Loading companies…

Tuas Ltd ASX:TUA

Telecommunications Regulatory Risk Turnaround

3 opened or increased9 held3 reduced or exitedlatest position by manager, past 12 months90 days: 1 increased, 0 reduced. 19 managers in total.

Position history by manager Showing 3 of 19 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

16 more managers have commented on TUAPro shows the full position history for all 19 managers.

Upgrade to Pro

20252026

31 Aug 2024 to today

Commentary Showing 2 of 49

DateManagerActionSummary

30 Sep 2026Forager FundsInitiatedForager Funds initiated a position in Tuas, one of the newer portfolio additions, because it backs founder David Teoh's ability to navigate choppier conditions at Singapore challenger mobile operator Simba. Simba runs its own network offering large data allowances, low prices and simple plans, with over 1.4 million mobile and 62 thousand fibre subscribers, and about S$500m cash against S$820m market capitalisation, raised for an acquisition stalled by spectrum-use regulatory issues. Forager notes Singapore mobile prices have fallen over 65% in five years. The latest result disappointed due to aggressive incumbent responses and S$15–30m of FY27 cyber security spend, but Forager values Teoh's 32% stake, low-cost discipline and TPG track record.

Quarterly Report, price recorded $1.71

The source document link is a Pro feature

30 Jun 2026Wilson Asset ManagementHeldWilson Asset Management continues to hold Tuas as its largest position because the telecommunications company, despite being impacted by an unexpected breach of radio frequency bands that prevented a proposed transaction with M1 Limited from proceeding, remains a core conviction holding. The manager's continued sizing of Tuas as the largest position in the portfolio, even after this setback, suggests Wilson retains confidence in the underlying telecommunications business despite the disruption to its planned corporate transaction.

TelecommunicationsAnnual Report, price recorded $2.27

The source document link is a Pro feature

47 more comments on TUAPro shows every comment, with a link to each source document.

Upgrade to Pro

First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 19 managers first commented on TUA.

View Pro

Articles

30 Sep 2026Tuas Fell 70% in a Day on a Spectrum Breach Allegation. Here's the Fallout

About Tuas Ltd

Communication Services, Diversified Telecommunication Services

Tuas (ASX:TUA), the Singapore mobile operator, collapsed after a regulatory investigation derailed its planned merger. In June 2026, Paradice, Smallco and Ausbil all reported Tuas fell more than 60% in the quarter after Singapore's Infocomm Media Development Authority suspended its review of the proposed Simba-M1 transaction amid an investigation into possible unauthorised spectrum use. Regal also cited regulatory troubles. Spheria initiated a position after the steep fall, viewing the valuation as attractive relative to downside risk. Tuas operates in the Communication Services sector within the Diversified Telecommunication Services industry, and Thesis Tracker has captured 48 comments from 18 fund managers, including Paradice, Smallco, Ausbil, Regal and Spheria. Founded in 2020 and led by former TPG founder David Teoh, Tuas operates Simba Telecom, a low-cost mobile network in Singapore, and has been seeking to combine with M1, one of Singapore's main telcos.

Market cap: $847m
Price to earnings: 78.3x
Return on equity: 1.9%
Dividend yield: 0.0%
Price to book: 1.39x
Net margin: 7.1%
52-week range: $1.54 to $7.81

Company figures as of 15 Oct 2026. For information only.

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, QVG Capital, Maple-Brown Abbott, Spheria Asset Management, Regal Funds Management, Pengana Capital Group, Lennox Capital Partners, Paradice Investment Management, Smallco Investment Manager and Forager Funds have invested in Tuas Ltd (ASX:TUA).

What opportunities or catalysts do fund managers highlight for Tuas Ltd?

Spheria sees an attractive valuation after the share price collapse relative to downside risk, suggesting value if the regulatory issues are resolved.

What are the key risks to the Tuas Ltd investment thesis, according to fund managers?

Paradice, Smallco and Ausbil highlight Singapore's regulator suspending its review of the Simba-M1 merger amid an investigation into unauthorised spectrum use, causing a more than 60% share price fall.

What does Tuas Ltd (ASX:TUA) do?

Tuas Ltd. is an Australian telecommunications company headquartered in Macquarie Park. Founded on March 11, 2020, the firm operates a mobile network and provides mobile telecommunications services to its customers.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

Disclaimer Terms of Use Privacy Complaints Contact

Loading…