Fund Manager Summary on Tuas Ltd (ASX:TUA)
In December 2025, Wilson Asset Management commented that Tuas Ltd (ASX:TUA) had accelerated subscription growth in Q1 FY2026 across mobile and fixed broadband, had secured financing commitments from six banks for the M1 acquisition with regulatory approval expected, and guided FY2026 capex to $45–55 million to support integration. Across fund managers the consensus is that Tuas is a high‑growth, high‑margin Singaporean telco with structural tailwinds from market disruption, scalable technology and expansion into broadband and global eSIMs, and that the August 2025 M1 acquisition is transformational—materially increasing scale, market share and near‑term earnings accretion while creating substantial cost and revenue synergy potential—yet near‑term upside is balanced by execution and integration risk, regulatory approval timing, capital‑raising dilution and potential shareholder overhang (notably a 21% holder previously selling parcels), and sensitivity to subscriber growth and ARPU trends; actionable considerations for investors are to monitor successful integration and synergy delivery post‑M1, capex discipline against the stated $45–55m range, subscriber and ARPU momentum after the acquisition, the resolution of any major shareholder sell‑down risk, regulatory approvals, and potential further M&A that could accelerate scale and unlock S&P/ASX 200 inclusion, while acknowledging the valuation premiums implied by recent deal multiples and placement levels.
Commentary From The Managers
There are 27 insights from 12 fund managers regarding their investment in Tuas Ltd (ASX:TUA) available on Thesis Tracker.
Unlock Updates With ThesisTracker Pro
Don’t let information asymmetry undermine your investment returns. Join other engaged investors on ThesisTracker Pro.
Updates are made available to members within 12 hours of being released. The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Milford Asset Management
31 Dec 2025
$7.07
Summary
- Milford Asset Management believes Tuas's recent trading update and acquisition pipeline justify continued ownership and continues to hold because operational momentum, near-term earnings improvement and the imminent M1 deal should drive margin and network gains.
- Share price reaction: Tuas rose +9.1%, contributing meaningfully after the Q1 update.
- Subscriber momentum: Q1 subscriber growth exceeded expectations, showing stronger organic demand.
- Quarterly profitability: The business generated more Net Profit (after tax) in the quarter than in FY25, evidencing immediate earnings improvement.
- M1 acquisition: Deal expected to close in the coming months and is treated as a near-term catalyst.
- Synergies: Management expects meaningful cost and network synergies post-closing, which should unlock additional value and improve margins.
- Conviction: The mix of upgraded organic performance, quarterly profit uplift and anticipated acquisition synergies underpins Milford’s decision to maintain the position.
Wilson Asset Management
8 Dec 2025
$7.03
Summary
- Tuas has reported an acceleration in subscription growth in both mobile and fixed broadband divisions in Q1 FY2026.
- The growth has been boosted by the M1 acquisition announcement, which has strengthened its brand presence.
- Industry analytics rank Tuas' Simba brand among the top tier for speed and latency.
- The M1 acquisition is progressing well, with financing secured from six banks.
- Regulatory approval for the acquisition is expected in the coming months.
- Tuas anticipates FY2026 capital expenditure in the range of $45-55 million, positioning the company to integrate M1 effectively.
- This strategy aims to capture future growth opportunities once regulatory approval is secured.
Ten Cap
30 Sept 2025
$6.99
Summary
- Ten Cap trimmed their position in Tuas following exceptional performance in August.
- They locked in gains while keeping a positive outlook.
- Long-term growth prospects for Tuas remain strong.
- Ten Cap continues to hold a constructive view on the investment.
Ausbil Investment Management
30 Sept 2025
$6.99
Summary
- Tuas (TUA) achieved a return of +17.5% over the quarter following the acquisition of M2, a competitor in Singapore.
- Return of +26.8% from the placement price which the Fund participated in.
- Ausbil had previously noted that M&A could present attractive accretive opportunities, but the timing and scale of accretion were unexpected.
- TUA's full-year results in September were slightly ahead of consensus expectations and indicated strong operating trends into FY26.
- Awaiting formal regulatory approval from the Singaporean regulator, which Ausbil believes is highly likely.
- Industry consolidation from 4 players to 3 is expected to lead to favourable competitive dynamics.
- Anticipation of significant revenue and cost synergies due to a well-credentialed management team.
QVG Capital
30 Sept 2025
$6.99
Summary
- Tuas Ltd identified as a detractor from performance during the month.
- No additional commentary was provided regarding the performance issues.
- QVG Capital continues to monitor the situation closely.
- Investment thesis remains under review as performance concerns are assessed.
- QVG Capital is committed to transparency in their investment approach.
Wilson Asset Management
30 Sept 2025
$6.99
Summary
- Tuas operates a mobile network and provides telecommunications services in Singapore.
- Reported strong revenue and profit growth in its full year results released on 24 September 2025.
- Included in the S&P/ASX 200 Index as announced by S&P Dow Jones Indices earlier in the month.
- Share price pressure relieved after index-tracking flows returned to normal following the initial run-up.
- Short-term traders took profits, contributing to a decline in share price.
- Investors are still digesting the M1 acquisition announced on 11 August 2025.
- A share placement at $5.51 per share on 12 August 2025 also affected share price.
- Despite the short-term fluctuations, the longer-term investment thesis remains intact.
- Tuas is well placed for growth over the next three to five years, especially with opportunities arising from the M1 acquisition.
Centennial Asset Management
31 Aug 2025
$7.62
Summary
- Centennial Asset Management notes Tuas (TUA) announced the acquisition of competitor M1.
- Capital raising was undertaken to partly fund the acquisition.
- The transaction is expected to generate material synergies and increased scale across the business.
- Anticipated significant operational efficiencies from the acquisition.
- The management team has a well-established track record for executing acquisitions.
- The market reacted positively to the transaction.
- Fresh capital was raised at $5.24 per share.
- The stock is currently trading at $7.55 per share.
Ten Cap
31 Aug 2025
$7.62
Summary
- Ten Cap initiated a long position in Tuas (TUA).
- The acquisition of M1 is highly accretive, broadening the customer base.
- Enhanced scale economics are expected from the acquisition.
- Ten Cap sees a multi-year growth runway supported by operational synergies.
- The integration of M1 is a key catalyst driving notable share price gains.
- Ten Cap believes the acquisition reinforces scale advantages and strengthens the company’s value proposition.
Wilson Asset Management
31 Aug 2025
$7.62
Summary
- Tuas, a Singaporean mobile network operator, significantly contributed to investment portfolio outperformance in August.
- The company announced the acquisition of M1, the third largest telecommunications business in Singapore, at a reasonable valuation.
- This acquisition marks a strategic step change in Tuas’ growth journey, benefiting from synergy advantages over the coming years.
- The industry landscape is shifting from a four-player to a three-player market, influencing long-term market share dynamics.
- Focus will be on new growth opportunities both within and potentially beyond Singapore, enabled by increased capacity post-acquisition.
- Tuas provided an operating update confirming ongoing growth in its core business.
- The company remains a top position, supported by organic success over the past five years.
- Tuas' management has a strong track record of integrating acquisitions, enhancing confidence in unlocking long-term value from the M1 acquisition.
- The acquisition deal, pending regulatory approval, positions Tuas as a full-service telecommunications provider with projected combined revenues of SGD949 million.
- Management highlighted significant cost efficiencies through shared infrastructure and capital expenditure discipline.
- Market may be underestimating the synergies available from the acquisition.
- Chairman David Teoh's proven track record and market share capture opportunities support earnings upgrades.
- S&P/ASX 200 Index inclusion is seen as a key near-term catalyst for Tuas.
Ellerston Capital
31 Aug 2025
$7.62
Summary
- Tuas Ltd (TUA AU) experienced a significant performance increase, rising almost 50% following the announcement of its acquisition of M1 for SGD 1.4bn.
- The acquisition is priced at 7x trailing EBITDA, but synergies are expected to reduce the effective multiple to around 4x.
- This deal is projected to be highly EPS accretive in year one.
- Upon completion, TUA will advance from the 4th to the 2nd largest market player.
- Material synergies are anticipated from the consolidation of duplicate mobile and fixed networks and associated operations.
- Ellerston Capital believes TUA will leverage cost savings to further grow market share.
- The outlook includes expectations for strong, sustainable margins.
Blackwattle Investment Partners
31 Aug 2025
$7.62
Summary
- TUA was a major contributor to performance, rallying 46% in August.
- The acquisition of M1 positions TUA as the number 2 player in the Singaporean mobile market.
- The acquisition is strategic and highly earnings accretive, with an attractive valuation of 7.3x LTM EV/EBITDA.
- EPS accretion is over 300% for FY26 without synergies.
- Potential synergies could create value of approximately S$100m in cost savings.
- Consensus NPAT for FY27 could see up to a 7x increase due to synergies.
- TUA, established in 2016, disrupts high-cost incumbents with a low-cost model.
- Managed by former TPG executives and backed by David Teoh, founder of TPG Australia.
- The M1 acquisition opens opportunities in the enterprise market and strengthens positions in prepaid mobile and broadband.
- There is significant potential for TUA to expand across Southeast Asia with the Simba Telecom brand.
- Blackwattle Investment Partners views TUA as an ‘Early Quality’ business with attractive risk/reward dynamics.
Milford Asset Management
31 Aug 2025
$7.62
Summary
- Performance was led by Singaporean telecommunications company Tuas, which rallied 45.8% following the acquisition of competitor M1.
- The transaction is strategically compelling, unlocking growth opportunities across consumer broadband and the enterprise market.
- With founder David Teoh at the helm, there is confidence in Tuas’ ability to optimise networks and extract synergies over the long-term.
- This transformation is expected to be similar to the success delivered at TPG Telecom in the 2010s.
Pendal Group
31 Aug 2025
$7.62
Summary
- Pendal Group provides an update on their investment thesis regarding Tuas Ltd.
- Tuas is a telecommunications company operating a mobile network in Singapore.
- The company was formed from the demerger of TPG Telecom’s Singapore operations after its merger with Vodafone in 2020.
- The stock experienced a rise following a successful equity capital raise aimed at acquiring rival M1 Limited.
- This acquisition is expected to significantly enhance Tuas’s market share, increasing its postpaid mobile market share from 14.4% to 38.3%.
- Additionally, Tuas’s broadband market share is projected to grow from less than 1% to almost 16%.
- Pendal Group continues to hold its position in Tuas based on these strategic developments.
Tyndall Asset Management
31 Aug 2025
$7.62
Summary
- Tyndall Asset Management notes Tuas' strong performance following the announcement of the acquisition of M1 Limited.
- The acquisition is expected to be highly earnings accretive from year 1.
- Tyndall anticipates material synergies once the acquisition is integrated under Tuas' focused executive team.
- The deal enhances scale advantages for Tuas.
- It consolidates an oligopoly market structure, which should improve long-term profitability.
- Tyndall Asset Management continues to be satisfied shareholders.
Ausbil Investment Management
31 Aug 2025
$7.62
Summary
- Tuas (TUA) experienced a return of +45.8% in August.
- The Fund participated in the acquisition of M2, a competitor in Singapore.
- Ausbil had anticipated M&A as an attractive opportunity but was surprised by the timing and scale of accretion.
- Industry consolidation from 4 players to 3 is expected to enhance competitive dynamics.
- Significant revenue and cost synergies are anticipated from the acquisition.
- Ausbil continues to hold due to the well-credentialed management team driving the integration.
Blackwattle Investment Partners
31 July 2025
$5.37
Summary
- TUA was one of the largest negative contributors to performance during the month.
- TUA fell 10% in July against a strong market.
- TUA has underperformed since its result in March, which missed lofty market expectations despite being solid.
- Market concerns are rising about a potential overhang from Washington H Soul Pattinson (SOL AU), which owns 21% of TUA.
- SOL’s Chairman Robert Millner recently resigned from the TUA board and sold a parcel of stock in December 2024, increasing investor anxiety about further sell downs.
- TUA is a telecommunications company providing Mobile and Broadband services in Singapore, established by TPG Australia in 2016.
- TUA was spun out from the TPG Group post the merger between TPG Australia and Vodafone Hutchinson Australia in June 2020.
- TUA disrupts legacy, high-cost incumbents with a low-cost, strong service and aggressive pricing model.
- Managed by former TPG executives and backed by Executive Chairman David Teoh, founder of TPG Australia.
- While TUA focuses on winning market share in Singapore, there is significant expansion potential across SE Asia.
- The strong Simba Telecom brand and disruptive business model present substantial opportunities.
- Blackwattle Investment Partners views TUA as an ‘Early Quality’ business with significant upside if executed at scale.
- Current valuation and Risk/Reward appears highly attractive.
Ausbil Investment Management
31 July 2025
$5.37
Summary
- TUAS (TUA) experienced a decline of -9.8% in July after a robust increase of +34.6% for the financial year ending 30 June 2025.
- Market data tracking downloads for TUA shows an acceleration in growth recently.
- A change in data source has impacted the correlation with historical results.
- Ausbil believes the acceleration in download data remains positive, indicating a strong FY25 result anticipated in September.
- Potential M&A opportunities could significantly benefit TUA, possibly leading to inclusion in the S&P/ASX 200.
- Ausbil maintains high conviction in TUA and has added to their position.
Wilson Asset Management
13 June 2025
$5.89
Summary
- Tuas Ltd., formerly TPG Telecom Singapore, is highlighted as a key investment by Wilson Asset Management.
- Recognized as the third-largest communication company in Australia.
- Rapid expansion noted, with market share increasing from zero to 12 percent.
- Profit margins are significantly robust, with earnings margins over twice that of larger competitors.
- Impressive growth trajectory observed since inception, particularly over the last four years.
- Future growth potential emphasized, especially as Tuas plans to penetrate the mass market.
- Business model is replicable in other regions and operating technology is cheaper compared to competitors.
- Despite a 44 percent share increase in the past year, the fund manager considers it a worthwhile investment.
- Identified as a rare opportunity, with companies achieving 20 percent growth and over 40 percent EBITDA margin being scarce in the current market.
Tamim Funds Management
31 Mar 2025
$5.51
Summary
- Tuas Limited (ASX: TUA) is a Singapore-based telco operator specializing in mobile and broadband services.
- The company is majority owned and managed by Founder David Teoh, known for founding TPG Telecom.
- In the latest half-year results, TUA reported results 14% ahead of market consensus.
- Despite the positive results, the stock saw a sell-off as investors expressed concerns over declining mobile ARPU and a slowdown in new subscribers.
- TUA is characterized as a highly profitable and cash-rich company.
- Investors maintain confidence in David Teoh's track record for executing growth strategies.
- Potential catalysts for stock re-rating in the next 6-9 months include an acceleration in subscriber growth or a possible acquisition.
Wilson Asset Management
31 Mar 2025
$5.51
Summary
- Tuas operates a mobile network and provides telecommunications services in Singapore.
- In March, Tuas upgraded its revenue and EBITDA guidance by almost 10% and 20% respectively.
- Despite the positive update, its share price declined for the month.
- Wilson Asset Management increased their position in Tuas, seeing a compelling long-term opportunity.
- Tuas is expanding into the Singaporean broadband and global eSIM markets.
- Wilson Asset Management believes Tuas has an enduring competitive advantage and scalability to drive shareholder returns.
- Tuas grew its market share from 0% to over 10% in four years, demonstrating significant growth potential.
- The company has a robust balance sheet with no debt and SGD73.1 million in cash.
- Wilson Asset Management recognizes Tuas's ability to expand its total addressable market while enhancing its product offerings.
Tyndall Asset Management
31 Mar 2025
$5.51
Summary
- Tyndall Asset Management continues to hold Tuas Ltd due to its solid performance in 1H25.
- Tuas delivered a 34% revenue growth and 48% EBITDA growth, exceeding consensus expectations.
- The underperformance is attributed to potential concerns regarding seasonal slowdown in subscriber growth, which Tyndall believes are misplaced.
- There is a noted rotation out of higher multiple stocks as inflation remains persistent.
- Rumours of a sell down by a major shareholder have circulated, but this has not yet occurred.
Ellerston Capital
31 Dec 2024
$6.36
Summary
- Tuas Ltd (TUA AU) experienced a share price growth of 14% in December, reaching an intra-month all-time high of $6.56.
- During the AGM on December 6th, TUA provided an update with unaudited results for 1Q FY25.
- The mobile subscriber base grew to over 1.1 million, showing a 6% growth quarter-on-quarter, increasing their market share to over 11%.
- TUA reported over 10,000 broadband subscribers, indicating a meaningful acceleration in growth.
- Financial results included $35.5 million in revenue and $16.1 million in EBITDA for 1Q FY25, reflecting a 33% and 46% increase respectively compared to the prior corresponding period.
Milford Asset Management
9 Nov 2024
$5.18
Summary
- Tuas Ltd. is a small but fast-growing Australian-based telecommunications provider.
- In 2016, Tuas was awarded a license to become the fourth official mobile network operator in Singapore.
- Currently, Tuas has over 1 million subscribers and has expanded into the home broadband market.
- Revenue has grown from zero to almost A$200 million today, showcasing Tuas as an impressive founder-led business.
- Tuas was previously part of the broader TPG Group, which merged with Vodafone in July 2020.
- Milford Asset Management recognized a significant opportunity to disrupt the archaic mobile market in Singapore, characterized by high margins for local operators.
- Founder David Teoh is heavily involved, bringing a strong focus on cost and efficiency crucial for a start-up in an established market.
- Tuas started with no infrastructure and just a license, investing in best-in-class telecommunications equipment.
- In a few years, Tuas achieved close network quality to competitors, allowing them to launch competing services.
- In 2020, Tuas launched the disruptive entry-level plan under the brand Simba, which was 50% cheaper than major operators.
- Subscriber growth for Simba skyrocketed from 7,000 to over 1,000,000 in just four years, capturing nearly 11% market share.
- Tuas has appreciated by 318% since Milford's initial investment in September 2021.
- Revenue grew from zero to S$117 million, with EBITDA improving from negative to approximately S$50 million.
- Tuas is poised to disrupt the Singaporean broadband market, offering services at over 50% cheaper than peers.
- Milford Asset Management remains excited about Tuas' prospects, with potential for small to medium business offerings and regional expansion in South-East Asia.
Wilson Asset Management
30 Sept 2024
$5.41
Summary
- Tuas Ltd. owns and operates a mobile network and provides telecommunications services in Singapore.
- The company continued its momentum in September, with subscriptions in its mobile offering surpassing analyst earnings expectations.
- This momentum was evident in its solid FY2024 results, showcasing growth in revenue and earnings along with improvements to margins.
- Tuas is viewed as a significant disrupter in the telecommunications market.
- The recent launch of broadband and enterprise services is expected to increase Tuas' total addressable market.
- There is potential for Tuas to enter markets in Malaysia or Indonesia in the future.
Ellerston Capital
30 Sept 2024
$5.41
Summary
- TUA, a provider of mobile telecommunications services in Singapore, experienced a 24.7% rally during the month following their FY24 results.
- EBITDA significantly exceeded consensus estimates, showcasing strong operating leverage.
- TUA's mobile offering, now branded as Simba, holds an estimated 11% market share in Singapore with continued growth potential.
- The company is in the early stages of expanding its success from mobile to broadband services.
- Currently, TUA has 4,000 broadband customers, with the ramp-up of its 10Gbps offering recently initiated.
- Opportunities for cross-selling, competitive pricing, and rising brand awareness are expected to drive meaningful earnings growth.
- Ellerston Capital continues to hold TUA as one of its core positions within the portfolio.
Ausbil Investment Management
30 Sept 2024
$5.41
Summary
- Tuas (TUA) returned +22.4% for the quarter after exceeding revenue and earnings consensus expectations for FY24 reported in September.
- Mobile subscribers have now surpassed 1 million, demonstrating robust growth.
- The company has launched into Broadband, which is expected to achieve significant success driven by prior mobile accomplishments.
- Strong cash flow conversion has enhanced the net cash balance sheet, indicating TUA's ability to self-fund growth.
- Future growth opportunities include regional expansion beyond broadband.
- TUA has been a holding since 2021 and remains a core position for Ausbil.
Ellerston Capital
31 Jan 2024
$3.20
Summary
- Tuas Ltd (TUA AU) experienced a 14.0% share price growth in December, reaching an all-time high of $6.56.
- During their AGM on December 6th, TUA provided unaudited results for 1Q FY25.
- The number of mobile subscribers has grown to over 1.1 million, marking a 6% quarter-on-quarter growth and increasing market share to over 11%.
- TUA reported over 10,000 broadband subscribers, indicating significant acceleration in their broadband growth.
- Financially, TUA recorded $35.5 million in revenue and $16.1 million of EBITDA for 1Q FY25, reflecting a 33% and 46% increase respectively compared to the previous corresponding period.
- The rollout of fibre assets and enhancements in mobile and broadband services support a remote working environment, contributing to lower emissions.
- With ongoing growth in mobile subscribers and a strong start to broadband rollout, Ellerston Capital sees potential for further outperformance in FY25.
- Ellerston Capital continues to hold TUA as a high conviction position within their portfolio.
The completeness, accuracy or current status of the investments referenced are not guaranteed.
Investment Ideas Scanner
Why fund managers back AMA Group (ASX:AMA): turnaround driving FY25 gains
Why fund managers call CAR Group (ASX:CAR) a core tech‑moated global growth buy
Why fund managers exited Infratil Ltd (ASX:IFT) after hitting valuation target
Mayfield Group (ASX:MYG) — $1bn pipeline, capacity doubling & major earnings upside
Fund managers: Bellevue Gold (ASX:BGL) hedge-free potential and 2026 re-rate
Why fund managers back Amaero Ltd (ASX:3DA): US spherical powders scaling to 800tpa
Why fund managers back Verbrec (ASX:VBC) — cash-rich turnaround & Alliance Automation uplift
Why fund managers back Experience Co (ASX:EXP): +33% earnings, cash-generating recovery
Why fund managers back Dyno Nobel (ASX:DNL): pivot to pure-play explosives
Why WAM bought Future Generation Global (ASX:FGG) as stake neared 19.9%
Frequently Asked Questions
Who is investing in Tuas Ltd (ASX:TUA)?
Fund managers including Ausbil Investment Management, Wilson Asset Management, Milford Asset Management, Ellerston Capital, Blackwattle Investment Partners, Ten Cap, Tyndall Asset Management, Tamim Funds Management, Pendal Group, Centennial Asset Management and QVG Capital have invested in Tuas Ltd (ASX:TUA).
Why do fund managers invest in Tuas Ltd?
Fund managers invest in Tuas Ltd due to its strong growth prospects and competitive advantages in the telecommunications sector. With its market share increasing from zero to over 12% in four years, Tuas has shown exceptional ability to maintain profit margins while expanding. Its recent acquisition of M1 positions it as a major player in Singapore’s market, expected to enhance revenue and operational efficiencies significantly. The lack of debt and substantial cash reserves support its growth strategy, making it an attractive investment despite high valuation concerns.
What happened to Tuas Ltd (ASX:TUA)?
Fund managers are invested in Tuas Ltd due to its strong growth potential following the transformational acquisition of M1, which is expected to enhance revenue and operating efficiencies. The company's recent full-year results exceeded expectations, reflecting robust subscription growth in both mobile and broadband sectors. Tuas' inclusion in the S&P/ASX 200 Index and positive industry dynamics from consolidation position it favorably for the future. Despite short-term price fluctuations, managers maintain a long-term positive outlook for Tuas' continued viability and expansion.
What is the short interest in Tuas Ltd (ASX:TUA)?
The short interest in Tuas Ltd (ASX:TUA) is 0.96% which makes it the 214th most shorted stock on the ASX. Of the 548.4M shares that Tuas Ltd has on issue, 5.3M have been sold short.
What does Tuas Ltd (ASX:TUA) do?
Tuas Ltd. engages in the operation of a mobile network and the provision of mobile telecommunications services. The company was founded on March 11, 2020 and is headquartered in Macquarie Park, Australia.