Broker Name: CGS International
Date of Report: February 2, 2026
Excerpt from CGS International report.
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.
Above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website: https://www.cgs-cimb.com
