<WIRE> Tuas (ASX:TUA) gains as Morgan Stanley uplifts Price Target following inspiring FY results

Analysts at renowned Morgan Stanley acclaim telecom firm Tuas (ASX:TUA)’s FY23 results as a confirmation of their positive outlook, with a surge in mobile subscribers and sturdy margins.

Shares of Tuas see an uptick as high as 2.9% at A$2.160, marking their highest point since July 3.

The company witnessed a contraction in its FY loss, as FY EBITDA experienced a twofold increase to S$31.1 million, surpassing Morgan Stanley’s estimate by 7%.

The financial services company subsequently revised their Price Target for Tuas (ASX:TUA) upwards to A$2.40 from A$2.15.

Morgan Stanley speculates that Tuas (ASX:TUA) is also reaping benefits from a revival in immigration/tourism and trade-down activity.

The EBITDA estimate for the company was raised by 1% in FY24/25 owing to an anticipated rise in mobile subscriptions.

As of the last close, Tuas (ASX:TUA)’s stock has soared 57.9% this year.

Tuas (ASX:TUA) is noted for its innovative approach in the telecom sector, consistently exceptional performance and robust growth prospects.

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