Vodafone Needs more Spectrum, page-6

Tend to agree - Vodafone have a different play, they'd be thinking that in 5 years they will have the best 4G and 5G networks as their main source of revenue and the NBN reselling will be a nice business but more entree/dessert than mains....

TPG on the other hand are primed to bypass the NBN in built up CBD areas through their FTTB offering. Even if there is a tax on this the margins are still better for FTTB than NBN.

IMHO TPM is a better buy for short term SP yield than HTA.

That said...HTA won't go lower than 7 or 8 cents but TPM might have a bumpy ride if their results aren't great next week.

Of course, one could buy both!