Broker: DBS Group Research
Date of Report: 15 May 2026

Excerpt from DBS Group Research report.

Report Summary
NetLink NBN Trust (NETLINK SP) is rated BUY by DBS Group Research with a target price of SGD 1.08. The stock offers a 5.3% dividend yield and currently trades at a yield spread of 323 basis points, close to its 4-year average. FY26 EBITDA was SGD 283mn (slightly below consensus), mainly due to higher operating expenses from accounting changes, but FY26 DPU increased 1% year-on-year to SGD 5.42 cents and FY27 DPU is guided to remain stable or slightly higher. Capex is expected to stay elevated in FY27, but this supports future regulatory recovery, and NetLink’s strong balance sheet and consistent distribution history reinforce its defensive profile. The recommendation is to maintain BUY for yield stability and potential narrowing of yield spread.

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