The Tuas Ltd (ASX: TUA) share price has had another rocket of a day on the ASX so far this Wednesday.
Tuas shares ended today's trading at $1.98 a share, up an extraordinary 14.45%. Put that together with the 5.5% the company added on Monday, and the 8.5% gain we saw yesterday, and Tuas shares are now up an incredible 28.45% just this week so far.
So why are Tuas shares giving investors such a blazing run of success?
Image source: Getty Images
Tuas shares rise on new spectrum
Well, these gains can likely be put down to the announcement this old flame of TPG Telecom Ltd (ASX: TPG) made on Monday morning.
As we reported at the time, Tuas announced on Monday that its Singaporean subsidiary TPG Singapore, was successful in a bid for 2.1 GHz spectrum that was recently conducted by Singaporean authorities. TPG Singapore was provisionally awarded 10 MHz of spectrum in the 2.1 GHz band. It will pay $31.72 million for this spectrum, which was awarded with a 15-year license. With this deal, TPG Singapore will now use this spectrum to roll out its standalone 5G network in the country.
This was the news that so excited investors on Monday, and continues to today. That's going off of the moves we have seen in the Tuas share price.
But we could also be seeing the impacts of some recent bullish commentary for Tuas shares as well. As my Fool colleague Brendon reported last week, Tobias Yao, portfolio manager over at Wilson Asset Management, was recently and publically very bullish on Tuas shares. We quoted him as stating the following on the company:
It's a buy for us. David Teoh is one of the most astute and successful businessmen around, having founded TPG Telecom… The reason we like TPG Singapore is the fact that we think the value offering is very, very attractive.
At the current Tuas share price, this company has a market capitalisation of $922.7 million. Tuas shares are now up more than 170% year to date in 2021 so far.
