Value™ is €37.00, compared to a current price of €36.40 — trading 1.6% below its estimated fair value. The current Piotroski F-Score is 6, which is near median its 10-year median of 6.00 and 0% at the Telecommunication Services industry median of 6.00. Chunghwa Telecom Co's overall GF Score™ is 91/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For Chunghwa Telecom Co (FRA:CHWD), the current Piotroski F-Score is 6 as of Aug. 15, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Chunghwa Telecom Co (FRA:CHWD) Overvalued in 2026?
Based on GuruFocus' analysis, Chunghwa Telecom Co stock appears to be undervalued.
The current stock price of €36.40 is trading 1.6% below its estimated GF Value™ of €37.00.
Key valuation signals for FRA:CHWD:
Piotroski F-Score: 6 (near median its 10-year median of 6.00)
GF Value™: €37.00 vs. price of €36.40 (1.6% below fair value)
Industry Position: 0% at the Telecommunication Services median (#109 of 354)
No single metric tells the full story. See the FRA:CHWD stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Chunghwa Telecom Co Ltd is Taiwan's integrated telecom operator, providing fixed-line, wireless, and Internet and data services. The company's reportable segments are: Consumer Business, Enterprise Business, International Business, and Others. The majority of its revenue comes from the Consumer Business, which focuses on individual and home-centric businesses, such as mobile, fixed broadband, Wi-Fi, IPTV (MOD), and OTT services. The Enterprise business offers IDC, cloud, cybersecurity, 5G, AIoT, data, AI, enterprise digital transformation, and system integration services to businesses, and the International business segment represents services offered to international customers. Geographically, the company generates maximum revenue from its business in Taiwan.
91GF Score
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