NetLink NBN Trust - UOB Kay Hian 2024-05-20: Soft FY24 Results From Higher Costs; Overall Connections Continue To Grow

NetLink NBN Trust - Soft FY24 Results From Higher Costs; Overall Connections Continue To Grow

NetLink Trust (SGX:CJLU) | SGinvestors.ioNetLink Trust (SGX:CJLU)
  • 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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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 | 2024-05-20

Previous report by UOB:
2023-11-28 NetLink NBN Trust - IMDA Review Completed With Minor Impact; Expected to Start in FY25.

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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