May 23, 2026, 1:20 AM EDT. Shares of Tuas (ASX:TUA) plunged over 60% in a week following the suspension of Singapore's regulatory review into its planned M1 acquisition amid unauthorized spectrum use allegations. The stock trades at a high price-to-earnings (P/E) ratio of 95.4x, well above the global telecom average of 16.7x, reflecting optimism despite ongoing risks. Despite short-term losses, Tuas retains a 5-year total shareholder return of 255%, highlighting resilient long-term performance. Analysts note mixed signals with strong recent earnings growth countered by low return on equity and one-off losses. The uncertainty about spectrum issues and the acquisition review continue to cloud the outlook, with discounted cash flow models valuing the stock slightly below current prices. Investors are reassessing fundamentals amid this regulatory shock impacting sentiment.
