Why TPM dropped over 5% today, page-8

I assume the 2 powerhouse telcos that are referring to are Telstra and Optus, and the 2 struggle street telcos are Vodafone & TPG?

I thought you've been super bullish on Vodafone, so much so that supposedly it's going to kick everybody's ass?

How come now you are referring to it as a struggle street telco?

For the record, I'm still long TPG & is still quite bullish with its long term prospect.

From the RFNSA website, it seems to me that TPG has put on hold the deployment of its small cells network. I couldn't see a lot of new sites being commissioned in the past few weeks.

As an outsider, I have no idea what is happening inside the company. But my guess is, Teoh wants to conserve as much cash as possible prior to the merger with Vodafone, so that he can pay himself and the rest of the shareholders as much special dividend as possible.

A special dividend in the vicinity of $0.50 will be more than enough to reimburse him the money that he put into TPG back in 2017 capital raising.

With a franking credit balance of $711m as of July 2018, TPG sure has the incentive to pay as much special dividend as possible.