TUAS LIMITED (TUA)
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25/03/2026

1

Buy

$9.95

61.00%

In a first glance Citi notes mobile subscriber growth accelerated in the second quarter for Tuas, which reported underlying EBITDA of $42m that was ahead of expectations.

The 'beat' was driven by stronger revenue that was partially offset by lower-than-expected gross margin.

The company has reiterated capital expenditure for FY26 of -$50-55m with the first half coming in at -$19m. No other guidance was provided.

The broker also notes limited commentary on the M1 transaction other than to mention engagement with IMDA is ongoing.

Citi envisages potential for the share price to outperform and a Buy rating and target of $9.95 are maintained.

Post the conference call with Tuas management, Citi notes first-half subscriber acceleration partly reflects a temporary boost from M1 deal-related brand awareness. Nonetheless, the broker feels second-half momentum is continuing.

Management noted the M1 deal announcement has boosted consumer awareness and confidence in the Simba brand.

The analysts explain cost pressures lifted network and hardware expenses.

Middle East disruption has not affected trading momentum, the broker notes, and second-half capex may retain some flexibility.

Product enhancements, including broader roaming and data plans, plus strong Ookla rankings (rated the fastest download and most reliable internet speed are expected to support further mobile and broadband growth. 

Regulatory approval for the M1 deal remains the key catalyst, suggests Citi.