SG : Netlink NBN Trust - Resilient in times of uncertainty

NLT’s FY21 results in line; revenue/core net profit came in at 99%/102% of our FY21F forecasts. FY21 DPS of 5.08Scts/share represents a 5.2% yield. Connection growth across all three segments of fibre connection continued; NLT is looking at inorganic growth opportunities to drive growth. We reiterate our Add call with an unchanged DDM-based TP of S$1.10.

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