- NetLink Trust's 2HFY25 results were within expectations. Both revenue and EBITDA were 99% of our FY25e forecast. FY25 NetLink Trust's dividends of 5.36 cents, up 1% y-o-y, met our expectations.
- - Read this at SGinvestors.io -
The Positive
Stable climb in residential connections.
- Key residential connections continue to rise, climbing 1.1% y-o-y to 1.523mil. 2HFY25 connections were a slower 3,719 due to a delay in housing developments. We assume residential connections of 20,000 p.a. (FY25: +16,727).
The Negative
Capex almost doubles.
- - Read this at SGinvestors.io -
- The new central office in Seletar will not generate rental revenue, unlike existing locations.
Outlook
- Read more at SGinvestors.io.
