NetLink NBN Trust - CGS-CIMB Research 2024-02-08: A Resilient 3QFY24

NetLink NBN Trust - A Resilient 3QFY24

NetLink Trust (SGX:CJLU) | SGinvestors.ioNetLink Trust (SGX:CJLU)
  • NetLink NBN Trust (SGX:CJLU) reported 3QFY24 net profit of S$31.2m (+14.5% y-o-y). We do not expect the new ICO pricing effective Apr 2024 to impact its DPU growth of ~2% p.a. through to FY30F.

Healthy revenue growth in 3QFY24; 9MFY24 results in line

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  • Stripping off ~S$6m EBITDA impact from a one-off reversal of operating costs relating to resolution of disputed power charges, 9MFY24 EBITDA was largely in line at 74% of our FY24F.

Fibre connections grew well in 3QFY24

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  • Notably, residential fibre (60% revenue contribution) added 9k connections in 3QFY24, surpassing 1HFY24’s 7k new connections.
  • NetLink NBN Trust continues to invest in growing its regulated asset base, including construction of a new central office (slated to be operational in 2024F), upgrades to support Singapore’s shift towards 10Gbps fibre network, and IT system upgrades etc.

Net gearing healthy at 24.3%

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Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @

ONG Khang Chuen CFA CGS-CIMB Research | 2024-02-08

Previous report by CGS-CIMB:
2023-11-27 NetLink NBN Trust - Finalised ICO Pricing Removes Overhang.

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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