Chunghwa Telecom Co Ltd (CHT) 2022 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen. Welcome to Chunghwa Telecom conference call for the company's fourth quarter 2022 operating results. (Operator Instructions) For your information, this conference call is now being broadcasted live over the Internet. Webcast replay will be available within an hour after the conference is finished. Please visit CHT IR website, www.cht.com.tw/ir under the IR Calendar section.

女士們、先生們，午安。歡迎出席中華電信2022年第四季營運業績電話會議。 （操作員指示）供您參考，本次電話會議現已透過網路現場直播。會議結束後一小時內將提供網路直播重播。請造訪 CHT IR 網站 www.cht.com.tw/ir 下的 IR 日曆部分。

And now I would like to turn it over to Ms. Angela Tsai, the Director of Investor Relations. Ms. Tsai, please go ahead.

現在我想將發言權交給投資人關係總監蔡安吉拉女士。請蔡小姐發言。

Thank you. This is Angela Tsai, Director of Investor Relations for Chunghwa Telecom. Welcome to our Fourth Quarter 2022 Results Conference Call. Joining me on the call today are Harrison Kuo, our President; and Vincent Chen, our Chief Financial Officer.

謝謝。我是中華電信投資人關係總監蔡安琪。歡迎參加我們的 2022 年第四季業績電話會議。今天與我一起參加電話會議的還有我們的總裁 Harrison Kuo；以及我們的財務長 Vincent Chen。

During today's call, management will begin by providing an overview of our business in the fourth quarter, followed by a discussion of our segment performance and the financial highlights. After, we will move on to the question-and-answer portion of the call. I'd like to please note our safe harbor statements.

在今天的電話會議上，管理層將首先概述我們第四季度的業務，然後討論我們的分部業績和財務亮點。之後，我們將繼續進行通話的問答部分。請注意我們的安全港聲明。

Now I will turn the call over to President, Kuo. President, Kuo, please go ahead.

現在我將把電話轉給郭總統。郭主席，請講。

Thank you, Angela, and hello, everyone. Welcome to our Fourth Quarter Results Conference Call. To begin, we would like to send our best wishes to our peers as their merger plans were approved by the NCC in January. We believe the resulting change of the market landscape is positive to the telecom industry in Taiwan as the health of the market development for the strength and the overall 5G adoption in Taiwan could consistently maintain its stable growth.

謝謝你，安吉拉，大家好。歡迎參加我們的第四季業績電話會議。首先，我們想向同行致以最良好的祝愿，因為他們的合併計劃已於一月份獲得 NCC 的批准。我們相信，市場格局的改變對台灣電信業有利，因為市場發展的健康發展以及台灣 5G 整體採用的實力可以持續保持穩定成長。

Under the new landscape, we will continue our focus on building ecosystems and creating long-term value for customers. As the market leader in terms of network quality, service quality and the subscriber number in Taiwan, we are confident in remaining ahead of our peers in all these aspects going forward.

在新的情況下，我們將繼續致力於建立生態系統並為客戶創造長期價值。身為台灣網路品質、服務品質及使用者數量市場的領導者，我們有信心未來在這些方面繼續保持領先地位。

Now let's turn to Page 4 for an update on our performance in the fourth quarter. In the fourth quarter, our mobile revenue share and subscriber share climbed to 39.5% and 36.6%, respectively, achieving another solid period of growth on both year-over-year and quarter-over-quarter basis. In addition, the year-over-year increase of both revenue share and subscriber share also progressed in the consecutive quarter, affirming our strong leading positions in Taiwan's mobile markets, subtend by our notable growth momentum.

現在讓我們翻到第 4 頁來了解我們第四季的業績表現。第四季度，我們的行動收入份額和用戶份額分別攀升至39.5%和36.6%，同比和環比均實現了又一次穩健的成長。此外，營收份額與用戶份額連續一個季度同比增長，憑藉強勁的成長勢頭，鞏固了我們在台灣行動市場的領先地位。

Please turn to Slide 5 for a closer look and our mobile business. In the fourth quarter, our total mobile service revenue was up by 5.8% year-over-year, maintaining its year-over-year growth for 20 consecutive months, attributable to the upsale resulting from 5G migration and outperforming subscriber number increase. As of penetrations progressed, we absorbed an average 41% uplift in mobile monthly fees, attributable to consumers who migrate from 4G to 5G. In addition, we are delighted to see the increase of roaming revenue and the prepaid revenue during the quarter. The mobilized cross-border activities also contributed to the increase of prepaid subscriber numbers.

請翻到投影片 5 更詳細地了解我們的行動業務。第四季度，我們的總行動服務營收年增5.8%，連續20個月維持年增，這得益於5G遷移帶來的銷售成長以及出色的用戶數量成長。隨著普及率的提高，我們吸收了平均41%的行動月費上漲，這歸因於從4G遷移到5G的消費者。此外，我們很高興看到本季漫遊收入和預付費收入的增加。跨境活動的活躍也促進了預付費用戶數量的增加。

Together with strong growth of postpaid subscriber numbers as well as the lowest of churn rate among our peers, our total mobile subscriber numbers, excluding IoT SIMs increased by 3.5% year-over-year. In general, our postpaid ARPU achieved 3.3% year-over-year growth in the fourth quarter, maintaining its upward trajectory for the seventh consecutive quarter.

加上後付費用戶數量的強勁成長以及同業中最低的用戶流失率，我們的行動用戶總數（不包括物聯網 SIM 卡）年增 3.5%。整體來看，我們後付費ARPU在第四季實現了年增3.3%，連續第七個季度維持上升趨勢。

We are also delighted to report that both SPEEDTEST and Opensignal have commodities as the fastest 5G service provider in Taiwan recently. We are proud of the results, and we are continuing to provide first-class 5G network quality for customers to top up 5G migration.

我們也很高興地報告，SPEEDTEST 和 Opensignal 最近都成為台灣最快的 5G 服務供應商。我們對所取得的成果感到自豪，並將繼續為客戶提供一流的5G網路質量，助力5G遷移。

Moving on to Slide 6. You may find an update of our fixed broadband business. In the fourth quarter, our fixed broadband revenue increased by 3.7% year-over-year, and the subscriber number continues to grow as well. In addition, the accumulated setup for solid speeds of 300 megabits per second or higher increased by 51.9% year-over-year, mainly thanks to our [CYBG] promotion strategy which effectively accelerated our subscriber's migration to service and to higher service speed.

前往投影片 6。第四季度，我們的固定寬頻營收年增3.7%，用戶數也持續成長。此外，300兆位元每秒或更高的穩定速度的累積設定同比增長51.9％，這主要歸功於我們的[CYBG]推廣策略，該策略有效加速了我們用戶向服務和更高服務速度的遷移。

By 2022, we were excited to see more than 70% of the package offers of CYBG upgraded their service speed. Now more than 60% of the adopters signed up for solid speed of 500 megabits per second or higher. Our fixed broadband ARPU thereby achieved 2.1% year-over-year growth in the fourth quarter, maintaining its upward trend for 14 consecutive quarters.

到了2022年，我們很高興看到CYBG超過70%的套餐優惠都提升了服務速度。現在，超過 60% 的用戶簽約享受 500 兆位元每秒或更高的穩定網速。我們的固定寬頻ARPU在第四季年增2.1%，連續14季維持上升趨勢。

In 2023, we will continue the momentum by rolling out another promotion strategy [SEA Holding] and further strengthen the incentives by lifting the upstream speed that tailed with 300 megabits per second studies from 100 megabits per second to 150 megabits per second, distinguishing ours from our peers.

2023 年，我們將繼續保持這一勢頭，推出另一項促銷​​戰略 [SEA Holding]，並透過將 300 兆比特每秒研究的上行速度從 100 兆比特每秒提升到 150 兆比特每秒，進一步加強激勵措施，使我們與同行有所區別。

Now let's move on to the performance of our customer-centric business group. Slide 8 presents the revenue of our Consumer Business Group or CBG. In the fourth quarter, total revenue of CBG decreased by 2.1% year-over-year in spite of the strong growth of our core business. Mobile service revenue grew by 7.1% year-over-year, propelled by the increase of postpaid subscribe numbers and the steady 5G migration.

現在我們來看看以客戶為中心的業務集團的業績。幻燈片 8 展示了我們的消費者業務集團 (CBG) 的收入。第四季度，儘管核心業務成長強勁，但 CBG 總營收年減了 2.1%。受後付費用戶數量增加和 5G 穩步推進的推動，行動服務收入年增 7.1%。

While fixed voice revenue continued to decline as expected. Our total fixed line service revenue of CBG still in a slight year-over-year increase, thanks to the successful upsell propelled by the speed upgrade promotion packages as well as the FIFA World Cup broadband -- broadcast and the campaign in November. However, sales revenue decreased by 12% year-over-year, mainly due to the continued unstable iPhone supply during the quarter. Other revenue also decreased by 34.9% year-over-year, owing to the higher base resulting from the government subsidies for accelerated 5G construction in the fourth quarter of 2021.

而固定語音收入則如預期繼續下降。我們的 CBG 固定線路服務總收入仍同比略有增長，這得益於速度升級促銷套餐以及 11 月的 FIFA 世界盃寬頻廣播和活動推動的成功銷售。不過，銷售收入較去年同期下降了12%，主要由於本季iPhone供應持續不穩定。其他收入也較去年同期下降34.9%，原因是2021年第四季政府對加速5G建設的補貼導致基數較高。

Slide 9 further illustrates our Consumer Business Group highlights. In the fourth quarter, our multiple-play packages continued to support the growth momentum of our CBG business. The subscriber numbers of mobile, fixed broadband and WiFi services altogether demonstrated a 28% year-over-year growth. In particular, our home WiFi device subscription number grew more than 1.5x on a year-over-year basis, testing our subscription-based revenue and sustaining the popularity of home-centric applications.

幻燈片 9 進一步展示了我們的消費者業務集團的亮點。第四季度，我們的多重播放套餐繼續支持我們的CBG業務的成長勢頭。行動、固定寬頻和WiFi業務用戶數量合計年增28%。特別是，我們的家庭 WiFi 設備訂閱數量同比增長超過 1.5 倍，考驗了我們的訂閱收入並維持了以家庭為中心的應用程式的受歡迎程度。

The number of our video subscription that comprised of MOD and Hami Video, which are paid in monthly fees on an annual basis, rather than one time sign up, grew by 8.9% year-over-year in the fourth quarter, with growth mainly driven by Hami Video, thanks to the popular FIFA World Cup taking place in November. We were also delighted to see the related advertising revenue was 5 points more than that of the loss of FIFA World Cup third -- fourth year ago -- years ago, demonstrating our success in presenting our popular content to customers.

我們的視頻訂閱服務包括 MOD 和哈米視頻，它們是按年按月付費，而不是一次性註冊。我們也很高興地看到相關廣告收入比第三、四年前世界盃失利時高出了 5 個百分點，這證明了我們成功地向客戶呈現了我們受歡迎的內容。

Turning into 2023. We will continue the content engagement strategy with a focus on sports events and the exclusive channels to further enhance overall subscriber stickiness and contribution.

進入2023年，我們將繼續以體育賽事和獨家頻道為重點的內容參與策略，以進一步提高整體訂閱者的黏性和貢獻度。

Please turn to Slide 10 for an overview on our Enterprise Business Group performance. In the fourth quarter, EBG maintained its growth trajectory by demonstrating 2.9% revenue increase on a year-over-year basis, mainly attributable to the growth of our ICT business, particularly in IDC, service delivery, 5G networks and big data services. Also, our EBG mobile service revenue increased by 3.3%, driven by 5G upselling and the increase of customers.

請翻到投影片 10 了解我們企業業務集團績效的概況。第四季度，EBG維持成長軌跡，營收年增2.9%，主要得益於ICT業務的成長，特別是在IDC、服務交付、5G網路和大數據服務方面。此外，受5G追加銷售和客戶增加的推動，我們的EBG行動服務收入成長了3.3%。

Other revenue also increased by 46.8% year-over-year, mainly due to the equipment sales driven from subsidiaries. Additionally, we see the digital transformation trend and its opportunities continue to jump up data communication and broadband assets revenue to grow by 5.4% year-over-year, especially the speed upgrade demand from enterprise and schools although fixed line revenue kept flat year-over-year in the fourth quarter, affected by the decrease of revenue.

其他收入也較去年同期成長46.8％，主要由於子公司的設備銷售。此外，我們看到數位轉型的趨勢及其機會繼續推動數據通訊和寬頻資產收入年增5.4％，尤其是來自企業和學校的速率升級需求，儘管第四季度固定線路收入受收入下降的影響同比持平。

Slide 11 illustrates our enterprise business highlights. In the fourth quarter, our total enterprise emerging application revenue increased by 8.8% year-over-year as most of our major applications demonstrated double digits year-over-year growth rate. 5G private network revenue delivered a multiple-fold growth, mainly due to the increased accumulated projects but in recurring revenues. In addition, we are evolving the 5G private network business model by providing leasing arrangements for enterprise to recurring revenue.

幻燈片 11 展示了我們的企業業務亮點。第四季度，我們的企業新興應用總營收年增8.8%，其中大部分主要應用均實現了兩位數的年成長。 5G專網收入實現數倍增長，主要由於累計項目增加但經常性收入增加。此外，我們正在透過為企業提供租賃安排來獲得經常性收入，從而發展5G專用網路業務模式。

We were delighted to report that the 5G private network leasing arrangements gained popularity in the PCB industry in the fourth quarter and is expected to extend to other verticals going forward. For IDC, big data and cyber security services, we are delighted to see year-over-year revenue growth by 45%, 37% and 17%, respectively, owing to the increased demand of digital transformation and opportunities.

我們很高興地報告，5G專網租賃安排在第四季度在PCB行業越來越受歡迎，預計未來將擴展到其他垂直行業。對於IDC、大數據和網路安全服務，我們很高興看到營收分別較去年同期成長45%、37%和17%，這得益於數位轉型的需求和機會的增加。

In the fourth quarter, we successfully leveraged our big data analysis, information, security and blockchain technologies to deliver integrated solutions for the insurance industry. In addition to the Big Data platform, government for insurance regulatory oversight, we also helped the industry to consolidate our clients across different insurance companies, owning by the same policyholder to streamline reinvestment process.

第四季度，我們成功利用大數據分析、資訊、安全及區塊鏈技術為保險業提供綜合解決方案。除了大數據平台、政府對保險監管的監督之外，我們還幫助產業整合不同保險公司的客戶，由同一保單持有人擁有，以簡化再投資流程。

Slide 12 illustrates our international business performance. In the fourth quarter, our international business group revenue decreased by 7.1% year-over-year, mainly due to the higher base of other revenue recognized in the fourth quarter of 2021 related to ST-2 compensation. Excluding the non-recurring impact, IBG revenue in the fourth quarter maintained its growth momentum and increased by 19.7% year-over-year, mainly driven by emerging business revenue and the fixed broadband revenue due to strong demand for IDC and the cloud services from global clients. In December, our technical support center in Malaysia has officially started operating for -- to fully support business expansion in the Pacific home market.

幻燈片 12 展示了我們的國際業務表現。第四季度，我們的國際業務集團營收年減7.1%，主要由於2021年第四季確認的與ST-2補償相關的其他收入基數較高。剔除非經常性影響，第四季IBG營收持續維持成長勢頭，較去年同期成長19.7%，主要得益於全球客戶對IDC和雲端服務的強勁需求，新興業務收入和固定寬頻營收的推動。 12月，我們位於馬來西亞的技術支援中心正式開始營運－全力支持太平洋本土市場的業務拓展。

Now I would like to turn the call to Vincent for our financial highlights.

現在我想請 Vincent 介紹我們的財務亮點。

Thank you, President, Kuo. Good afternoon, everyone. I will now walk you through our fourth quarter financial results.

謝謝郭總統。大家下午好。現在我將向大家介紹我們第四季的財務表現。

Let's start with Slide 14, income statement highlights. For the fourth quarter of 2022, while revenue generated from our core business increased by 2.3%, total revenue decreased by 0.7% on a year-over-year basis, mainly attributable to decreased sales revenues resulting from the shortage of handsets. Net income decreased by 2.2%, primarily due to sales decline and the grant of government subsidy for the acceleration of 5G deployments in Q4 of 2021.

讓我們從投影片 14 開始，即損益表重點。 2022年第四季，雖然我們核心業務的收入成長了2.3%，但總收入較去年同期下降了0.7%，主要原因是手機短缺導致銷售收入下降。淨收入下降2.2%，主要由於2021年第四季銷售額下降以及政府為加速5G部署而發放的補貼。

Meanwhile, our EBITDA margin increased to 35.05% from 34.82%. For full year results, we were glad with total revenue increased by 3% compared to 2021, driving by growing core business, including mobile, ICT and broadband services. Income from operations and net income grew by 4.2% and 2.1% on year, respectively, mainly due to our robust core business and growing ICT business. EBITDA margin rose from 39.59% to 39.80%.

同時，我們的 EBITDA 利潤率從 34.82% 上升至 35.05%。就全年業績而言，我們很高興看到總收入與 2021 年相比增長了 3%，這得益於行動、ICT 和寬頻服務等核心業務的成長。營業收入和淨收入分別年增4.2％和2.1％，這主要歸功於我們強勁的核心業務和不斷增長的ICT業務。 EBITDA 利潤率從 39.59% 上升至 39.80%。

Now move on to Page 15 for balance sheet highlights. Total assets at the end of 2022 increased by 2.1% on year, mainly driven by the increase in cash and cash equivalents as a result of cash proceeds from issuance of sustainable bonds as well as decreased negotiable certificates of deposits. Total liabilities increased by 6.5%, primarily attributable to increase of bonds payable and revenues and deferred government grant income. Our balance sheet remains strong and that debt ratio stays below 25% and net debt over EBITDA is 0.

現在請翻到第 15 頁查看資產負債表重點。 2022年底的總資產年增2.1%，主要由於發行可持續債券所得現金以及可轉讓存款證減少導致現金和現金等價物增加。總負債增加6.5%，主要由於應付債券及收入以及遞延政府補助收入增加。我們的資產負債表依然強勁，負債比率維持在 25% 以下，淨負債與 EBITDA 比率為 0。

Page 16 presents the summary of our cash flows. Cash flows from operating activities increased by 1.4% on year mainly due to higher net income arising from our strong operating performance. As for capital expenditure, the amount of mobile and nonmobile CapEx combined decreased by 10.7% on-year, of which mobile-related CapEx was reduced by about 18% year-over-year as 5G capital spending was peaked in 2021. Additionally, relative to 2021, free cash flows increased by 12.4%. Overall, our robust cash flows together with strong balance sheet enable us to still see expanded uncertainty and focus on long-term value creation.

第 16 頁顯示了我們的現金流量摘要。經營活動產生的現金流量年增1.4％，主要由於我們強勁的經營業績帶來更高的淨收入。資本支出方面，行動和非行動資本支出合計年減 10.7%，其中行動相關資本支出年減約 18%，因為 5G 資本支出在 2021 年達到高峰。總體而言，強勁的現金流和強勁的資產負債表使我們仍然能夠看到不確定性的擴大，並專注於長期價值創造。

On Slide 17, we provided a table that compares our financial results with our financial guidance. In the fourth quarter of 2022, key performance measures such as revenue, net income and EBITDA meet or beat our financial forecasts. For the full year results, all performance measures exceeded our guidance with operating income and net income within our projections by a modest margin.

在第 17 張投影片上，我們提供了一個表格，將我們的財務結果與財務指導進行了比較。 2022年第四季度，營收、淨收入和EBITDA等關鍵績效指標達到或超過了我們的財務預測。就全年業績而言，所有業績指標均超出我們的預期，營業收入和淨收入均略微符合我們的預期。

Turning to Slide 18. Please see our guidance for 2023. Looking ahead, total revenue for 2023 compared to 2022 is expected to increase by between 2.1% and 2.8%, primarily driven by growth momentum in our core business that benefit from 5G migration and broadband upgrades. ICT business also contributed as we expect growing emerging services to meet customers' demands for digital transformation and its opportunities.

前往投影片 18。 ICT 業務也做出了貢獻，因為我們預計不斷成長的新興服務將滿足客戶對數位轉型及其機會的需求。

Operating costs and expenses for 2023 are expected to rise by 4% as a result of net investments impairment and infrastructure that supports future business development in core and emerging businesses. Given these projections, we expect our EPS to be in the range between TWD 4.45 and TWD 4.65. As for capital spending, we budget TWD 35.32 billion for 2023. Mobile-related CapEx accounts for 1/3 and represents an expected decrease of about 13% on year. Non-mobile related CapEx, which comprise of investments in fixed line network, IDC and supplement cables is expected to increase by 32% on year to support business expansion in mentioned business.

由於淨投資減損以及支援核心和新興業務未來業務發展的基礎設施，預計2023年的營運成本和費用將上漲4%。根據這些預測，我們預計每股收益將在 4.45 至 4.65 台幣之間。資本支出方面，2023年預算為353.2億新台幣，行動相關資本支出比約1/3，預計年減約13%。非移動相關的資本支出，包括對固定線路網路、IDC 和補充電纜的投資，預計將年增 32%，以支援所述業務的業務擴展。

Now I would like to turn the call over to President, Kuo for our awards and recognitions.

現在，我想請郭總裁為我們頒發獎項和表揚。

Thank you, Vincent. We have always considered ESG while operating our business, and the next page demonstrates our ESG efforts. Our ESG efforts have been widely recognized by both domestic and international organizations and rating agencies such as Dow Jones S&P Global, Forbes and The Asset. Before I expand our influence, in the fourth quarter, we launched a Green ICT Supply Chain, joining hands with 45 key suppliers to power net zero emissions. We also partnered with KIPP inspired school of Taiwan to reach out to cities that have a relative lack of teaching resources to help facilitate online meaning. We believe these new developments are key to our success and the long-term growth, and we will continue to focus on ESG development going forward.

謝謝你，文森。我們在經營業務時始終考慮 ESG，下一頁展示了我們的 ESG 工作。我們在ESG方面的努力得到了道瓊斯標普全球、福布斯、財資等國內外組織和評級機構的廣泛認可。在我擴大我們的影響力之前，在第四季度，我們推出了綠色 ICT 供應鏈，與 45 家關鍵供應商攜手實現淨零排放。我們也與台灣受KIPP啟發的學校合作，接觸那些相對缺乏教學資源的城市，以幫助促進線上意義。我們相信這些新發展是我們成功和長期成長的關鍵，我們將繼續專注於未來的 ESG 發展。

This concludes our prepared remarks. Thank you for your attention. And this time, I would like to open up our conference call for questions.

我們的準備好的演講到此結束。感謝您的關注。這次，我想開始我們的電話會議並回答大家的提問。

(Operator Instructions) And our first question is coming from Neale Anderson of HSBC.

(操作員指示) 我們的第一個問題來自匯豐銀行的尼爾安德森 (Neale Anderson)。

Two questions, please, both on the mobile side of the business. You mentioned that you're pleased with the recovery in roaming and prepaid. Is it possible for you to quantify the contribution that made. And if you expect that to continue to increase through 2023. The second question relates to 5G. Obviously, a large number of customers have now moved to 5G tariffs. So what level of revenue growth do you expect this year on the 5G side? And also, what level of contribution do you expect from some of the new corporate services you mentioned such as the 5G private networks?

請問兩個問題，都是關於行動業務的。您提到您對漫遊和預付費的復甦感到高興。您能量化所做的貢獻嗎？如果您預計到 2023 年這一數字還會繼續增長。顯然，目前大量客戶已經轉向5G資費。那麼您預計今年5G方面的營收成長水準是多少？另外，您期望您提到的一些新的企業服務，例如5G專網，能做出什麼程度的貢獻？

Thank you, Neale, for your questions. For the first question about the prepaid, right, so briefly, we don't provide numbers on our prepaid in terms of revenue or subscriber space. But with the total reopenings so it was back to growth in revenue and subscription will grow in prepaid subscribers. And this is quite positive because we have seen there is a huge demand for overseas travels, and we will also grow out the promotion packages to our customers and not only the outgoing but also the incoming travelers.

謝謝尼爾的提問。對於關於預付費的第一個問題，好的，簡而言之，我們不提供有關預付費的收入或用戶空間的數字。但隨著全面重新開放，營收將恢復成長，預付費用戶的訂閱量也將成長。這是非常正面的訊號，因為我們看到海外遊的需求非常巨大，我們也將擴大促銷套餐的覆蓋範圍，不僅針對出境遊，也針對入境遊。

And for your second question about 5G, right? So basically, this year -- sorry, last year, we're very pleased about our performance about our mobile business. So for the -- not only for the revenue -- total revenue growth in mobile business but also uplift from the margin migration. So we don't disclose openly about our internal data, we're still quite optimistic, and we believe in terms of the progress of our 5G penetration rate, actually, the market has been developed in a positive and steady manner, and we believe that will contribute to our revenue modestly.

你的第二個問題是關於 5G 的，對嗎？所以基本上，今年——抱歉，是去年，我們對我們的行動業務的表現非常滿意。因此，不僅是收入——行動業務的總收入成長，而且利潤率也有所提升。因此，我們不會公開披露我們的內部數據，但我們仍然非常樂觀，我們相信，就5G普及率的進展而言，實際上，市場已經以積極和穩定的方式發展，我們相信這將對我們的收入做出適度貢獻。

Got it. Could I just follow up on the roaming side? So I understand you don't disclose the exact numbers. But in the fourth quarter, was it pretty much back to pre-pandemic levels in terms of roaming service revenue?

知道了。我可以跟進漫遊方面的狀況嗎？所以我理解你不願透露確切的數字。但在第四季度，漫遊服務收入是否基本上恢復到疫情前的水準？

So it is now going back to the impact -- not yet to pre-pandemic level yet, but we expect we'll recover about like 70%, 80%, yes, for this year. Yes.

因此，現在又回到了影響範圍——尚未達到疫情前的水平，但我們預計今年的恢復速度將達到大約 70% 到 80%。是的。

(Operator Instructions) And the next question is from Sara Wang of UBS.

(操作員指示) 下一個問題來自瑞銀的 Sara Wang。

So I have 2 questions. First is that how is the margin of the enterprise ICT business? And then my second question is that I understand the ICT or enterprise business still requires investment. So we do see increase in OpEx and CapEx in 2023. So any time line or expectations for the ICT business through the earnings quarters or how shall we think about EBITDA and net margin going forward?

所以我有兩個問題。第一是企業ICT業務的利潤率怎麼樣？我的第二個問題是，我知道 ICT 或企業業務仍然需要投資。因此，我們確實看到 2023 年的營運支出和資本支出增加。

Okay. So for the margin for the enterprise business, right? So it's about -- I think it's about 20% or so, yes. So it depends on the individual projects. It's about that level. What's encouraging is actually our ICT margin has gone up last year. And also for the time line for us to provide the margin and EBITDA numbers, right, so we will provide it starting from first quarter next year -- this year, yes, 2023.

好的。那麼對於企業業務的利潤來說，對嗎？所以大概是——我認為大概是 20% 左右，是的。所以這取決於具體項目。大約就是那個水準。令人鼓舞的是，去年我們的 ICT 利潤率實際上有所上升。還有我們提供利潤率和 EBITDA 數字的時間表，對的，所以我們將從明年第一季度開始提供——今年，是的，2023 年。

Got it. And then the 20% margin is gross margin, right?

知道了。那麼 20% 的利潤率就是毛利率，對嗎？

Yes, we only provided the net margin, yes, not the income margin, yes, not the gross margin.

是的，我們只提供了淨利潤，是的，不是收入利潤，是的，不是毛利。

I just want to confirm. So the 20% number is net margin for enterprise ICT business?

我只是想確認一下。那麼20%這個數字是企業ICT業務的淨利率嗎？

For the enterprise, right? So the net margin is about 20%. So that's the information we currently disclose for now.

對企業來說，對嗎？因此淨利率約為20%。這就是我們目前披露的資訊。

(Operator Instructions) Next, we'll have Neale Anderson of HSBC for questions.

(操作員指示)接下來，我們將請匯豐銀行的尼爾安德森回答問題。

I had a follow up on the supply chain. I know some of the delays. So you mentioned that the handset revenue was down a little bit due to weaker handset suppliers. And I think some of the CapEx was also deferred into this year. Do you -- is that improving? How much visibility do you have on that? Do you expect to see continued issues this year? Or can you see that improving?

我對供應鏈進行了追蹤。我知道有些延誤。您之前提到，由於手機供應商實力較弱，手機收入略有下降。我認為部分資本支出也延到今年。你覺得──情況有改善嗎？您對此有多少了解？您預計今年還會繼續出現此類問題嗎？或者你能看到這種情況有改善嗎？

So basically, the supply chain interruption issue has been reviewed recently. But to the extent of whether how soon or to what extent it goes back to the normal level, we are still unsure. So it depends on the situation.

所以基本上，供應鏈中斷問題最近已經被檢討了。但至於多久、多大程度上恢復到正常水平，我們仍不確定。所以這要視具體情況而定。

(Operator Instructions) And if there are no further questions, I will turn it back over to President, Kuo. Please proceed. Thank you.

(操作員指示)如果沒有其他問題，我將把話題轉回給郭總裁。請繼續。謝謝。

Thank you for your participation. Goodbye, everyone.

感謝您的參與。大家再見。

Thank you, President, Kuo, and we thank you for your participation in Chunghwa Telecom's conference. There will be a webcast replay within an hour. Please visit www.cht.com.tw/ir under the IR Calendar section. You may now disconnect. Goodbye.

謝謝郭董事長，也感謝您參加中華電信的這次會議。一小時內將會有網路直播重播。請造訪 www.cht.com.tw/ir 下的 IR 日曆部分。您現在可以斷開連線。再見。