Report
Brian Han
EUR 147.86 For Business Accounts Only

When a Stranger Calls, Competitors Respond; Risks to TPG Telecom's Singaporean Venture

While we are maintaining our AUD 8.00 fair value estimate on narrow moat TPG Telecom, a recent trip to Singapore has heightened our reservations about its foray into the Singaporean mobile market.
It does not take long for one to realise why the country boasts a staggering 149% mobile device penetration, or 85% unique mobile user penetration—a statistic that ranks as the second-highest in the world (Australia is ranked 11 at 79%). Inside the ubiquitous air-conditioned malls are countless shops s...
Underlying
TPG Telecom Limited

TPG Telecom is a telecommunications company based in Australia. Co. has three operating segments: Consumer, which provides retail telecommunications services to residential and small business customers; Corporate, which provides telecommunications services to corporate, government, and wholesale customers; and iiNet, which provides telecommunications and technology services to residential and business customers.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Brian Han

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