- NetLink NBN Trust (SGX:CJLU)'s 9MFY23 (Apr-Dec 2022) profit after tax (PAT) rose 24.3% y-o-y to S$81.3m, ahead/in-line with MIBG/consensus expectations, accounting for 79%/75% of the respective FY23 forecasts. Bottomline increase was mainly contributed by the absence of one-off re-measurement loss (S$12.4m) in 9MFY22.
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- Maintain BUY rating on NetLink Trust with a slightly lower DDM-based target price of S$0.95 (from S$1.02), and an attractive 6.4% FY23E dividend yield.
Segment connections uplift non-RAB revenue
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- Residential fibre connection revenue remains the largest contributor to NetLink Trust at 61% of revenue. At end-Dec-22, there were 1.48m (+0.5% q-o-q) residential connections, 51.2k (+1.0% q-o-q) non-residential connections, 2.62m (+2.7% q-o-q) NBAP connections and 2.61m (+7.4% q-o-q) segment connections completed.
NetLink's distribution yield remains enticing
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