After weeks of consolidation TLS got the proverbial bit between its teeth yesterday rallying almost 3%. As we discussed in the afternoon report the stock looks good technically with our first target ~20% higher. At MM we believe Australia’s major Telco is in a major turnaround phase resulting in us being bullish on the inherent value that can be unlocked in a restructure. Read yesterday afternoons report for a re-hash of the rationale we put up when we bought the stock late last year in the income portfolio at $2.88, nothings really changed and while it takes a while to turn an oil tanker around this one appears to have some traction coming through.
MM is bullish TLS
– We hold in the income portfolio but are considering it for growth
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