NetLink NBN Trust - UOB Kay Hian 2024-11-06: 1HFY25 Slight Miss As Margins Dropped

• For 1HFY25, NetLink NBN Trust reported lower revenue (-0.2% y-o-y), EBITDA (-3.8% y-o-y) and PATMI (-8.3% y-o-y), forming 49%/47%/45% of our full-year forecasts respectively.
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• Excluding the one-offs, both NetLink Trust's 1HFY25 EBITDA and PATMI would have dropped by around 2% respectively and more in line with our full-year forecasts.

Mixed quarter.

• Despite lower prices, NetLink Trust's 2QFY25 revenue (+2.5% y-o-y, +3.0% q-o-q) was higher on the back of increased overall connections. However, 2QFY25 EBITDA (-5.1% y-o-y, -4.4% q-o-q) and PATMI (-7.4% y-o-y, -11.1% q-o-q) were lower, dragged by higher operating costs and the S$1.9m asset write-off as mentioned previously.

Higher dividend.

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Lower interest rate.

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

Price targets by 2 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