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On Dec. 11, Taiwan Mobile unveiled the results of its first year since merging with T-Star, exceeding all expectations and achieving profitability milestones ahead of schedule. Originally anticipated to show positive financial impacts in two years, the merger delivered significant gains within its first year. Taiwan Mobile reported a 20% YoY increase in consolidated operating profit for Q3 2024, the highest in eight years. November 2024 consolidated revenue surpassed NT$23 billion, setting a new record, while after-tax EPS reached NT$0.43, marking an eight-year high. Taiwan Mobile emerged as a dual champion in telecom revenue and profitability. For the full year following the merger (Dec. 1, 2023 to Nov. 30, 2024), Taiwan Mobile’s total revenue grew 10% YoY, EBITDA surged 21%, operating profit rose 14%, and net income after tax increased by a remarkable 30%. Free cash flow also continued healthy growth.
By leveraging the merger and strategic transformations, Taiwan Mobile successfully ushered Taiwan’s telecom industry into an era of value-driven competition, moving away from the traditional price wars. In terms of mobile services, the monthly fee uplift for 4G to 5G renewals grew by 49% YoY in Q3 2024, with 5G revenue accounting for 63% of mobile service revenue, reflecting strong consumer confidence in the merged entity. The Taiwan Mobile and T-Star merger also received recognition from the judging panel of the 2024 MAPECT Taiwan M&A Awards, making Taiwan Mobile the only telecom company to win an award. The awards were presented today by co-organizer representative Liang Yung-haung, with Taiwan Mobile President Jamie Lin attending the award ceremony and banquet in person.
The Taiwan Mobile and T-Star merger Stands Out Among 149 Entries
The 2024 MAPECT Taiwan M&A Awards, organized by the Taiwan M&A and Private Equity Council (MAPECT), attracted 149 entries this year from sectors such as semiconductor manufacturing, biotechnology, cybersecurity, communications, and traditional consumer industries. Only nine companies were awarded, resulting in a win rate of only 6%. Taiwan Mobile’s merger with T-Star emerged as a standout, earning "Deal of the Year M&A Award" and "Most Influential M&A Deal Award" honors. The judges highlighted that the merger between Taiwan Mobile and T-Star has driven the telecom industry into a new era of "value-driven" competition under a triopoly model. Benefiting from post-merger synergies such as an expanded user base and improved network coverage, Taiwan Mobile is accelerating its integration strategy in telecommunications and related enabling technologies. This supports its goal of sustained free cash flow growth and profitability. Looking ahead, the integration of spectrum resources and infrastructure power usage is expected to save approximately 100 to 200 million kWh annually, setting a positive example in industry transformation and sustainable development.
Taiwan Mobile Chairman Tsai: Reshaping Telecom with a Focus on "Value Creation"
Taiwan Mobile Chairman Daniel Tsai stated that since the merger with T-Star on Dec. 1, 2023, Taiwan Mobile has, within just one year, successfully completed network integration and system consolidation ahead of schedule, showcasing robust operational momentum. He expressed gratitude to all employees for their dedication, emphasizing that the recognition from the "Taiwan M&A Awards" is a shared honor for the entire team, and he thanked the judges for their acknowledgment. He emphasized that Taiwan's saturated mobile communications market previously relied on price wars among numerous operators, causing oversupply. The merger redefined the industry structure, consolidating the market into a strong triopoly that enables larger investments, enhanced technological capabilities, and differentiated, high-quality services for consumers.
Chairman Tsai further pointed out that, thanks to the efforts of all colleagues at Taiwan Mobile, the synergies from the merger have exceeded expectations. Not only was the network integration completed ahead of schedule in the third quarter of this year, but the positive profitability effects that were originally expected to manifest in the second-year post-merger have already been achieved in the first year. In the third quarter of 2024, the consolidated operating profit rose by 20% year-on-year, reaching a new high for the past eight years. Compared to the annual performance outlook announced at the beginning of the year, which projected a consolidated EBITDA growth of 11% to 13% for 2024, the consolidated EBITDA for the first 11 months of 2024 has increased by 21%, laying a solid foundation for Taiwan Mobile's future growth.
Taiwan Mobile President Lin Expresses Gratitude for Customer Support and Team Efforts while Focusing on AI, Retail, Gaming, and Sustainability
Taiwan Mobile President Jamie Lin expressed his appreciation for the unified efforts of all employees during the merger with T-Star. The team successfully overcame numerous challenges, including the integration of base stations, cultural alignment, and system interconnection. The base station integration encompassed over 20,000 devices across three generations and seven frequency bands. Originally planned to take 18 months, the project was completed nine months ahead of schedule, ensuring a stable and high-quality network experience for users. Additionally, the customer base has grown to over 10 million, leading to a surge in customer inquiries. To address this, Taiwan Mobile leveraged AI to enhance its smart customer service system. The AI assistant now handles 600,000 queries monthly with a 99% accuracy rate, significantly improving customer satisfaction. On the employee front, initiatives such as CEO town hall meetings and newcomer events have fostered cultural integration, helping new team members adapt quickly and align with the company’s values.
Looking ahead, Lin emphasized that the post-merger Taiwan Mobile is now better equipped in terms of operational scale and talent. Through AI, the company is breaking away from traditional telecom industry competition based on homogeneous services, instead introducing differentiated services and new business models to continuously boost productivity and profitability. Taiwan Mobile will center its future strategies on “5G+ Strategy " and "Telco+Tech," focusing on AI, the momo coin ecosystem, gaming, telecom-finance, and sustainability. The company is also actively expanding into international markets, collaborating with diverse ecosystem partners to upgrade the value chain and create long-term value for all stakeholders.
