- NetLink NBN Trust (SGX:CJLU)'s 1QFY24 PAT rose 2.1% y-o-y to S$28.24m, ahead of MIBG/consensus expectations, accounting for 27%/26% of the respective FY24 forecasts.
- Bottomline increase was mainly contributed by higher revenue from core business. However, NetLink reported slower pace of EBITDA growth at 3.1% y-o-y (revenue +6.2% y-o-y), primarily due to higher operating costs.
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Ancillary projects contributed to topline growth
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- NetLink NBN Trust (SGX:CJLU)'s 1QFY24 PAT rose 2.1% y-o-y to S$28.24m, ahead of MIBG/consensus expectations, accounting for 27%/26% of the respective FY24 forecasts.
- Bottomline increase was mainly contributed by higher revenue from core business. However, NetLink reported slower pace of EBITDA growth at 3.1% y-o-y (revenue +6.2% y-o-y), primarily due to higher operating costs.
- Despite current weakness of NetLink Trust's share price as investors await the result for the regulatory review (likely to be released before next earnings), we continue to see NetLink as a defensive shelter amid macro uncertainty, given its strong earnings visibility and stability. We maintain BUY rating on NetLink with a DDM-based target price of S$0.97 (6.1% dividend yield).
- NetLink's revenue for 1QFY24 increased (+6.2% y-o-y) mainly due to stronger contributions from
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