- Well-positioned to benefit from stronger connectivity demand in Singapore.
- 9MFY26 results broadly in-line with our expectations.
EBITDA and net profit fell 0.6% and 11.8% y-o-y in 9MFY26.
- NetLink NBN Trust (SGX:CJLU)’s 9MFY26 revenue rose 1.6% y-o-y to S$313.0m, driven mainly by higher co-location and ancillary project revenue, partially offset by weaker contributions from connections, ducts and manhole services and central office revenue.
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- 9MFY26 EBITDA and net profit came in at 75% and 73% of our full-year forecast, respectively, broadly in-line.
Connection trends remained stable.
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- Residential connections were largely stable in 3QFY26, supported by the stabilisation of the internal database housekeeping exercise by Requesting Licensees (RLs). Management noted that the clearing of inactive or dormant lines has returned to a more normalised trend in recent months.
- Non-residential connections continued to face some pressure from end-user churn between RLs. Meanwhile, ongoing mobile network rollouts continued to support growth in NBAP and segment connections.
- NetLink is well-poised to benefit from rising infrastructure and connectivity demand related to the development of Jurong Island and Singapore’s Smart Nation initiative.
Maintain BUY.
- Read more at SGinvestors.io.
