NetLink NBN Trust - UOB Kay Hian 2023-11-07: Stable 1HFY24 Results, Upcoming IMDA Review Expected By End-3QFY24

• Despite higher y-o-y revenue and EBITDA, NetLink Trust's 1HFY24 PATMI (-3.1% y-o-y) was just below our expectations, dragged by higher finance costs, and accounted for 44% of our full-year forecasts.
• - Read this at SGinvestors.io -
• Maintain BUY with a lower target price of S$1.01.

1HFY24: Stable results. In line with expectations.

• NetLink NBN Trust (SGX:CJLU) reported higher revenue (+2.9% y-o-y) and EBITDA (+2.4% y-o-y), each accounting for 49% of our full-year forecasts and driven by higher connections revenue across all segments.
• - Read this at SGinvestors.io -
• For 2QFY24, revenue was slightly lower (-0.3% y-o-y, -2.5% q-o-q), largely due to lower ancillary project and co-location revenue. Similar to 1HFY24, 2QFY24 PATMI also softened (-8.4% y-o-y, -12.7% q-o-q) from higher finance costs.

Higher dividend.

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2025-05-20 NetLink NBN Trust - Soft FY25 Results From Lower Prices, But Expect Growth In FY26.

Previous report by UOB:
2025-02-12 NetLink NBN Trust 3QFY25 - Soft Results On Lower Prices & Higher Operating Costs.

Price targets by 4 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