TUAS (SIMBA) Puzzles

Gents,

SIMBA had a promo last 2 years on Singapore National Day (09/08/23) where every $20 top-up will get a $5 bonus. This year promo only applies to those top-ups in person at SIMBA shops or authorised dealers with online top-up Not Eligible. Obviously, customer are not happy because no one want to wait in long queues as most things are done online nowaday for convenience. We know that the purpose of the promo is to raise capital (albeit at an expensive 25% interest rate), lock in customer for longer and also getting insights about customer's intentions of staying with SIMBA with a high rate of top-up means people are happy with the service. My feeling is SIMBA want to offer something special so people will talk about it but by limiting it to only shops top-up, they are signalling that they have enough funds to run their business for now.

I wrote 6 weeks ago that SIMBA 5G Build map (SIMBA Mobile 3G / 4G / 5G coverage - nPerf.com) had not advanced at all since April/May and the foot print is still the same now mid-August. Does anyone know if they can test their 5G network silently in the back without turning it on so people can see/track?

SIMBA first advertised about Home Broadband on their Facebook page back in March so it has been 5 months now and there is no further news since then of a launching date despite customer keep asking about it. SIMBA, like all other telcos are just retailers of home broadband for Netlink Trust (Singapore monopoly NBN like Australia), so why take so long? What is holding them up I wonder, though they did say in their last report it would be available around July/August.

SIMBA maintained in their last report that CAPEX for FY2023 is around $45-$50M with $23M spent in 1st Half, that leave $22-$27M in this 2nd half but if the 5G Build map is any indication then this 2nd half CAPEX won't be anywhere near the $22-$27M anticipated, hence the need to curb the top-up promo done last week??? Or could it be that they are doing so well in this 2nd half, sign-up bucket loads of new customer (>150K+ customer) and their cash flow is positive so no need to raise funds at expensive rate???

I am trying to link all these puzzles together but can't find any answers. (No need for more funds, 5G Build slowed down/halted, Home Broadband delayed/abandoned)????

Is there something (M&A) David Teoh is working on behind the scene that we don't know.

As always, this is just my own thinking, not financial advices. Please do your own research.

Howie