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Rajesh

Vice President and Equity Research Analyst at JPMorgan Chase & Co.

Rajesh is a Vice President and Equity Research Analyst at JPMorgan Chase & Co., specializing in the healthcare sector with a focus on biotechnology and pharmaceuticals. He covers specific companies including Regeneron Pharmaceuticals, Vertex Pharmaceuticals, Gilead Sciences, and BioMarin Pharmaceutical, boasting a strong performance track record with a 68% success rate on TipRanks, ranking in the top 10% of analysts, and generating average returns of 14.2% per rating. Rajesh joined JPMorgan in 2018 after previous roles at Barclays Capital from 2014 to 2018 and Leerink Partners from 2011 to 2014, beginning his career as a research associate at Bernstein Research in 2009. He holds Series 7, 63, and 86 FINRA licenses, along with an MBA from the Wharton School and a BS in Biochemistry from UCLA.

Rajesh's questions to CHUNGHWA TELECOM CO (CHT) leadership

Question · Q4 2025

Rajesh at JPMorgan Chase & Co. inquired about the significant 24% increase in non-mobile CapEx for 2026 and the projected 3.5%-4% rise in operating costs, which exceeds revenue growth.

Answer

Audrey Wen-Hsin Hsu, SEVP and CFO, explained that the non-mobile CapEx increase is primarily driven by fixed line maintenance, satellite and cable investments, and IDC expansion, with IDC and satellite being major contributors. She attributed the rise in operating costs to investments in AI-related talent, uncertainty regarding electricity policy in Taiwan, and depreciation/amortization from earlier capital expenditures. Angela Tsai, VP of Finance and Assistant VP of IR, further clarified that total non-mobile CapEx for 2026 is still less than 2025 and includes investments in SA standalone applications like network slicing.

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