Broker Name: CGS International
Date of Report: February 2, 2026
Excerpt from CGS International report.
Report Summary
- Netlink NBN Trust reported stable to positive growth in connection counts and revenues across segments for 3QFY3/26, supported by ancillary project revenue and ongoing mobile network rollout.
- Management confirmed Netlink’s potential participation in the Jurong Island data centre campus, with incremental revenue expected from new connections, while dividend yield remains attractive at 5.5% and forecasts are maintained despite short-term profit volatility from higher finance and depreciation costs.
- Netlink’s ESG performance is positive, with 100% fibre coverage, reduced emissions, and a lower employee turnover rate, positioning the company well for future regulatory and market developments.
- The report maintains an “Add” rating with a target price of S\$1.05, highlighting key catalysts such as government projects and new HDB developments, but also noting risks from regulatory pricing and construction disruptions.
- Peer comparison shows Netlink’s dividend yield and operational margins remain competitive within the regional telco sector.
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.cgsi.com/
