REBOUNDING, page-10

TLS had to bounce, question of whether it will be a dead cat.

I think the TPG broadband spectrum purchase and faith in Teoh has been way overdone and TPG might have got to second or third anyway given VOD's numbers and SingTel's numbers indicate contraction not expansion in Australia.

Australia is a vast country. TPG's appearance might cause Vodafone and SingTel to leave the market given Colao is more focused on moving VOD into India, China and Europe and SingTel are more interested connecting ASEAN countries ex P.R.C. and fighting off Huawei.

Personally, I think TLS is probably worth $6 to $7 if management stop messing about.