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Potential Buy Entry Alert to Watch TPM
Time Frame : Daily/Weekly
Sector : Telecommunication Services
Key Stats : $6.48 Billion Market Cap, VWAP 7.00, ASX Ranking 74, 4 Week Av Turnover $6,991,885, Current Turnover (Intraday as at time of alert) $1,241,671, PE 26.4, Div Yield 0.57%.
Company Overview : TPG Telecom Limited (TPM) is an Australian-based multi-media full service telecommunications company providing consumer, wholesale and corporate telecommunications services. The business offers voice, internet and data solutions to a range of customers from consumer to SME, corporate and government sectors.
Broker Consensus : HOLD
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TPM – TPG Telecom Limited
TPM has been on the back foot since the previous alert in Feb and has now consolidated the lows around 6.00. Price still has some work to do to convince buyers that a new leg higher is on the cards with key resistance around the 7.25 mark. We saw some promising signs with a volume spike yesterday but investors are still awaiting news regarding the proposed merger with Vodafone (VHA). We will be watching to see what price action plays out and waiting for further news out from the Federal Court re the merger proposal. We would expect the merger to be a positive for shareholders with a proposed special dividend for TPM shareholders upon the merger. The previous reaction saw a 21% rally on the day of the news release.
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Stock Code : TPM – TPG Telecom Limited
Company Website : www.tpg.com.au
Current Price : 7.01
Status : On watch for potential higher low and push up through 7.25
