Buy Or Sell Opportunity • Jun 05
Now 22% overvalued Over the last 90 days, the stock has fallen 60% to AU$2.49. The fair value is estimated to be AU$2.04, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Meanwhile, the company has become profitable. Live News • May 21
Tuas Shares Tumble on M1 Acquisition Uncertainty as Regulator Probes Spectrum Allegations Tuas shares fell more than 60% after Singapore’s Infocomm Media Development Authority (IMDA) suspended its review of the proposed S$1.43b acquisition of M1 Limited, following allegations of unauthorized radio frequency spectrum use by subsidiary Simba Telecom.
The IMDA is investigating potential breaches of Singapore’s Telecommunications Act, putting the M1 transaction at risk ahead of a regulatory long-stop date on 21 May 2026.
Tuas has said it is fully cooperating with the regulator, running its own internal inquiries, and remains in discussions with authorities, while reporting 26% revenue growth and 27% underlying EBITDA growth for the first half of fiscal 2026.
The key issue now is regulatory. The outcome of the spectrum investigation will likely determine whether Tuas can complete the M1 deal that sits at the center of its current expansion plans.
Until there is more clarity from the IMDA, investors are mainly weighing regulatory and execution risk around the acquisition against the company’s recent operating momentum. Buy Or Sell Opportunity • May 19
Now 30% overvalued Over the last 90 days, the stock has fallen 59% to AU$2.67. The fair value is estimated to be AU$2.05, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Meanwhile, the company has become profitable. New Risk • May 18
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 19% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (19% average weekly change). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (17% increase in shares outstanding). New Risk • Mar 26
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 36% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (17% increase in shares outstanding). Announcement • Mar 12
Tuas Limited to Report First Half, 2026 Results on Mar 25, 2026 Tuas Limited announced that they will report first half, 2026 results on Mar 25, 2026 Announcement • Oct 21
Tuas Limited, Annual General Meeting, Dec 01, 2025 Tuas Limited, Annual General Meeting, Dec 01, 2025. Location: rydges sydney central, 28 albion street, surry hills nsw, Australia Announcement • Oct 02
Tuas Limited has completed a Follow-on Equity Offering in the amount of AUD 50.004187 million. Tuas Limited has completed a Follow-on Equity Offering in the amount of AUD 50.004187 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 9,075,170
Price\Range: AUD 5.51 Board Change • Sep 25
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Craig Levy was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 24
Full year 2025 earnings released: EPS: S$0.015 (vs S$0.009 loss in FY 2024) Full year 2025 results: EPS: S$0.015 (up from S$0.009 loss in FY 2024). Revenue: S$151.3m (up 29% from FY 2024). Net income: S$6.90m (up S$11.3m from FY 2024). Profit margin: 4.6% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 3.2% growth forecast for the Telecom industry in Australia. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 70% per year, which means it is significantly lagging earnings growth. New Risk • Aug 15
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Announcement • Aug 13
Tuas Limited has completed a Follow-on Equity Offering in the amount of AUD 385.169828 million. Tuas Limited has completed a Follow-on Equity Offering in the amount of AUD 385.169828 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 69,903,780
Price\Range: AUD 5.51
Transaction Features: Subsequent Direct Listing Buy Or Sell Opportunity • Aug 12
Now 50% overvalued after recent price rise Over the last 90 days, the stock has risen 25% to AU$7.14. The fair value is estimated to be AU$4.77, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Announcement • Aug 11
Tuas Limited to Report Fiscal Year 2025 Results on Sep 24, 2025 Tuas Limited announced that they will report fiscal year 2025 results on Sep 24, 2025 Buy Or Sell Opportunity • May 16
Now 24% overvalued Over the last 90 days, the stock has fallen 12% to AU$5.80. The fair value is estimated to be AU$4.69, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Buy Or Sell Opportunity • Apr 29
Now 22% overvalued Over the last 90 days, the stock has fallen 11% to AU$5.66. The fair value is estimated to be AU$4.65, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Reported Earnings • Mar 28
First half 2025 earnings released: EPS: S$0.006 (vs S$0.008 loss in 1H 2024) First half 2025 results: EPS: S$0.006 (up from S$0.008 loss in 1H 2024). Revenue: S$73.2m (up 34% from 1H 2024). Net income: S$3.02m (up S$6.51m from 1H 2024). Profit margin: 4.1% (up from net loss in 1H 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Telecom industry in Australia. Announcement • Mar 17
Tuas Limited to Report First Half, 2025 Results on Mar 26, 2025 Tuas Limited announced that they will report first half, 2025 results on Mar 26, 2025 Announcement • Oct 22
Tuas Limited, Annual General Meeting, Dec 06, 2024 Tuas Limited, Annual General Meeting, Dec 06, 2024. Location: to be held at rydges sydney central, 28 albion street, surry hills nsw, Australia Reported Earnings • Sep 24
Full year 2024 earnings released: S$0.009 loss per share (vs S$0.033 loss in FY 2023) Full year 2024 results: S$0.009 loss per share (improved from S$0.033 loss in FY 2023). Revenue: S$117.1m (up 36% from FY 2023). Net loss: S$4.37m (loss narrowed 71% from FY 2023). Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 3.4% growth forecast for the Telecom industry in Australia. Over the last 3 years on average, earnings per share has increased by 48% per year whereas the company’s share price has increased by 53% per year. Announcement • Sep 11
Tuas Limited to Report Fiscal Year 2024 Results on Sep 24, 2024 Tuas Limited announced that they will report fiscal year 2024 results on Sep 24, 2024 Reported Earnings • Mar 21
First half 2024 earnings released: S$0.008 loss per share (vs S$0.016 loss in 1H 2023) First half 2024 results: S$0.008 loss per share (improved from S$0.016 loss in 1H 2023). Revenue: S$54.7m (up 38% from 1H 2023). Net loss: S$3.50m (loss narrowed 54% from 1H 2023). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Telecom industry in Australia. Announcement • Mar 08
Tuas Limited to Report First Half, 2024 Results on Mar 20, 2024 Tuas Limited announced that they will report first half, 2024 results on Mar 20, 2024 Announcement • Dec 01
Tuas Limited Announces the Appointment of Craig Linton Levy as Director Tuas Limited announced the appointment of Craig Linton Levy as Director, effective December 1, 2023. Reported Earnings • Oct 24
Full year 2023 earnings released: S$0.033 loss per share (vs S$0.058 loss in FY 2022) Full year 2023 results: S$0.033 loss per share (improved from S$0.058 loss in FY 2022). Revenue: S$86.1m (up 50% from FY 2022). Net loss: S$15.3m (loss narrowed 43% from FY 2022). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Telecom industry in Australia. Reported Earnings • Sep 19
Full year 2023 earnings released: S$0.033 loss per share (vs S$0.058 loss in FY 2022) Full year 2023 results: S$0.033 loss per share (improved from S$0.058 loss in FY 2022). Revenue: S$86.1m (up 50% from FY 2022). Net loss: S$15.3m (loss narrowed 43% from FY 2022). Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 3.8% growth forecast for the Telecom industry in Australia. Reported Earnings • Mar 24
First half 2023 earnings released First half 2023 results: Revenue: S$39.6m (up 38% from 1H 2022). Net loss: S$7.52m (loss narrowed 44% from 1H 2022). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Telecom industry in Australia. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). Executive Chairman David Teoh is the most experienced director on the board, commencing their role in 2020. Independent Non-Executive Director Alan Latimer was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 22
Full year 2022 earnings released: S$0.058 loss per share (vs S$0.089 loss in FY 2021) Full year 2022 results: S$0.058 loss per share (improved from S$0.089 loss in FY 2021). Revenue: S$57.4m (up 67% from FY 2021). Net loss: S$26.7m (loss narrowed 18% from FY 2021). Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Telecom industry in Australia. Reported Earnings • Sep 20
Full year 2022 earnings released: S$0.058 loss per share (vs S$0.057 loss in FY 2021) Full year 2022 results: S$0.058 loss per share (further deteriorated from S$0.057 loss in FY 2021). Revenue: S$57.4m (up 86% from FY 2021). Net loss: S$26.7m (loss widened 28% from FY 2021). Revenue is forecast to grow 27% p.a. on average during the next 2 years, compared to a 4.5% growth forecast for the Telecom industry in Australia. Board Change • Aug 02
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (3 non-independent directors). Executive Chairman David Teoh is the most experienced director on the board, commencing their role in 2020. Independent Non-Executive Director Alan Latimer was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Announcement • Jul 29
Tuas Limited Announces Change in Directors Tuas Limited advised the market that Mr. Jack Teoh has resigned his position as a non-executive director of the Company in order to focus on other business interests. In his place, the Board has resolved to appoint Bob Teoh to fill the casual vacancy. The Board welcomes Bob Teoh, who brings youth, skills and experience. Bob holds a Bachelor of Science in Economics from The Wharton School, University of Pennsylvania, and has been the CEO and Managing Director of the Oscar Wylee group. Announcement • Jul 28
Tuas Limited Appoints Bob Teoh as Director Tuas Limited announced the appointment of Bob Teoh as Director. Date of appointment is July 28, 2022. Board Change • Apr 27
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (3 non-independent directors). Executive Chairman David Teoh is the most experienced director on the board, commencing their role in 2020. Independent Non-Executive Director Alan Latimer was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Reported Earnings • Oct 28
Full year 2021 earnings released: S$0.057 loss per share The company reported a solid full year result with improved revenues and control over costs, although losses increased. Full year 2021 results: Revenue: S$30.9m (up S$25.8m from FY 2020). Net loss: S$20.9m (loss widened 34% from FY 2020). Executive Departure • Jun 16
Company Secretary Clare Craven has left the company On the 11th of June, Clare Craven's tenure as Company Secretary ended. We don't have any record of a personal shareholding under Clare's name. Clare is the only executive to leave the company over the last 12 months. Announcement • Dec 21
Tuas Limited(ASX:TUA) dropped from FTSE All-World Index (USD) Tuas Limited(ASX:TUA) dropped from FTSE All-World Index (USD) Recent Insider Transactions • Dec 15
Independent Non-Executive Director recently bought AU$100k worth of stock On the 11th of December, Alan Latimer bought around 150k shares on-market at roughly AU$0.67 per share. In the last 3 months, there was an even bigger purchase from another insider worth AU$669k. Insiders have collectively bought AU$769k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Dec 08
Non-Executive Director recently bought AU$669k worth of stock On the 30th of November, Robert Millner bought around 1m shares on-market at roughly AU$0.67 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Is New 90 Day High Low • Nov 17
New 90-day high: AU$0.79 The company is up 34% from its price of AU$0.58 on 19 August 2020. The Australian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Telecom industry, which is up 5.0% over the same period. Announcement • Oct 30
Tuas Limited to Report First Half, 2020 Results on Oct 30, 2020 Tuas Limited announced that they will report first half, 2020 results on Oct 30, 2020 Is New 90 Day High Low • Oct 30
New 90-day high: AU$0.76 The company is up 8.0% from its price of AU$0.70 on 31 July 2020. The Australian market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Telecom industry, which is down 15% over the same period.