TUAS FY24 Result next week

Hello Comrades,

TUAS FY2024 result will be released next week, this is what I expect to see:

Negatives:

- Net mobile subscriber addition will slow going forward due to fierce competition in the low-end market.

Positives:

- ARPU will increase materially due to customers going overseas switching to higher price plans to get more Roaming data. The ability to switch plan "online" on a monthly basis will encourage customer to use SIMBA Roaming more for convenience and saving money. A slowdown in the addition of the Senior $5 plan will also help lifting the ARPU as majority of Seniors who wish to joined SIMBA have probably signed-up in the last 3 years already.

- Strong uptake of SIMBA home broadband expected with its very competitive price plan compared to other providers. SIMBA 10Gbps is only $29.99 per month....SIMBA – formerly TPG Telecom (12 months contract) whereas cheapest competitor 10Gbps price is around $60 (include router), all with 24 months contract. It is cheaper than M1's 1Gbps plan at $36.90...Home Broadband Plans Singapore | Broadband Plans | M1. Singapore's GDP is growing strongly and it is in a construction boom with cranes dominating the skyline. They, like Australia can't build housing (apartments) fast enough to cater for the growing domestic population, tourist and migrant worker influx. This poses well for both SIMBA mobile and home broadband markets.

- CAPEX will slow down materially going forward with the completion of 5G network build. Future CAPEX will be just in-fill 4G/5G antennas where capacity is needed and blind spots.

- Business Broadband launching imminently, expect another shake-up of the current business broadband/cloud market.

- Cash Flow positive with more customer on board and funding received from government $100M Digital Infrastructure Grant

- EBITDA margin expansion continues and NPAT could be positive for the first time in the company's history.

- Merger & Acquisition: SIMBA/M1/Starhub possible tie-up. Malaysia second 5G network tender winning consortium announcement soon (SIMBA potential regional expansion)

- Dividend: Not at this stage. David Teoh and Washington Soul Pattinson are flushed with cash dividend from TPG so they prefer to re-invest the money into the company at higher ROI.

Good luck to all shareholders of TUAS.

As always, this is just my observations, not financial advice. Please do your own research.

Howie