NetLink NBN Trust - UOB Kay Hian 2023-05-22: FY23 Results In Line, Upcoming IMDA Review Expected By 2QFY24

NetLink NBN Trust - FY23 Results In Line, Upcoming IMDA Review Expected By 2QFY24

NetLink Trust (SGX:CJLU) | SGinvestors.ioNetLink Trust (SGX:CJLU)
  • Driven by higher revenue contributions across most business segments, NetLink's FY23 net profit (+19.7% y-o-y) came in within our expectations, forming 101% of our full-year forecasts.
  • The next regulatory review, which we believe may be on an uptrend, is expected to be completed by 2QFY24 (Sep 2023) and implemented by 4QFY24 (Mar 2024).
  • - Read this at -

FY23: Robust results and increased dividend.

  • For FY23, NetLink NBN Trust (SGX:CJLU) reported higher revenue (+6.8% y-o-y) and net profit (+19.7% y-o-y), both forming 101% of our full-year forecasts and in line with expectations. The steady top-line growth was driven by higher broad-based revenue growth across most segments, offset by lower Central Office and manholes services revenue.
  • - Read this at -
  • NetLink declared a 2HFY23 final dividend of 2.62 cents/unit (2HFY22: 2.57 cents), taking total FY23 dividends to 5.24 cents (FY22: 5.13 cents) and implying a FY23 dividend yield of around 5.8%, in line with our expectations.

Effects from higher interest rates.

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Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @

Chong Lee Len UOB Kay Hian Research | Llelleythan Tan Yi Rong UOB Kay Hian | 2023-05-22

Read also UOB's most recent report:
2023-11-28 NetLink NBN Trust - IMDA Review Completed With Minor Impact; Expected to Start in FY25.

Previous report by UOB:
2023-11-07 NetLink NBN Trust - Stable 1HFY24 Results, Upcoming IMDA Review Expected By End-3QFY24.

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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