Report Summary

• Netlink NBN Trust continued to grow connection counts across segments in 3QFY3/26, posting stable regulated asset base revenue, but profit after tax was lower due to higher finance costs and depreciation.
• Management highlighted participation in the Jurong Island data centre project and steady dividend yield forecasts (FY26F: 5.5%), maintaining a positive outlook with an unchanged target price of S\$1.05.
• Long-term catalysts include new government and HDB projects; key risks are regulatory pricing and construction disruptions.
• Operational metrics remain strong with high network availability, low employee turnover, and ongoing ESG commitments, including emission reduction targets.
• Balance sheet and financial ratios show stable performance, with gearing at 20.3% and ongoing refinancing activities to optimize interest costs.
• Netlink NBN Trust compares favourably to regional telco peers on dividend yield and operational stability, despite modest EPS growth.