NetLink NBN Trust - Phillip Securities 2023-08-22: Waiting For Tariff Review; Distribution Yield Sustainable

• NetLink NBN Trust (SGX:CJLU)'s results were within expectations. 1Q24 revenue and EBITDA were 25%/25% of our FY24e forecasts. Core residential fibre revenue was up 1.4% y-o-y to S$61.5mil.
• 1Q24 EBITDA was up 3% y-o-y to S$75mil excluding the 38% surge in interest expense to S$4.3mil. Residential connections during the quarter was 4,023, below our trendline growth of 5,500 per quarter.
• - Read this at SGinvestors.io -
• The new fibre rates NetLink can charge its customers is expected to be announced soon. Our base case is that fibre rates will see a modest decline.

The Positive

Opportunity in higher broadband bandwidth.

• - Read this at SGinvestors.io -

The Negatives

Slower than expected residential connections.

• Read more at SGinvestors.io.

Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

Read also Phillip's most recent report:
2025-11-05 NetLink NBN Trust - Stable Cash-flows.

Previous report by Phillip:
2025-05-19 NetLink NBN Trust - More Leverage Needed.

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 Dividend Payout Dates & Corporate Actions,
NetLink Trust News