NetLink NBN Trust - Maybank Research 2023-11-06: Minor Speed Bumps

NetLink NBN Trust - Minor Speed Bumps

NetLink Trust (SGX:CJLU) | SGinvestors.ioNetLink Trust (SGX:CJLU)
  • Although performance of NetLink Trust's share price remains lacklustre as investors wait for the result of the regulatory review (likely to be announced before end-2023), we continue to see NetLink Trust as a defensive shelter amid macro uncertainty, given its strong earnings visibility and stability.
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NBAP & segment contributed to topline growth

  • NetLink Trust's 1H24 revenue increased 2.9% y-o-y due to higher contributions from residential (+0.23% y-o-y), NBAP & segment connections revenue (+17.6% y-o-y), non-residential (+2.2% y-o-y), installation (14.6% y-o-y) and Central Office (CO) (+7.5% y-o-y) revenue. This was partially offset by a slight drop in ducts & manholes revenue (-6.0% y-o-y) and ancillary project revenue (-7.1% y-o-y).
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  • At end-Sep 2023, there was stable growth across all fibre connections with 1.492m (+1.3% y-o-y) residential, 52.6k (+1.9% y-o-y) non-residential, 2.82m (+10.4% y-o-y) NBAP and 3.22m (+38.4% y-o-y) connections completed.

Awaiting IMDA regulatory review of ICO prices

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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 | 2023-11-06

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

Price targets by 3 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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