Tuas Ltd. (AU:TUA)
ASX:TUA
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Tuas Ltd.
(Sydney:TUA)
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Rating:61Neutral
Price Target:
AU$6.50
▲(7.26% Upside)
Action:ReiteratedDate:03/26/26
The score is supported by solid fundamentals (growth, strong margins at the EBITDA level, and minimal leverage) and a largely positive earnings update with strong subscriber and profit momentum. This is tempered by weak technicals (price below key moving averages and negative MACD) and a very expensive valuation (P/E ~303), with added execution uncertainty tied to the M1 acquisition approval timeline.
Positive Factors
Subscriber & revenue growth
Sustained subscriber additions and 26% H1 revenue growth indicate scalable recurring revenue and improved unit economics. Larger mobile and broadband bases support higher lifetime value, distribution scale, and predictable cash generation, underpinning multi‑period revenue resilience.
Negative Factors
Low net margin & modest ROE
Despite healthy EBITDA, low net margin and weak ROE show limited conversion to shareholder returns after tax and interest. This constrains long‑term return potential and may necessitate higher scale or margin recovery to meet investor expectations and justify reinvestment.
Read all positive and negative factors
Positive Factors
Negative Factors
Subscriber & revenue growth
Sustained subscriber additions and 26% H1 revenue growth indicate scalable recurring revenue and improved unit economics. Larger mobile and broadband bases support higher lifetime value, distribution scale, and predictable cash generation, underpinning multi‑period revenue resilience.
Read all positive factors
Tuas Ltd. (TUA) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$3.35B
Dividend YieldN/A
Average Volume (3M)2.05M
Price to Earnings (P/E)99.0
Beta (1Y)0.95
Revenue Growth34.09%
EPS GrowthN/A
CountryAU
Employees150
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)0.02
Shares Outstanding548,396,200
10 Day Avg. Volume1,342,677
30 Day Avg. Volume2,050,728
Financial Highlights & Ratios
PEG Ratio-1.18
Price to Book (P/B)4.69
Price to Sales (P/S)13.82
P/FCF Ratio79.83
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$9.98Price Target Upside64.60% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.04
Revenue Forecast (FY)AU$181.65M
Tuas Ltd. Business Overview & Revenue Model
Company Description
Tuas Limited develops a mobile network in Singapore. It also offers mobile telecommunications services, including data, voice, SMS, roaming, and other services. The company was incorporated in 2020 and is based in Sydney, Australia....
How the Company Makes Money
null...
Tuas Ltd. Earnings Call Summary
Earnings Call Date:Mar 24, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Sep 29, 2026
Earnings Call Sentiment Positive
The call reported strong revenue, EBITDA and profit growth, meaningful subscriber gains (mobile and broadband), an enhanced cash position and regulatory & third-party recognition of network performance. Offsetting items include recorded pre-acquisition costs, gross margin pressure from higher network COGS, and uncertainty around the timing and approval of the M1 acquisition. On balance, operational and financial momentum materially outweigh the headline risks.Positive Updates
Revenue Growth
Half-year revenue of $91.9M, up from $73.2M in the prior comparable period (+26%).
Negative Updates
Pre-Acquisition Costs
Pre-acquisition costs of $10.5M were recorded in the half year related to the proposed M1 acquisition (legal, tax, financial due diligence and advisory).
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth
Half-year revenue of $91.9M, up from $73.2M in the prior comparable period (+26%).
Read all positive updates
Company Guidance
Management's guidance reiterated a FY‑26 stand‑alone CapEx range of S$50–55 million, with a continued focus on margin optimization and disciplined cash management as the business scales and expects sustained mobile and fiber broadband growth; first‑half CapEx was ~S$18.9m and the group reported positive cash flow after CapEx (opening cash & term deposits S$80.7m; net cash from operating activities S$50.1m; S$260m raised for the M1 acquisition; ending cash & term deposits S$478m). For context, H1 revenue was S$91.9m (up 26% YoY from S$73.2m), underlying EBITDA rose 27% to S$42.1m (EBITDA margin 46%, +1 ppt), statutory NPAT was S$8.2m (vs S$3.0m prior), mobile subscribers were ~1.412m (+13% in the half), broadband active services ~46,000 (+20,000 in the half), pre‑acquisition costs of S$10.5m were incurred but not yet payable, and operational milestones include exceeding IMDA's 95% 5G outdoor coverage and Ookla recognition for fastest and most reliable speeds; the M1 deal timetable remains subject to IMDA review.Tuas Ltd. Financial Statement Overview
Summary
Income Statement
75
Positive
Balance Sheet
80
Positive
Cash Flow
65
Positive
| Breakdown | TTM | Jul 2025 | Jul 2024 | Jul 2023 | Jul 2022 | Jul 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 173.58M | 151.29M | 117.06M | 86.10M | 57.43M | 30.90M |
| Gross Profit | 67.07M | 102.95M | 81.31M | 47.09M | 35.15M | 9.96M |
| EBITDA | 78.77M | 69.62M | 49.74M | 30.45M | 15.54M | 2.25M |
| Net Income | 12.43M | 6.90M | -4.37M | -15.30M | -26.73M | -20.87M |
Balance Sheet | ||||||
| Total Assets | 882.53M | 498.37M | 476.59M | 468.21M | 476.12M | 493.98M |
| Cash, Cash Equivalents and Short-Term Investments | 474.65M | 80.69M | 55.33M | 44.00M | 49.55M | 94.58M |
| Total Debt | 753.72K | 1.04M | 1.49M | 2.00M | 2.52M | 2.90M |
| Total Liabilities | 73.71M | 52.45M | 39.05M | 27.98M | 22.33M | 15.23M |
| Stockholders Equity | 808.82M | 445.93M | 437.54M | 440.23M | 453.79M | 478.75M |
Cash Flow | ||||||
| Free Cash Flow | 40.78M | 26.20M | 14.18M | -4.61M | -44.49M | -25.41M |
| Operating Cash Flow | 91.42M | 81.20M | 59.99M | 39.97M | 22.57M | -3.90M |
| Investing Cash Flow | -31.94M | -60.81M | -48.21M | -46.56M | -66.46M | 1.08M |
| Financing Cash Flow | 373.08M | -606.00K | -587.00K | -582.00K | -544.00K | 18.28M |
Tuas Ltd. Technical Analysis
Neutral
6.06
Price Trends
6.39
Negative
6.67
Negative
6.64
Negative
Market Momentum
-0.11
Negative
48.36
Neutral
17.79
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:TUA, the sentiment is Neutral. The current price of 6.06 is below the 20-day moving average (MA) of 6.08, below the 50-day MA of 6.39, and below the 200-day MA of 6.64, indicating a neutral trend. The MACD of -0.11 indicates Negative momentum. The RSI at 48.36 is Neutral, neither overbought nor oversold. The STOCH value of 17.79 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:TUA.
Tuas Ltd. Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | AU$59.90B | 12.30 | 16.66% | 3.91% | 0.86% | 34.23% | |
64 Neutral | AU$1.65B | 64.94 | 3.49% | ― | 31.16% | ― | |
62 Neutral | AU$1.76B | 26.24 | 5.01% | ― | 1.75% | 0.42% | |
61 Neutral | AU$3.35B | 98.96 | 1.98% | ― | 34.09% | ― | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
60 Neutral | AU$7.93B | 54.88 | 1.31% | 47.35% | -5.04% | -349.38% | |
54 Neutral | AU$1.49B | 72.38 | 4.61% | 1.27% | 18.74% | 14.89% |
* Communication Services Sector Average
AU:TUA
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Tuas Ltd. Corporate Events
Tuas to Webcast Half-Year FY25/26 Results to Investors
Mar 24, 2026
Tuas Limited has released an investor presentation detailing its half-year financial results for FY25/26, covering the period from 1 August 2025 to 31 January 2026. The company will brief investors via a webcasted presentation from Sydney, undersc...
Tuas Files Half-Year Appendix 4D and Interim Report with ASX
Mar 24, 2026
Tuas Limited has lodged its Appendix 4D and Interim Financial Report for the half-year period from 1 August 2025 to 31 January 2026 with the Australian Securities Exchange. The release, authorised by the board, provides the market with updated hal...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.