- Driven by higher overall connections, NetLink posted a higher revenue (+1.9% y-o-y) for FY24. However, FY24 EBITDA (-0.9% y-o-y) and PATMI (-5.5% y-o-y) were lower y-o-y, below our expectations.
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- Armed with stable revenue streams and operating cashflows, we continue to like NetLink as a high-yielding, safe-haven stock.
FY24 slightly below expectations.
- NetLink NBN Trust (NetLink, SGX:CJLU) reported higher FY24 revenue (+1.9% y-o-y) but lower EBITDA (-0.9% y-o-y) and net profit (-5.5% y-o-y), forming 98.4%/96.4%/92.5% of our full-year forecasts respectively.
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- Excluding the one-off expense, NetLink's FY24 EBITDA and net profit would have formed around 98% of our full-year forecasts and be within our expectations. As a result, both FY24 EBITDA and PATMI margins were 2.0ppt lower y-o-y.
4QFY24 a weak quarter.
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