Australia's Tuas gains as Morgan Stanley raises PT after positive FY results

Tuas

20/09/2023 01:42

** Analysts at Morgan Stanley say telecom co Tuas Ltd's
 TUA.AX  FY23 results supported their positive thesis with
mobile net adds accelerating and resilient margins
    ** Tuas stock up as much as 2.9% at A$2.160, their highest
since July 3
    ** Co's FY loss narrowed, as FY EBITDA doubled to S$31.1 mln
($22.79 mln) - 7% ahead of MS estimate 
    ** Brokerage raises PT to A$2.40 from A$2.15 
    ** Brokerage thinks TUA is also benefiting from a rebound in
immigration/tourism and trade-down activity
    ** Increases EBITDA est for co by 1% in FY24/25 on higher
mobile subscriptions
    ** As of last close, stock up 57.9% this year

     ($1 = 1.3645 Singapore dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))