NetLink NBN Trust - Maybank Research 2023-02-14: Stable 9MFY23 Results

NetLink NBN Trust - Stable 9MFY23 Results

  • 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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Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @

Kelvin Tan Maybank Research | 2023-02-14

Read also Maybank's most recent report:
2024-05-16 NetLink NBN Trust - FY24 Slight Miss But Dividends In Line.

Previous report by Maybank:
2023-11-06 NetLink NBN Trust - Minor Speed Bumps.

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 Dividends & Corporate Actions,
NetLink Trust News Articles


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