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Sector: Telecomummications


The TPG spin-off is a newly established and disruptive entrant to Singapore’s mobile telco market. The stock offers an opportunity to invest along side the most successful operators in the space. The company is being run straight from the David & Vicki Teoh playbook, who control the company along with this long-time supporter, the Millner backed ASX listed investment vehicle Washington H Soul Pattinson.


TPG founder David Teoh and associated interests control Tuas, which owns 100% of TPG Singapore. It is in it’s early stages as a fourth 4G mobile network operator with similar characteristics to TPG when it established some two decades ago. Tuas has the same cost advantages: new equipment and infrastructure; no legacy systems. Paid subscriptions started in 2020 and its addressable market is a relatively wealthy population of around 6m. David Teoh, an entrepreneur and manager in the telecommunications industry and founder of TPG Australia, will fill the Executive Chairman role.


Tuas was listed on the ASX on 14 July 2020 following the merger between TPG Australia and Vodafone Hutchinson. Shareholders of TPG Australia received one Tuas share for every two TPG Australia shares as an in-specie dividend.


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  • Radar Rating Unlock
  • Market Cap ($m)* 299.2
  • Dividend Yield (%)* 0
  • NET CASH ($M) 138
  • * Data as of 29 July 2021

Latest Research Summary

15 Jul, 2021

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Previous Research

Research Date Radar Rating  
TUAS: RESEARCH TIP UPDATE - JULY 2021 15 Jul, 2021 2c43ecec View Research
TUAS: RESEARCH TIP UPDATE - JUNE 2021 24 Jun, 2021 00109860 View Research
TUAS: RESEARCH TIP UPDATES - NOVEMBER 2020 05 Nov, 2020 4c6b12d1 View Research
TUA: RESEARCH TIP - OCTOBER 2020 22 Oct, 2020 597d7ae6 View Research