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CHT Investor Presentation 2021
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2020第四季營運報告
Credit Suisse Asian Investment Conference
2021年3月25日
電話會議
TSE: 2412
NYSE: CHT
Notes:
聲明
本文件係由中華電信股份有限公司（以下簡稱本公司）提供，本文件中之資訊或意見並未明示或暗示陳述或保證其具有公正性、準確性、完整性或隨時更新，亦非完全可信賴。文件中之資訊係以發布時點之環境變動為考量，日後亦不可能為反映此時點後之重大發展狀況而更正相關資訊。本公司、轄屬機構、關係人、代表均不就使用（例如疏忽或其他情況）本文件資訊或其內容或其他與本份文件有關資訊所引發之損害負責。
本文件之陳述可能會表達出本公司對未來願景之信心與期望，但這些前瞻性之陳述係建立在若干與本公司營運及超出本公司管控因素外之假設條件上，因此，實際結果與上開前瞻性陳述可能有很大的差異。
本文件之任一部份不可因任何目的而被直接或間接複製、再散佈或傳遞予任何其他人（不論公司內或公司外）或出版（部份或全部）。
Notes:
致力於提高股東價值
現金發放
董事會決議通過2021年配發334億元之現金股利
每股股利 NT$4.306
股利配發率約 100%
NT$ bn
註:
1 股ADR = 10 股普通股
現金股利以7,757,446,545股普通股數計算
Notes:
業務報導
Notes:
業務綜覽
+
高資費佔比提升
300M以上客戶數
家用Wi-Fi裝置
YoY 373%
YoY 69%
Notes:
•
行動服務領導者
行動營收市占第一(a)(b)
Chart
| Category | #1 Mobile subscribers |
|---|---|
| CHT | 0.36 |
| TWM | 0.243 |
| FET | 0.242 |
| Other | 0.155 |
| Strategy | |
| Expand IoT services over NB-IoT and Cat-M1 network | |
| Offer diversified rate plans and product portfolio to satisfy customer demands | |
| Enhance brand image | |
| Strengthen subscriber retention and acquisition initiatives | |
| Promote VAS and new applications | |
| Grow enterprise customers revenues |
Chart
| Category | #1 Mobile revenue | |
|---|---|---|
| #1 Mobile revenue | 0.382 | 0.382 |
| 資料來源: 公司網站, MOTC, NCC 統計數字 | ||
| 各項市佔率為2020年12月份資料 | ||
| 營收之計算係依據T-IFRSs | ||
| 客戶忠誠度最高 | ||
| 行動服務營收表現最佳 | ||
| (Billion) | ||
| (Thousand) |
Chart
| Category | CHT | TWM | FET | CHT | TWM | FET |
|---|---|---|---|---|---|---|
| Q4 19 | 16.07 | 12.43 | 12.37 | -0.041 | -0.082 | -0.052 |
| Q1 20 | 15.71 | 11.98 | 12.08 | -0.04 | -0.087 | -0.05 |
| Q2 20 | 15.41 | 11.7 | 11.88 | -0.052 | -0.094 | -0.058 |
| Q3 20 | 15.58 | 11.73 | 11.8 | -0.042 | -0.08 | -0.053 |
| Q4 20 | 15.6 | 11.85 | 11.98 | -0.029 | -0.047 | -0.032 |
Chart
| Category | CHT | TWM | FET | CHT | TWM | FET |
|---|---|---|---|---|---|---|
| 44032 | 11132.826 | 7190.245 | 7045.779 | 0.005214671550537443 | 0.008746411175535287 | 0.0116 |
| 44063 | 11241.135 | 7195.207 | 7050.283 | 0.0042310906200689795 | 0.008534513496347276 | 0.0108 |
| 44094 | 11273.696 | 7225.396 | 7058.438 | 0.004284838458490135 | 0.007919847805822984 | 0.0102 |
| 44105 | 11325.667 | 7250.008 | 7067.975 | 0.0045 | 0.008697073352282453 | 0.0106 |
| 44136 | 11302.422 | 7252.681 | 7087.424 | 0.008455043593408547 | 0.012729179007766541 | 0.0121 |
| 44166 | 11298.451 | 7264.401 | 7069.489 | 0.005835469522162161 | 0.00935108771410553 | 0.0108 |
| Subscribers | ||||||
| YoY growth rate | ||||||
| (before IFRS 15 adoption) | ||||||
| revenue | ||||||
| 註：台哥大及遠傳之行動服務營收，乃以剩餘價值法(Residual Value Method)為基礎之ARPU乘以平均客戶數所得。 | ||||||
| 註：月租型客戶流失率 |
Notes:
固網寬頻服務
Strategy
Leverage network capability to offer high-speed upload service
Leverage Big Data capability for precision marketing and precision network construction
Leverage mobile, broadband and Wi-Fi capabilities to offer seamless internet services
Expedite CDN construction and OTT promotion to enhance digital convergence product competitiveness
Continue to execute the strategy of encouraging FTTx migration to 300Mbps or higher
寬頻營收
固網寬頻客戶數
300M以上客戶數
YoY 69.0%
ARPU( NT$)
Chart
| Category | 寬頻接取 | 數據網路 | ARPU |
|---|---|---|---|
| Q4 19 | 4515.0 | 5286.0 | 713.0 |
| Q1 20 | 4499.0 | 5305.0 | 715.0 |
| Q2 20 | 4530.0 | 5356.0 | 722.0 |
| Q3 20 | 4528.0 | 5370.0 | 725.0 |
| Q4 20 | 4578.0 | 5416.0 | 733.0 |
4,405
4,388
4,348
4,365
4,375
Chart
| Category | ADSL | Fiber (<100M) | Fiber (≥100M) |
|---|---|---|---|
| Dec 19 | 0.17843359818388196 | 0.46242905788876276 | 0.3591373439273553 |
| Mar 20 | 0.17547857793983593 | 0.4544211485870556 | 0.3701002734731085 |
| Jun 20 | 0.17211428571428572 | 0.44548571428571426 | 0.3824 |
| Sep 20 | 0.16930126002290952 | 0.43711340206185567 | 0.3935853379152348 |
| Dec 20 | 0.167 | 0.404 | 0.429 |
| 註1: ARPU(客戶平均貢獻度)含寬頻接取及ISP | |||
| 註2: 營收之計算係依據T-IFRSs |
Notes:
MOD/ IPTV Service
Strategy
Continue to enrich content, including movies, drama and TV series for SVOD
Leverage the existing broadband and 4G mobile subscriber base to grow MOD subscribers
Enhance MOD platform to carry OTTs and APPs to become the smart home hub
Facilitate MOD platform to be favorable for advertisements and marketing
Differentiate products by acquiring sports contents including eSports
MOD客戶數與營收
SVOD客戶數
Chart
| Category | SVOD Subscriber |
|---|---|
| Q4 19 | 1327.0 |
| Q1 20 | 1328.0 |
| Q2 20 | 1264.0 |
| Q3 20 | 1303.0 |
| Q4 20 | 1300.0 |
Chart
| Category | MOD revenue | MOD Subs |
|---|---|---|
| Q4 19 | 921.0 | 2082.0 |
| Q1 20 | 912.0 | 2086.0 |
| Q2 20 | 915.0 | 2085.0 |
| Q3 20 | 906.0 | 2080.0 |
| Q4 20 | 904.0 | 2069.0 |
| (NT$ mn) | ||
| (Thousand) |
SVOD：包月視頻點播訂閱
Notes:
ICT業務
Strategy
Leverage network capability to offer high-speed upload service
Leverage Big Data capability for precision marketing and precision network construction
Leverage mobile, broadband and Wi-Fi capabilities to offer seamless internet services
Expedite CDN construction and OTT promotion to enhance digital convergence product competitiveness
Continue to execute the strategy of encouraging FTTx migration to 300Mbps or higher
ICT業務營收
新興業務營收
YoY
49.9%
YoY 75.6%
Chart
| Category | ICT Revenue |
|---|---|
| Q4 19 | 86.9 |
| Q1 20 | 44.5 |
| Q2 20 | 52.3 |
| Q3 20 | 90.7 |
| Q4 20 | 130.3 |
| 雲端 | |
| cloud services | |
| YoY 28.6% |
YoY 23.8%
Cyber Security
Notes:
財務報導
Notes:
損益與財務指標
| 合併 | ||||||
|---|---|---|---|---|---|---|
| (NT$bn) | Q4 2020 | Q4 2019 | 成長率?% | 2020 | 2019 | 成長率 ?% |
| 營收 | 59.48 | 55.23 | 7.7 | 207.61 | 207.52 | 0.0 |
| 營業成本及費用 | 50.30 | 45.20 | 11.3 | 166.85 | 166.74 | 0.1 |
| 營業淨利 | 10.50 | 9.93 | 5.7 | 42.36 | 40.65 | 4.2 |
| 淨利2 | 8.23 | 7.77 | 5.8 | 33.42 | 32.79 | 1.9 |
| EPS | 1.06 | 1.00 | 5.8 | 4.31 | 4.23 | 1.9 |
| EBITDA | 19.89 | 18.75 | 6.1 | 78.70 | 75.82 | 3.8 |
| EBITDA Margin (%) | 33.44 | 33.94 | 37.91 | 36.54 | ||
| 註: | ||||||
| 1.依據T-IFRSs編製；2020 數字為自結數 | ||||||
| 2.淨利為歸屬於母公司業主之淨利 | ||||||
| 3.EBITDA＝營業淨利+折舊與攤銷 | ||||||
| 4.成長率係以百萬元為單位之數字計算 |
Notes:
各項業務營收
| (NT$bn) | Q4 2020 | Q4 2019 | 成長率 % | 2020 | 2019 | 成長率 % |
|---|---|---|---|---|---|---|
| 國內固定通信 | 20.24 | 18.36 | 10.2 | 69.47 | 65.59 | 5.9 |
| 市內網路 | 6.04 | 6.27 | (3.6) | 24.46 | 25.56 | (4.3) |
| 長途網路 | 0.49 | 0.54 | (9.5) | 2.02 | 2.20 | (8.2) |
| 寬頻接取 | 4.58 | 4.52 | 1.4 | 18.14 | 17.98 | 0.9 |
| MOD | 0.90 | 0.92 | (1.8) | 3.64 | 3.60 | 0.9 |
| ICT及其他 | 7.11 | 5.06 | 40.7 | 16.94 | 12.07 | 40.4 |
| 行動通信 | 24.96 | 24.46 | 2.0 | 90.23 | 95.47 | (5.5) |
| 行動服務營收 | 14.21 | 14.59 | (2.6) | 56.72 | 58.70 | (3.4) |
| 手機、平板及穿戴裝置 銷售 | 10.30 | 9.51 | 8.4 | 32.11 | 35.55 | (9.7) |
| ICT及其他 | 0.45 | 0.37 | 22.2 | 1.39 | 1.22 | 14.2 |
| 網際網路 | 9.72 | 8.22 | 18.3 | 32.12 | 30.45 | 5.5 |
| 數據網路 | 5.42 | 5.29 | 2.5 | 21.45 | 21.03 | 2.0 |
| 應用加值 | 3.55 | 2.13 | 66.2 | 8.33 | 6.77 | 23.0 |
| 政府業務 | 0.76 | 0.80 | (5.0) | 2.34 | 2.65 | (11.8) |
| 國際固定通信 | 2.14 | 2.62 | (18.5) | 8.70 | 11.27 | (22.8) |
| 國際網路 | 0.26 | 0.87 | (70.2) | 1.53 | 4.58 | (66.5) |
| 數據專線 | 0.58 | 0.53 | 9.6 | 2.35 | 2.49 | (5.4) |
| ICT及其他 | 0.64 | 0.59 | 8.3 | 2.24 | 1.76 | 27.1 |
| 其他 | 2.43 | 1.57 | 55.1 | 7.10 | 4.75 | 49.6 |
| 合計 | 59.48 | 55.23 | 7.7 | 207.61 | 207.52 | 0.0 |
| 註：1.依據T-IFRSs編製；2020 數字為自結數 | ||||||
| 2.成長率係以百萬元為單位之數字計算 | ||||||
| 3.上表揭露者為重點業務，其營收加總不等於總營收 |
Notes:
成本與費用
| 合併 | ||||||
|---|---|---|---|---|---|---|
| (NT$bn) | Q4 2020 | Q4 2019 | 成長率 ?% | 2020 | 2019 | 成長率 % |
| 營業成本 | 42.33 | 37.18 | 13.8 | 137.03 | 135.95 | 0.8 |
| 營業費用 | 7.97 | 8.02 | (0.5) | 29.82 | 30.79 | (3.2) |
| 行銷費用 | 5.50 | 5.72 | (3.7) | 20.96 | 22.09 | (5.1) |
| 管理費用 | 1.50 | 1.32 | 13.3 | 5.01 | 4.76 | 5.3 |
| 研發費用 | 0.97 | 0.98 | (0.6) | 3.85 | 3.94 | (2.3) |
| 合計 | 50.30 | 45.20 | 11.3 | 166.85 | 166.74 | 0.1 |
| 註: | ||||||
| 1.依據T-IFRSs編製；2020 數字為自結數 | ||||||
| 2.成長率係以百萬元為單位之數字計算 |
Notes:
現金流量
| 合併 | ||||||
|---|---|---|---|---|---|---|
| (NT$bn) | Q4 2020 | Q4 2019 | 成長率 ?% | 2020 | 2019 | 成長率 % |
| 營業活動之淨現金流入 | 27.40 | 23.58 | 16.2 | 74.31 | 72.43 | 2.6 |
| 資本支出 | 9.28 | 7.81 | 18.9 | 23.31 | 24.17 | (3.5) |
| 自由現金 | 18.12 | 15.77 | 14.9 | 51.00 | 48.26 | 5.7 |
| 現金及約當現金 | 30.44 | 34.05 | (10.6) | 30.44 | 34.05 | (10.6) |
| 註: | ||||||
| 1.依據T-IFRSs編製；2020 數字為自結數 | ||||||
| 2.成長率係以百萬元為單位之數字計算 | ||||||
| 3.自由現金係營業活動之淨現金流入扣除資本支出 |
Notes:
營運績效財測達成狀況
| 合併 | ||||||
|---|---|---|---|---|---|---|
| (NT$bn) | Q4 2020?(A) | Q4 2020?（E） | 達成率?% | 2020?(A) | 2020 (E) | 達成率 ?% |
| 營收 | 59.48 | 59.42 ~ 59.80 | 99.5 ~ 100.1 | 207.61 | 214.10 ~ 215.29 | 96.4 ~ 97.0 |
| 營業成本及費用 | 50.31 | 50.00 ~ 50.06 | 100.5 ~ 100.6 | 166.85 | 175.51 ~ 175.83 | 94.9 ~ 95.1 |
| 營業淨利 | 10.50 | 9.49 ~ 10.04 | 104.6 ~ 110.6 | 42.36 | 38.54 ~ 40.25 | 105.2 ~ 109.9 |
| 淨利2 | 8.23 | 7.57 ~ 8.02 | 102.6 ~ 108.6 | 33.42 | 30.91 ~ 32.47 | 102.9~ 108.1 |
| EPS | 1.06 | 0.98~ 1.03 | 102.6 ~ 108.6 | 4.31 | 3.99 ~ 4.19 | 102.9~ 108.1 |
| EBITDA | 19.89 | 18.92 ~ 19.44 | 102.4 ~ 105.2 | 78.70 | 74.91 ~ 76.53 | 102.8 ~ 105.1 |
| EBITDA Margin (%) | 33.44 | 31.84 ~ 32.50 | - | 37.91 | 34.99 ~ 35.55 | - |
| 註: | ||||||
| 1.依據T-IFRSs編製；2020數字為自結數 | ||||||
| 2.歸屬於母公司業主淨利 | ||||||
| 3. EBITDA＝營業淨利 + 折舊與攤銷 |
Notes:
2021 財務預測
| 合併 | |||
|---|---|---|---|
| (NT$bn) | 2021（E） | 2020 | 成長率?% |
| 營收 | 209.26~209.72 | 207.61 | 0.8~1.0 |
| 營業成本及費用 | 167.58~167.66 | 166.85 | 0.4~0.5 |
| 營業淨利 | 41.72~42.51 | 42.36 | -1.5~0.4 |
| 淨利2 | 32.60~34.09 | 33.42 | -2.5~2.0 |
| EPS | 4.20~4.40 | 4.31 | -2.5~2.0 |
| EBITDA | 79.90~80.65 | 78.70 | 1.5~2.5 |
| EBITDA Margin (%) | 38.18~38.46 | 37.91 | - |
| 註: | |||
| 依據T-IFRSs編製；2020數字為自結數 | |||
| 指歸屬於母公司之業主淨利 | |||
| 本資料係屬預測性質，未必能完全達成，詳細內容請進一步參考重要會計政策及基本假設彙總 |
Notes:
Moving on to slide 15, which shows our 2019 consolidated guidance.
Looking ahead, total revenue for 2019 is expected to increase by 2.4%~3.5% to NT$221~NT$223 billion. The increase in revenue is expected to come from the enterprise ICT business, application VAS, Internet services like IDC and information security, and MOD service. Operating costs and expenses for 2019 are expected to increase by 3.4%~3.7% to NT$177.8~NT$178.3 billion. The increase in costs and expenses is expected to come from cost of goods sold and ICT project costs. Given these projections, we expect a 2.1% year-over-year decrease to 2.3% year-over-year increase in operating income and a 4.0% year-over-year decrease to 0.5% year-over-year increase in net income.
有效運用資本支出
資本支出
2021年資本支出預算為431億元
未來投資方向將持續著重在核心業務
5G
光纖
IDC / 雲端
海纜
NT$ bn
43.1
28.6
27.0
24.2
23.3
註：實際資本支出數字為現金基礎
Notes:
2021年策略主軸 - 「5G與轉型」雙軸並進
5G加速加量網路建設，確保品質網速第一，拉升行動業務營收
拓展5G企業專網，結合夥伴發展智慧應用，並掌握前瞻建設2.0商機，帶動資通訊業務成長
推動寬頻升速及三網整合，提升固網寬頻營收
藉由ABC(Acquiring, Building and Collaborating with partners)策略，建構產業生態系，開創大資安、IDC/雲端及AIoT商機
建構亞太地區海纜雙環，成為亞太海纜中心
Notes:
Please turn to slide 17. Now, I would like to highlight some key items as part of our 2021 development strategy.
As mentioned earlier, in 2021, we will accelerate 5G network deployment to ensure our network speed and quality remain ahead of our peers’, thereby boosting our 5G subscriber base while increasing overall mobile service revenue.
For fixed broadband business, we will continue our success in fixed broadband migration to enhance fixed broadband revenue in the always broadband connected environment. To grow overall ICT business, we will focus on 5G enterprise private network opportunities and strengthen our partnerships to develop smart applications by leveraging government incentives used to encourage national, forward-looking development.
To expand new services and market share, we aim to grow ICT ecosystems by acquiring, building, or collaborating with industrial partners, particularly in the realm of cybersecurity, IDC, cloud computing, and IoT applications.
To capture business opportunities from overseas partners, we will continue to invest in submarine construction as we hope to build submarine cable double rings in the Asia-Pacific region and become the APAC region’s submarine cable center.
獎項與肯定
六度蟬聯「世界品牌論壇」頒發之台灣「年度品牌獎」，品牌價值獲國際肯定
專注企業永續發展，公司治理屢獲國內外認同：
連續八年獲頒「The Asset ESG Corporate Awards」白金獎，是臺灣唯一獲獎的電信業者
榮獲「台灣企業永續獎」十大永續典範企業
領先取得國際公雲專業認證，深化雲端服務能量：
取得Amazon AWS MSP 認證，台灣唯一具備AWS MSP及網路直連的服務供應商
大中華地區第一家取得Microsoft Azure Expert MSP 認證
台灣唯一具備Azure Expert MSP及網路直連ExpressRoute的服務供應商
行動與數據服務雙料獲獎：
蟬聯Frost & Sullivan「台灣最佳資料中心服務業者獎」、「台灣最佳行動數據服務業者」殊榮
首度獲得「台灣最佳雲端服務業者獎」獎項
行動網速、涵蓋奪冠，獲得國際肯定：
獲得Speedtest 2020下半年台灣行動網速調查「台灣行動網速第一名」、「台灣行動網路涵蓋第一名」及「iPhone 12台灣最快行動網速冠軍」
Q&A