Netlink NBN Trust - Maybank Research 2026-01-30: Anchor Of Stability; Retain BUY

• NetLink Trust (SGX:CJLU)'s 3QFY26 earnings fell 15% y-o-y but improved 8% q-o-q, with 9MFY26 tracking at 67% of the street’s full-year expectation. The y-o-y decline was largely technical, driven by higher depreciation from the newly commercialised Central Office and higher interest expense from increased borrowings.

3QFY26: operationally on right track.

• - Read this at SGinvestors.io -

• We trim FY26–28E earnings by 5–10% to reflect higher depreciation, while leaving revenue and EBITDA forecasts unchanged. We raise our NetLink Trust's target price by 5% to S$1.05, driven by a lower WACC of 6.6% (from 6.9%) on a reduced RFR. Backed by highly defensible cash flows and a visible 5–6% dividend yield, we reiterate BUY.

Operating metrics – core stable, new areas strong.

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• NBAP and segment connections continued to grow, supported by ongoing demand from mobile network roll-out. While full disclosures were not made, based on the operating trends, we estimate high margin connectivity revenues inched up q-o-q. With upcoming data center region development in Jurong island of Singapore, we see NBAP and segment connections revenues to keep on the uptrend. That could be partially offset by the upcoming merger of Simba and M1

Maintain BUY. Dividend trajectory intact.

• Read more at SGinvestors.io.

Hussaini Saifee Maybank Research | https://www.maybanktrade.com.sg/ 2026-01-30

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