BUZZ-Citi upbeat on Australia's Tuas, eyes upside risk from M1 deal

Reuters
Dec 02, 2025
BUZZ-Citi upbeat on Australia's Tuas, eyes upside risk from M1 deal

** Citi sees both revenue and earnings momentum for Tuas TUA.AX accelerating through the rest of the year, with risk likely to the upside, especially with M1 contribution and potentially meaningful synergies after deal completion

** Telecom firm on Monday logged Q1 NPAT of S$9.1 million, an increase by S$5.8 million

** Brokerage retains "buy" rating, target price A$9.95

** Citi says net-adds from mobile and broadband segments have exceeded expectations, with momentum continuing through to Q2

** Adds Q1 EBITDA margin remains elevated, highlighting disciplined cost management and operating leverage

** Stock up 6.9% so far this year, as of last close

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com;))

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