07.27.2001
Chunghwa Telecom dominating ADSL markets

• Development: Chunghwa Telecom's ADSL base reached 550k subscribers yesterday, well on track to achieve the year-end target of between 800k and 1m.

• Analysis: Chunghwa is now Asia¡¦s third largest ADSL operator in terms of subscribers, achieved in just two years of operation. Chunghwa dominates the Taiwan fixed-line operator market as competition totals a mere 50k subscribers.

• Primasia View: We believe Chunghwa's competition is much less of a threat than we originally anticipated, thus we have revised our rating to Neutral from Reduce.