Shui-Fa Cheng

Chunghwa Telecom is partially state-owned (the Ministry of Transportation and Communications holds a significant stake) and operates the most extensive telecommunications infrastructure in Taiwan. Chunghwa dominates Taiwanese telecom with the largest mobile subscriber base, the most extensive fiber broadband network, and the leading position in enterprise ICT services. The company has invested heavily in 5G network deployment across Taiwan and is expanding into cloud computing, cybersecurity, and IoT services to diversify beyond traditional telecom revenue. Cheng's strategic priorities include 5G network monetization, fiber broadband expansion to underserved areas, enterprise digital transformation services growth, and maintaining Chunghwa's generous dividend policy that makes it one of Taiwan's most popular income stocks. His decisions on capex levels, competitive response to Far EasTone and Taiwan Mobile, and digital service development are the key variables for the stock.