Stock Analysis

• Mobile service revenue is the key growth segment, and its 3.1% increase compares with a 0.5% increase in total pro forma service revenue, which implies that other categories, such as fixed services, were flat or declining.

• Tuas has guided to FY27Capital Expenditureof S$50 million to S$55 million for mobile and broadband infrastructure.

• In December 2025 the company launched CargoWise Value Packs, now used by more than 95% of customers according to management, with pricing tied to transaction value rather than the number of user logins.

• Coverage reported that it lifted US coreRevenueby 240% and that the US added 110,000 customers, with the CEO citing pro-forma revenue growth of 50% for the business.

• Leisure, which includes the Flight Centre brand, Travel Associates, Cruiseabout and a growing set of specialist and international brands, reported TTV up 7.4% to $12.6 billion and revenue up 2.6% to $1.4 billion.

• Group Domestic, which includes Qantas Domestic and Jetstar Domestic, generated underlying EBIT of $1.44 billion.

• FY27 guidance is for underlying EBITDA of $1.9 billion to $2.2 billion and underlying NPAT of $470 million to $670 million.