NetLink NBN Trust - CGS-CIMB Research 2023-02-14: Eyes On Outcome Of ICO Regulatory Review

NetLink NBN Trust - Eyes On Outcome Of ICO Regulatory Review

Published:
NETLINK NBN TRUST (SGX:CJLU) | SGinvestors.ioNETLINK NBN TRUST (SGX:CJLU)
  • NetLink NBN Trust (SGX:CJLU) reported 3QFY23 (Oct to Dec 2022) net profit of S$27.2m (+5.9% y-o-y), slightly above expectations, with 9MFY23 net profit coming in at 77%/79% of our/Bloomberg consensus FY23F estimates, helped by continued margin resilience. Topline grew 7.0% y-o-y, driven by higher ancillary project revenue and connections revenue. EBITDA grew 5.1% y-o-y, in tandem with the higher revenue, reflecting good cost control by NetLink NBN Trust.
  • - Read this at SGinvestors.io -
  • - Read this at SGinvestors.io -
    • NetLink NBN Trust (SGX:CJLU) reported 3QFY23 (Oct to Dec 2022) net profit of S$27.2m (+5.9% y-o-y), slightly above expectations, with 9MFY23 net profit coming in at 77%/79% of our/Bloomberg consensus FY23F estimates, helped by continued margin resilience. Topline grew 7.0% y-o-y, driven by higher ancillary project revenue and connections revenue. EBITDA grew 5.1% y-o-y, in tandem with the higher revenue, reflecting good cost control by NetLink NBN Trust.
    • NetLink NBN Trust saw healthy growth across all fibre segment connections in 3QFY23, with residential/non-residential/NBAP and segment connections growing 2%/5%/32% y-o-y. Ancillary project revenue improved y-o-y, boosted by a recovery in construction activities, and management notes that project pipeline remains healthy (mainly relating to infrastructure projects driven by Land Transport Authority (LTA)).
    • NetLink NBN Trust expects the interconnection offer (ICO) regulatory review for the review period 2023- 2027 to be concluded by Mar 2023; and adjustment to rates will be implemented with a few months’ lag once the final decision is announced.
      • Read more at SGinvestors.io.



Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.



ONG Khang Chuen CFA CGS-CIMB Research | https://www.cgs-cimb.com 2023-02-14



Read also CGS-CIMB's most recent report:
2024-02-08 NetLink NBN Trust - A Resilient 3QFY24.

Previous report by CGS-CIMB:
2023-11-27 NetLink NBN Trust - Finalised ICO Pricing Removes Overhang.

Price targets by other brokers at NetLink Trust Target Prices.

Listing of research reports at NetLink Trust Analyst Reports.

Relevant links:
NetLink Trust Share Price History,
NetLink Trust Announcements,
NetLink Trust Dividend Payout Dates & Corporate Actions,
NetLink Trust News






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