Australia's Tuas hits 2-month high, Citi upgrades earnings outlook

Tuas

21/09/2026 06:50

** Shares of Australia's Tuas Ltd TUA.AX rise as much as 4% to A$2.35, their highest level since July 20
** Stock on track for sixth straight session of gains
** Citi upgrades FY26 - FY28 earnings before interest, taxes, depreciation and amortisation (EBITDA) estimates by 5% to 17% to reflect stronger-than-expected momentum in 1H
** However, Brokerage remains cautious on co's update, says IMDA probe into spectrum misuse to affect operating expenses (opex), flags increased compliance costs
** In May, Infocomm Media Development Authority (IMDA) of Singapore, said it found mobile network unit Simba, could have been using radio frequency bands that it had not been assigned to provide mobile services
** Citi sees potential for opex to step-up in 2H and  EBITDA margin to decline in 2H26
**  Lowers PT to A$3.35 from A$9.95 accounting for regulatory impact on license and costs,  maintains 'Buy' rating
** YTD, stock down nearly 67%
      

(Reporting by Aamir Sheik Khalid in Bengaluru)
((Aamir.SheikKhalid@thomsonreuters.com))