MS sees financial sense in Aussie co TPG Telecom's fibre assets sale

** Morgan Stanley says TPG Telecom's TPG move to divest its fibre assets is mainly to cut down on debt and set up a possible meaningful return of capital

** Says it makes strategic and financial sense for TPG to sell fibre assets as it will likely provide special dividend for shareholders and improve firm's financial position

** Adds TPG should be a more focused and streamlined business with a much improved balance sheet

** Retains "underweight" rating and A$4.4 PT

** Says near-term outlook for mobile pricing positive, which supports TPG's positive near-term mobile EBITDA growth

** Last month, co said it would sell some of its non-mobile fibre assets to Vocus Group for A$5.25 bln ($3.47 bln)

** Stock falls 0.4% to A$4.49

** As of last close, TPG down 12.9% YTD

($1 = A$1.5147)