Chunghwa Telecom ADR (CHT) is overvalued and AT&T Inc (T) is undervalued.
Against our estimates of intrinsic value, T trades at the wider discount: a margin of safety of +48%, against -74% for CHT.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.4% (average of 3 methods) values the shares at $26.47; the price of $46.11 is 74% above that value, and 81% of that value comes from beyond year five.
Leak Score 59/100 on 3 of 12 signals
Discounting its cash flows at 6.5% (average of 3 methods) values the shares at $48.39; the price of $25.10 is 48% below that value, and 85% of that value comes from beyond year five.
Leak Score 61/100 on 10 of 12 signals
| Metric | CHT | T |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $46.11 | $25.10 |
| Intrinsic value | $26.47 | $48.39 |
| Margin of safety | -74% | +48% |
| Leak Score | 59/100 (3/12) | 61/100 (10/12) |
| Market cap | $35.8B | $172.0B |
| Revenue growth, 5 years | 1.4% | -6.1% |
| Operating margin | 20.4% | 21.2% |
| Net margin | 16.1% | 16.8% |
| Return on equity | 10.6% | 20.1% |
| Debt to equity | 0.10 | 1.47 |
| P/E | 28.2x | 8.3x |
| Forward P/E | 27.8x | 9.8x |
| P/B | 3.1x | 1.6x |
| Dividend yield | 3.6% | 4.4% |