Tuas Ltd. (AU:TUA)
ASX:TUA
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Tuas Ltd.
(Sydney:TUA)
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Rating:60Neutral
Price Target:
AU$2.50
▼(-58.75% Downside)
Action:Reiterated
Date:06/06/26
Solid financial performance and a constructive earnings update (growth in revenue, EBITDA and subscribers, plus a strong balance sheet) support the score. This is materially offset by weak technicals (downtrend with bearish momentum) and elevated valuation risk given the very high P/E.
Positive Factors
Revenue & Subscriber Growth
Sustained top-line growth and meaningful mobile subscriber gains indicate durable demand and expanding market share in core services. Recurring mobile and broadband revenue supports predictable cash flows, scales operating leverage and strengthens long-term monetization potential as services expand.
Negative Factors
Low Net Profit & Modest ROE
Despite strong revenue and gross margin, low net margin and modest ROE (1.55%) indicate limited translation of top-line gains into shareholder returns. Persistently thin net profitability constrains retained earnings buildup and long-term return on invested capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & Subscriber Growth
Sustained top-line growth and meaningful mobile subscriber gains indicate durable demand and expanding market share in core services. Recurring mobile and broadband revenue supports predictable cash flows, scales operating leverage and strengthens long-term monetization potential as services expand.
Read all positive factors
Tuas Ltd. (TUA) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$1.26B
Dividend YieldN/A
Average Volume (3M)2.05M
Price to Earnings (P/E)85.4
Beta (1Y)0.92
Revenue Growth30.34%
EPS Growth426.42%
CountryAU
Employees203
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$7.48Price Target Upside23.35% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.04
Revenue Forecast (FY)AU$183.97M
Tuas Ltd. Business Overview & Revenue Model
Company Description
Tuas Limited owns and operates a mobile network in Singapore. It also provides mobile telecommunications services, including data, voice, SMS, roaming, and other services; broadband equipment and on-site activation and installation of services to ...
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
Negative
6.06
Price Trends
4.02
Negative
5.15
Negative
6.09
Negative
Market Momentum
-0.38
Negative
31.23
Neutral
10.60
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:TUA, the sentiment is Negative. The current price of 6.06 is above the 20-day moving average (MA) of 2.38, above the 50-day MA of 4.02, and below the 200-day MA of 6.09, indicating a bearish trend. The MACD of -0.38 indicates Negative momentum. The RSI at 31.23 is Neutral, neither overbought nor oversold. The STOCH value of 10.60 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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$56.93B | 25.78 | 16.66% | 3.91% | 0.26% | 36.10% | |
65 Neutral | AU$1.72B | 120.65 | 3.49% | ― | 26.11% | ― | |
62 Neutral | AU$1.87B | 77.39 | 5.01% | ― | 3.78% | -9.98% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
60 Neutral | AU$1.26B | 85.35 | 1.98% | ― | 30.34% | 426.42% | |
60 Neutral | AU$7.20B | 70.83 | 1.31% | 47.35% | -8.68% | ― | |
54 Neutral | AU$1.60B | 56.75 | 4.61% | 1.27% | 8.25% | -11.18% |
* Communication Services Sector Average
AU:TUA
Tuas Ltd.
2.31
-3.54
-60.51%
AU:TPG
TPG Telecom Limited
3.68
0.01
0.35%
AU:TLS
Telstra Corporation Limited
5.11
0.49
10.53%
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Superloop Ltd.
3.34
0.42
14.38%
AU:MAQ
Macquarie Telecom Group Limited
74.27
10.03
15.61%
AU:ABB
Aussie Broadband Ltd.
4.98
1.06
26.98%
Tuas Ltd. Corporate Events
Tuas Ends M1 Acquisition Deal as Regulatory Probe Continues
May 22, 2026
Tuas Limited has terminated its agreement for subsidiary Simba Telecom to acquire shares in Singapore operator M1 Limited from Keppel Konnect and Konnectivity, after several conditions precedent were not satisfied by the extended long-stop date of...
Tuas Extends Long-Stop Date for Proposed Acquisition of Singapore’s M1
Mar 26, 2026
Tuas Limited has announced that it and its subsidiary Simba Telecom have agreed with Keppel Konnect and Konnectivity to extend the long‑stop date for the proposed acquisition of Singapore operator M1 Limited. The new deadline for satisfying ...
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.