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, hitting $33.43. 139,057 shares of the company’s stock were exchanged. The stock’s 50-day moving average price is $34.33 and its 200 day moving average price is $35.30. Chunghwa Telecom has a one year low of $29.31 and a one year high of $38.47. The firm has a market cap of $25.93 billion, a PE ratio of 20.14 and a beta of 0.31.

A number of large investors have recently modified their holdings of CHT. AXA acquired a new stake in shares of Chunghwa Telecom during the first quarter worth approximately $196,000. Aviance Capital Management LLC acquired a new stake in shares of Chunghwa Telecom during the second quarter worth approximately $546,000. Mondrian Investment Partners LTD boosted its stake in shares of Chunghwa Telecom by 1.8% in the second quarter. Mondrian Investment Partners LTD now owns 871,400 shares of the company’s stock worth $31,632,000 after buying an additional 15,000 shares during the last quarter. State of New Jersey Common Pension Fund D boosted its stake in shares of Chunghwa Telecom by 9.7% in the second quarter. State of New Jersey Common Pension Fund D now owns 105,776 shares of the company’s stock worth $3,840,000 after buying an additional 9,351 shares during the last quarter. Finally, Ngam Advisors L.P. boosted its stake in shares of Chunghwa Telecom by 58.1% in the second quarter. Ngam Advisors L.P. now owns 180,594 shares of the company’s stock worth $6,556,000 after buying an additional 66,339 shares during the last quarter. 5.31% of the stock is currently owned by hedge funds and other institutional investors.

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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.

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