I disagree with most of the analysts on this one, page-5

And Singapore's population is perfect for TPG. Absolutely perfect.

Gross Domestic Product (GDP) at purchasing power parity per capita according to the IMF (2015):
#3 Singapore - $85,382 [beats the US, UAE, Switzerland, Hong Kong, Netherlands, Sweden]
#16 Australia - $47,644

Gross Domestic Product (GDP) at purchasing power parity per capita according to the World Bank (2015):
#3 Singapore - $85,382
#19 Australia - $45,501

Singapore's population is now close to 5.7 million - all of which live in the city state of Singapore. Have you visited Singapore?

Compare it to Sydney, Australia's most populous metropolitan city.

Singapore's population 5.7 million in 719 km²
Sydney's population 4.9 million in in 12,368 km²

So, Singapore has more people, living in 5.8% of living space of Metropolitan Sydney. And their people are roughly 2 times richer. There fore, ??? = Profit.

The risk is not if the fundamentals are there to carve up the market, snatch some market share and make a profit. The major risk lies with execution. Execute it poorly and they might not fare so well.

Singaporeans are a shrewd and demanding people. However, consumer rights are very poor in Asian countries in general. Customer service is appalling in Asian countries. If TPG can offer a great product at the level of customer service they currently offer to Aussies, they will do well in Singapore.