Equity Analysis /
Singapore

SG : Netlink NBN Trust - Stable performance

    Khangchuen Ong
    Khangchuen Ong

    Research Analyst

    CGS-CIMB
    18 May 2022
    Published by

    NLT’s FY22 results were in line; revenue/core net profit at 100%/102% of our FY22F forecast. FY22 DPS of 5.13Scts represents a 5.2% yield. Connection growth across all three segments of fibre connection continued. ICO review likely to only be completed early-2023. Rising rates environment should alleviate concerns over a cut in regulatory WACC. Reiterate Add.