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

NetLink NBN Trust - Stable 1HFY24 Results, Upcoming IMDA Review Expected By End-3QFY24

NetLink Trust (SGX:CJLU) | SGinvestors.ioNetLink Trust (SGX:CJLU)
  • 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.
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  • 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.
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  • 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.

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Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @

Chong Lee Len UOB Kay Hian Research | Llelleythan Tan Yi Rong UOB Kay Hian | 2023-11-07

Read also UOB's most recent report:
2023-11-28 NetLink NBN Trust - IMDA Review Completed With Minor Impact; Expected to Start in FY25.

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


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