TPG Telecom Ltd: Why we think TPG investors need to watch who takes a stake in Optus

研报英文原文证据摘录

TPG Telecom Ltd: Why we think TPG investors need to watch who takes a stake in Optus

Idea

July 1, 2026 11:02 PM GMT

Morgan Stanley Australia Limited+MTPG Telecom Ltd | Asia Pacific Andrew McLeod

Equity Analyst

Why we think TPG investors Andrew.Mcleod@morganstanley.comAngela Sutcliffe +61 2 9770-1692

Angela.Sutcliffe@morganstanley.com +61 2 9770-1612

need to watch who takes a Morgan Stanley Asia (Singapore) Pte.+

Da Wei Lee

Equity Analyststake in Optus Dawei.Lee@morganstanley.com +65 6834-6510

TPG is a well-run telco and has emerged from a restructuring

period with a sharper focus on Mobile + Consumer Broadband

growth. We have a cautious thesis and explore here why

investors should monitor Optus moves closely for any changes

TPG Telecom Ltd (TPG.AX, TPG AU)

in the competitive landscape.

Australia Telecoms | Australia

On 21 May 2026, Singtel reaffirmed its long-term commitment to Australia, Stock Rating Underweight

Industry View In-Line

describing Optus as "an integral and strategic part of the Singtel Group for over 25 Price target A$3.50

years." However, it also disclosed that it is exploring the possibility of introducing "a Shr price, close (Jul 1, 2026) A$3.63

Mkt cap, curr (mn) A$6,749

like-minded long-term local partner" to acquire a meaningful minority stake in Optus.

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

What is driving Singtel's move? MS Singtel analyst Da Wei Lee has published an EPS (A$)** 0.028 0.045 0.048 0.055

Prior EPS (A$)** - - - -

interesting 40-page report – Singtel: The Great Unlocking? – examining multiple Revenue, net (A$ mn) 5,041 5,186 5,395 5,584

positive catalysts for Singtel's shares, including how a potential partial sale of its EBITDA (A$ mn) 1,660 1,712 1,752 1,811

ModelWare net inc (A$ 52 85 91 103