UBS notes TPG Telecom will not be allocated 3.5GHz spectrum in Singapore. However TPG Telecom and others will be allowed access to the spectrum in order to offer 5G services through a wholesale arrangement.
The announcement is not a surprise to UBS as it suspects the company was limited in its ability to compete on price. Neutral and $8.40 target retained.
Sector: Telecommunication Services.
Target price is $8.40.Current Price is $7.36. Difference: $1.04 – (brackets indicate current price is over target). If TPM meets the UBS target it will return approximately 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
