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The backtest indicates that CHT achieves a 75% win rate within 10 and 30 days after earnings beats, yielding an average 30-day return of 4.98%, highlighting a positive medium-term price reaction. In contrast, the overall Diversified Telecommunication Services industry shows no significant price impact from earnings beats, with only occasional modest returns. This disparity implies that CHT's earnings beats are more meaningful for stock performance than industry peers. Investors might consider holding CHT shares for up to a month post-earnings beat to benefit from likely sustained gains.