Tuas reported FY2026 growth: Morgan Stanley cited AUD 4.35 for Tuas stock

Published on 10/14/2026 at 01:49 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Revenue hit SGD 187.6 million in fiscal 2026, up 24 percent. For Tuas stock, FY2027 cyber costs are SGD 15 million-30 million.

Operational growth and capital plans

Tuas reported fiscal 2026 revenue of SGD 187.6 million on September 23, 2026.
Morgan Stanley cited an AUD 4.35 target and an Overweight rating in a September 14, 2026 note.
Tuas has scheduled its annual general meeting for November 30, 2026.
Tuas had a market capitalization of AUD 869.2 million on October 13, 2026.

Tuas, AU0000089724, Illustration mit AI erstellt.

Tuas Limited (ISIN AU0000089724) reported fiscal 2026 revenue of SGD 187.6 million, up 24 percent from SGD 151.3 million, while Market Index said on September 23, 2026 that Morgan Stanley estimates were beaten. In a September 14, 2026 note cited by the same source, Morgan Stanley retained an Overweight rating and cited an AUD 4.35 target for Tuas stock.

Results reset the operating picture

The earnings result showed underlying EBITDA of SGD 83.8 million for fiscal 2026, up 22 percent, with the underlying margin at 45 percent. Underlying net profit after tax reached SGD 29.6 million, up 329 percent from the prior year and 30 percent above Morgan Stanley's SGD 22.7 million estimate, according to Market Index.

The operating base also expanded. Active mobile services increased 16 percent to 1.458 million by July 31, 2026, while fiber broadband reached 62,000 services, with mobile revenue rising to SGD 167.5 million from SGD 144.6 million.

Three dated operating milestones

On March 25, 2026, Tuas reported first-half revenue of SGD 91.91 million, as recorded in a MarketScreener results overview. On May 21, 2026, the proposed M1 acquisition reached its contractual long-stop date after regulatory clearance was not obtained, with the transaction valued at SGD 1.43 billion, according to Simply Wall St. On September 23, 2026, the company delivered the fiscal 2026 result with revenue of SGD 187.6 million.

What funds the next phase?

Tuas expects combined mobile and broadband capital expenditure of SGD 50 million-55 million in fiscal 2027, while additional cybersecurity capital and operating expenditure is projected at SGD 15 million-30 million. The ranges were discussed in the fiscal 2026 earnings call published by Yahoo Finance.

The central tension is therefore measurable: operating revenue and subscriber counts improved, but the regulatory process surrounding M1 remains a strategic constraint. Tuas operates through Simba Telecom in Singapore and is listed on the ASX under ticker TUA.

Annual meeting sets the next date

Tuas has scheduled its annual general meeting for November 30, 2026, at Rydges Sydney Central in Australia, according to Simply Wall St. The company had a market capitalization of AUD 869.2 million on October 13, 2026, based on the latest ASX quote.