NetLink NBN Trust

Re: NetLink NBN Trust

Postby behappyalways » Mon Aug 05, 2019 8:09 pm

NetLink Trust reports 10% rise in 1Q earnings to $20.9 mil
https://www.theedgesingapore.com/capita ... gs-209-mil
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Re: NetLink NBN Trust

Postby winston » Thu Jan 30, 2020 9:58 am

NetLink NBN Trust (NETLINK SP)
A Safe Haven, Stock Offers Sustainable Dividend Yield Of 5.1%


Residential connections are expected to taper off a high base in 1HFY20 with the completion of Starhub’s fibre migration programme.

This will provide a stable 2HFY20 net profit base of S$20m/quarter and paves the way for a 5.1% dividend yield.

The stock offers good earnings visibility.

We raise FY20-22 net profit forecasts by 6%, 8% and 2% on positive operating leverage (90% of cost is fixed) and higher NBAP connections in view of the 5G roll-out.

Maintain BUY with a higher target price of S$1.05.

Source: UOBKH

https://research.uobkayhian.com/content ... 633973d568
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Re: NetLink NBN Trust

Postby winston » Tue Feb 11, 2020 10:14 am

not vested

NetLink NBN Trust: In-line quarter

NetLink NBN Trust’s (NLT NBN) 3QFY20 results were broadly in-line.

Revenue grew 2.9% YoY to S$91.6m, accounting for 24.8% of our full-year forecast.

Growth was on the back of higher residential connections, though partially offset by lower installation-related revenue (migration of coaxial cable subscribers to fibre by StarHub ended on 30 Sep 2019), diversion revenue and ducts and manholes service revenue.

Excluding the impact of SFRS(I) 16, EBITDA margin for 3QFY20 would have been 72.8%, or 2.2 ppts higher YoY due to greater revenue contribution from residential connection services which carry higher EBITDA margins.

All-in, PAT grew 9.6% to S$21.5m, which is 24.8% of our full-year forecast.

We continue to believe that Singapore’s 5G rollout should be a growth driver for NLT NBN’s Non-Building Address Points connections, as it goes beyond its existing trials with M1 and TPG Telecom.

Pending an analyst briefing, we maintain our BUY rating, but place our FV of S$1.03 under review.

Source: OCBC
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Re: NetLink NBN Trust

Postby winston » Tue Feb 11, 2020 10:19 am

not vested

NetLink NBN Trust (NETLINK SP)

3QFY20: Within Expectations; Residential Connections Growth Remain Healthy

3QFY20 net profit grew 10% yoy but dropped 7% qoq to S$21m on the back of lower installation service revenue and higher depreciation charges.

This was partly offset by a 11% yoy residential connections growth, albeit at a slower pace sequentially with the completion of Starhub’s fibre migration programme.

Results are within expectations.

The stock offers good earnings visibility and sustainable dividend yield of 5% for FY20-21.

BUY on share price weakness with a DCF-based target price of S$1.05.

Source: UOBKH

https://research.uobkayhian.com/content ... a479e23a5a
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Re: NetLink NBN Trust

Postby behappyalways » Tue Feb 11, 2020 12:05 pm

NetLink Trust posts 9.6% rise in 3Q earnings to $21.5 mil on higher revenue
https://www.theedgesingapore.com/capita ... er-revenue
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Re: NetLink NBN Trust

Postby winston » Wed Feb 12, 2020 10:39 am

not vested

What’s New

3QFY20 results largely in line with consensus

Residential connections grew 0.8% q-o-q; Starhub’s fibre migration was completed in Sep 2019

No DPU declared (unchanged y-o-y) as expected

Maintain BUY, TP revised to S$1.05 (Prev S$1.04); stock currently yields c.5%

Key risks to our view will be regulatory changes in 2022. As ~80% of the revenue is regulated under the RAB model, any changes in nominal pre-tax WACC from 2022 onwards may lead to changes in Interconnection Offer (ICO) pricing.

Source: DBS

https://researchwise.dbsvresearch.com/R ... =fbedjkhaa
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Re: NetLink NBN Trust

Postby winston » Fri Feb 21, 2020 2:34 pm

not vested

Time to Play Defense: 5.4% Dividend Yield with a Highly Defensive Moat.

Source: Dr. Wealth

https://www.drwealth.com/netlink-nbn-tr ... th-a-moat/
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Re: NetLink NBN Trust

Postby winston » Mon Mar 02, 2020 1:26 pm

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Mutual discharge of contract with vendor

Expect to write-off S$15.4m of capitalised project costs
No material impact on distribution in FY20F
Continue to like NLT for earnings visibility and decent yield
Maintain BUY, TP S$1.05

Source: DBS

https://researchwise.dbsvresearch.com/R ... =fbjfikhea
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Re: NetLink NBN Trust

Postby winston » Mon Mar 23, 2020 1:57 pm

not vested

What’s New

Netlink’s outperformance is likely to continue due to the regulated nature of its business

In case of a severe market-meltdown, Netlink could decline to S$0.76, implying 10% downside risk

Netlink’s 5.8% yield is attractive compared to 6.2% average yield offered by large-cap industrial S-REITs.

BUY with revised TP of S$0.95

Source: DBS

https://researchwise.dbsvresearch.com/R ... =fcejdkhaa
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Re: NetLink NBN Trust

Postby winston » Mon May 11, 2020 9:19 am

not vested

NetLink NBN Trust (NETLINK SP)
4QFY20: Above Expectations; Defensive Shelter From Market Volatility


4QFY20 core net profit (excluding a S$15.4m one-time write-off) surged 39% yoy amid higher residential revenue and economies of scale.

FY20 core net profit of S$93.5m (+21% yoy) came in above expectations.

We raised FY21-22 net profit by 4% on housekeeping (higher residential fibre connection as of end-Mar 20).

Maintain BUY on share price weakness with a higher target price of S$1.08. The stock offers sustainable dividend yield of 5% over FY21-23, its business model is defensive amid market
volatility.

Source: UOBKH

https://research.uobkayhian.com/content ... 2a9606ed07
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