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Tuas Ltd.
(Sydney:TUA)
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Rating:69Neutral
Price Target:
AU$1.50
▼(-28.57% Downside)
Action:Reiterated
Date:10/27/26
The score is driven primarily by strong financial momentum (rapid revenue growth, improving profitability, robust operating/free cash flow, and minimal leverage). This is tempered by weak technical conditions (price well below key moving averages and negative MACD) and earnings-call risks around regulatory uncertainty (IMDA investigation/spectrum-use issues), margin pressure, and limited forward guidance; valuation appears reasonable but not notably cheap given the P/E and no dividend data.
Positive Factors
Revenue and Profit Growth
Strong revenue, EBITDA, and net profit growth indicates that SIMBA is scaling its operating platform and converting customer expansion into earnings. If sustained across consumer, enterprise, and SME markets, this growth can strengthen competitive position and support ongoing network investment.
Negative Factors
Gross Margin Pressure
Broadband expansion is contributing to revenue growth but has also reduced gross margin, creating a risk that incremental sales generate less profit than the existing mix. Persistent mix-related pressure could limit operating leverage and make future earnings more sensitive to pricing and cost changes.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Profit Growth
Strong revenue, EBITDA, and net profit growth indicates that SIMBA is scaling its operating platform and converting customer expansion into earnings. If sustained across consumer, enterprise, and SME markets, this growth can strengthen competitive position and support ongoing network investment.
Read all positive factors
Tuas Ltd. (TUA) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$699.21M
Dividend YieldN/A
Average Volume (3M)5.00M
Price to Earnings (P/E)23.5
Beta (1Y)0.80
Revenue Growth20.59%
EPS Growth210.98%
CountryAU
Employees200
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)0.05
Shares Outstanding548,396,200
10 Day Avg. Volume6,616,402
30 Day Avg. Volume4,997,115
Financial Highlights & Ratios
PEG Ratio0.18
Price to Book (P/B)1.27
Price to Sales (P/S)5.60
P/FCF Ratio19.96
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$3.33Price Target Upside58.33% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.06
Revenue Forecast (FY)AU$222.24M
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
Tuas Ltd. makes money primarily by earning telecommunications service revenue through its Singapore mobile operations. This typically includes recurring customer payments for mobile plans (e.g., postpaid subscriptions) and usage-based charges (suc...
Tuas Ltd. Earnings Call Summary
Earnings Call Date:Sep 22, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Mar 25, 2027
Earnings Call Sentiment Positive
The call was broadly positive, supported by strong FY '26 revenue, EBITDA and net profit growth, continued mobile and broadband subscriber expansion, positive operating cash flow, network performance achievements and multiple FY '27 growth initiatives. The principal challenges were the lapsed M1 acquisition, the pending IMDA investigation, spectrum-use concerns, a fourth-quarter mobile subscriber growth slowdown, small fixed broadband market share and an acknowledged gross margin decline associated with the broadband mix.Positive Updates
Revenue and EBITDA Growth
FY '26 revenue increased to $187.6 million from $151.3 million, while underlying EBITDA increased 22% to $83.7 million from $68.4 million. Revenue increased 24% in FY '26, and EBITDA margin remained stable year-on-year at 45% of revenue.
Negative Updates
M1 Acquisition Did Not Proceed
The proposed M1 acquisition could not complete without IMDA regulatory clearance. The sales and purchase agreement reached its contractual long stop date of 21 May 2026 without regulatory clearance, so the transaction lapsed and did not proceed.
Read all updates
Q4-2026 Updates
Positive
Negative
Revenue and EBITDA Growth
FY '26 revenue increased to $187.6 million from $151.3 million, while underlying EBITDA increased 22% to $83.7 million from $68.4 million. Revenue increased 24% in FY '26, and EBITDA margin remained stable year-on-year at 45% of revenue.
Read all positive updates
Company Guidance
For FY ’27, combined mobile and broadband CapEx is expected to sit between $50 million and $55 million, including initiatives such as the stand-alone 5G network and other network upgrades; incremental CapEx and OpEx earmarked for cybersecurity compliance are projected to total somewhere between $15 million to $30 million in FY ’27, with cybersecurity spending expected to continue in future years, although what it will be in future years is hard to say, and guidance for FY ’28 will be provided when ready. The company is not giving any guidance in terms of how EBITDA will be moving forward, but is hopeful it will achieve broad-based revenue growth across consumer, enterprise and SME markets.Tuas Ltd. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
92
Very Positive
Cash Flow
84
Very Positive
| Breakdown | Jul 2026 | Jul 2025 | Jul 2024 | Jul 2023 | Jul 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 189.17M | 151.29M | 117.06M | 86.10M | 57.43M |
| Gross Profit | 43.85M | 102.95M | 81.31M | 47.09M | 35.15M |
| EBITDA | 84.48M | 68.83M | 49.74M | 32.02M | 14.33M |
| Net Income | 26.20M | 6.90M | -4.37M | -15.30M | -26.73M |
Balance Sheet | |||||
| Total Assets | 912.64M | 498.37M | 476.59M | 468.21M | 476.12M |
| Cash, Cash Equivalents and Short-Term Investments | 498.37M | 80.69M | 55.33M | 44.00M | 49.55M |
| Total Debt | 485.59K | 1.04M | 1.49M | 2.00M | 2.52M |
| Total Liabilities | 79.88M | 52.45M | 39.05M | 27.98M | 22.33M |
| Stockholders Equity | 832.76M | 445.93M | 437.54M | 440.23M | 453.79M |
Cash Flow | |||||
| Free Cash Flow | 53.07M | 26.20M | 14.18M | -4.61M | -44.49M |
| Operating Cash Flow | 92.01M | 81.20M | 59.99M | 39.97M | 22.57M |
| Investing Cash Flow | -17.41M | -60.81M | -48.21M | -46.56M | -66.46M |
| Financing Cash Flow | 362.18M | -606.00K | -587.00K | -582.00K | -544.00K |
Tuas Ltd. Technical Analysis
Negative
2.10
Price Trends
1.85
Negative
2.05
Negative
3.80
Negative
Market Momentum
-0.15
Positive
31.61
Neutral
25.51
Neutral
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 2.1 is above the 20-day moving average (MA) of 1.58, above the 50-day MA of 1.85, and below the 200-day MA of 3.80, indicating a bearish trend. The MACD of -0.15 indicates Positive momentum. The RSI at 31.61 is Neutral, neither overbought nor oversold. The STOCH value of 25.51 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | AU$699.21M | 23.47 | 3.24% | ― | 20.59% | 210.98% | |
65 Neutral | AU$1.31B | 36.63 | 5.50% | 1.40% | 9.12% | 7.51% | |
64 Neutral | AU$1.39B | 79.18 | 4.27% | 0.21% | 21.56% | 1694.74% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
60 Neutral | AU$1.29B | 40.37 | 5.72% | 3.36% | 5.50% | -7.85% | |
59 Neutral | AU$54.81B | 24.89 | 17.30% | 4.24% | -0.81% | 5.46% | |
58 Neutral | AU$7.64B | 73.81 | 1.20% | 46.27% | -4.55% | ― |
* Communication Services Sector Average
AU:TUA
Tuas Ltd.
1.28
-5.96
-82.37%
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AU:ABB
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Tuas Ltd. Corporate Events
Tuas Subsidiary Simba Faces Singapore Probe Over Alleged Unauthorised Spectrum Use
Oct 25, 2026
Tuas Limited has disclosed that its Singapore subsidiary, Simba Telecom, has received a Notice to Show Cause from the Infocomm Media Development Authority over alleged unauthorised spectrum use and network deployments between 2022 and 2026. The re...
Tuas Sets November Date for 2026 Annual General Meeting
Oct 12, 2026
Tuas Limited has called its Annual General Meeting for 30 November 2026 at Rydges Sydney Central in Surry Hills, with the session scheduled to begin at 10:00 a.m. Sydney time. The company’s annual report for the period from 1 August 2025 to ...
Tuas Ltd. Performance Rights Lapse Trims Potential Dilution
Oct 12, 2026
Tuas Ltd., listed on the ASX under the code TUA, operates in the telecommunications sector, providing mobile and related connectivity services. The company focuses on network expansion and customer growth in its target markets, positioning itself ...
Tuas Limited Files Updated Corporate Governance Statement with ASX
Sep 22, 2026
Tuas Limited has confirmed that its corporate governance statement for the year ended 31 July 2026 is available on its website and has been approved by the board as of 23 September 2026. The lodgement, made alongside a completed Appendix 4G, ensur...
Tuas Limited Files 2026 Annual Report with ASX
Sep 22, 2026
Tuas Limited has lodged its Appendix 4E and Annual Report for the financial year ended 31 July 2026 with the Australian Securities Exchange. The release fulfils the company’s continuous disclosure obligations and provides investors and other...
Tuas Sets Timetable for FY26 Results and AGM
Sep 9, 2026
Tuas Limited has scheduled the release of its financial results for the year ended 31 July 2026 on 23 September 2026, accompanied by a webcast presentation at 10:00am AEST featuring the CEO and CFO of Simba Telecom Pte Ltd. The company will lodge ...
Tuas Removed as S&P Dow Jones Unveils September ASX Index Rebalance
Sep 4, 2026
SP Dow Jones Indices has announced the September 2026 quarterly rebalance of the SP/ASX indices, which will take effect before trading opens on September 21. The reshuffle leaves the SP/ASX 20 unchanged but introduces multiple additions and remova...
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.