- 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.
- - Read this at SGinvestors.io -
Ancillary projects contributed to topline growth
- - Read this at SGinvestors.io -
- 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
- Read more at SGinvestors.io.
Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://maybanktrade.com.sg/.
Kelvin Tan Maybank Research | https://www.maybank-ke.com.sg/ 2023-08-18
Read also Maybank's most recent report:
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
