NetLink NBN Trust - Phillip Securities 2025-05-19: More Leverage Needed

• 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.

Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

Read also Phillip's most recent report:
2025-11-05 NetLink NBN Trust - Stable Cash-flows.

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 Dividend Payout Dates & Corporate Actions,
NetLink Trust News