Tuas Limited

TUA.AX

Telecommunications Services · Communication Services

Exchange

Australian Securities Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jan 31, 2026

How the score breaks down

Quality

Mixed

Growth

Exceptional

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

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Winston Score History

The full picture

Tuas Limited is a telecommunications company based in Singapore that provides mobile phone services to everyday consumers. It operates under the Tuas brand and competes as one of Singapore's four licensed mobile network operators, offering SIM-only and prepaid plans at low prices. The company was spun off from TPG Telecom in Australia in 2020 and focuses entirely on the Singapore mobile market.

Tuas makes money by charging customers monthly fees for mobile data and voice plans. It operates solely in Singapore, a small but wealthy and highly connected market, and has built its position by undercutting rivals on price rather than owning unique infrastructure advantages. The key growth challenge is that Singapore's mobile market is already mature and heavily competitive, meaning Tuas must keep winning customers from larger, more established carriers like Singtel, StarHub, and M1 while also improving profitability — its current return on invested capital remains very low at just 1.5%.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+30.5% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+148.4% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

63.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

A$477M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

Tuas Limited is growing revenue at 30% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

23.5%

Thin — 23.5% gross margin

Profit after running costs

Operating Margin

12.9%

Healthy — 12.9% operating margin

Return on the money invested

ROCE

2.2%

Weak — 2.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+28.1%

Fast-growing sales (+28.1% YoY)

Profit growth

EPS YoY

+437.8%

Earnings growing fast (+437.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

735%

Turns 735% of profit into real cash

Spare cash per sale

FCF Margin

23.5%

Converts sales into free cash efficiently (23.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

379.60x

Comfortably covers interest (379.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

86.0x

no trend

Expensive — P/E 86.0

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+58.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (86.0 → 27.2)

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Dividends

Not applicable for this business.

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