What does MM think about TPG Telecom Ltd (TPG) as it makes new lows?
TPG delivered a disappointing result 2-months ago sending the stock down -12% on the day, finally closing at $5.80. We gave our position a little room to prove itself before exiting, a quick move would have delivered a better outcome as the stock ultimately fell another -18.5% after the initial day’s plunge, reinforcing our view that “your 1st loss is your best loss in a bear market”.
- We believe that TPG remains in the too-hard basket until it delivers on the corporate front.
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