- 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:
2023-08-18 NetLink NBN Trust - Stable Performance In 1QFY24.Previous report by CGS-CIMB:
2023-05-19 NetLink NBN Trust - Defensive Play.Price targets by 3 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 Dividends & Corporate Actions,
NetLink Trust News Articles
NetLink NBN Trust - Eyes On Outcome Of ICO Regulatory Review
NETLINK NBN TRUST (SGX:CJLU)
