NetLink NBN Trust (SG:CJLU)
SGX:CJLU
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NetLink NBN
(SGX:CJLU)
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Rating:58Neutral
Price Target:
S$1.00
▲(3.09% Upside)
Action:N/ADate:07/21/25
The stock faces significant headwinds from declining financial performance and high valuation multiples, partially offset by a strong technical uptrend and attractive dividend yield. However, overbought technical signals and cash flow sustainability risks limit upside potential.
Positive Factors
High profitability and margins
NetLink's exceptionally high gross and operating margins reflect the low incremental cost structure of passive fiber assets. Durable margins support sustained cash generation, provide cushion against demand swings, fund maintenance capex and distributions, and enable resilient profitability over the medium term.
Negative Factors
Weak revenue growth
A material reported decline in revenue weakens the recurring wholesale base that underpins NetLink’s business. Persistent top-line contraction constrains reinvestment, reduces scale benefits, pressures long-term cash generation and dividend capacity, and may indicate structural demand or competitive challenges.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability and margins
NetLink's exceptionally high gross and operating margins reflect the low incremental cost structure of passive fiber assets. Durable margins support sustained cash generation, provide cushion against demand swings, fund maintenance capex and distributions, and enable resilient profitability over the medium term.
Read all positive factors
NetLink NBN (CJLU) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$3.78B
Dividend Yield5.64%
Average Volume (3M)5.27M
Price to Earnings (P/E)21.3
Beta (1Y)0.14
Revenue Growth-0.38%
EPS Growth-8.30%
CountrySG
Employees338
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)N/A
Shares Outstanding3,896,971,000
10 Day Avg. Volume4,942,320
30 Day Avg. Volume5,267,806
Financial Highlights & Ratios
PEG Ratio-4.79
Price to Book (P/B)1.44
Price to Sales (P/S)8.47
P/FCF Ratio29.98
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$1.08Price Target Upside11.06% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.02
Revenue Forecast (FY)S$415.72M
NetLink NBN Business Overview & Revenue Model
Company Description
NetLink NBN Trust owns, designs, builds, and operates the passive fibre network infrastructure for residential homes and non-residential premises, and non-building address point (NBAP) connections in mainland Singapore and its connected islands. I...
How the Company Makes Money
NetLink NBN generates revenue primarily through the leasing of its fiber infrastructure to retail service providers who offer broadband services to end-users. This leasing model allows the company to earn recurring income based on usage and servic...
NetLink NBN Financial Statement Overview
Summary
Income Statement
65
Positive
Balance Sheet
60
Neutral
Cash Flow
55
Neutral
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 411.23M | 407.00M | 411.28M | 405.04M | 377.95M | 370.39M |
| Gross Profit | 248.41M | 380.08M | 381.83M | 331.36M | 314.76M | 307.47M |
| EBITDA | 290.99M | 302.63M | 309.18M | 302.58M | 266.44M | 270.88M |
| Net Income | 90.41M | 95.35M | 103.21M | 109.25M | 91.26M | 94.81M |
Balance Sheet | ||||||
| Total Assets | 3.90B | 3.86B | 3.92B | 4.01B | 4.03B | 4.12B |
| Cash, Cash Equivalents and Short-Term Investments | 255.98M | 177.57M | 182.91M | 198.96M | 149.82M | 170.54M |
| Total Debt | 1.02B | 887.18M | 796.60M | 765.25M | 702.13M | 703.53M |
| Total Liabilities | 1.58B | 1.47B | 1.39B | 1.38B | 1.32B | 1.32B |
| Stockholders Equity | 2.32B | 2.39B | 2.52B | 2.63B | 2.72B | 2.80B |
Cash Flow | ||||||
| Free Cash Flow | 109.56M | 115.03M | 156.29M | 188.95M | 184.85M | 204.27M |
| Operating Cash Flow | 221.50M | 258.71M | 288.61M | 285.69M | 258.73M | 264.51M |
| Investing Cash Flow | -122.40M | -143.65M | -127.63M | -96.73M | -73.86M | -60.25M |
| Financing Cash Flow | -32.58M | -120.39M | -178.77M | -138.07M | -205.58M | -202.35M |
NetLink NBN Technical Analysis
Negative
0.97
Price Trends
0.98
Negative
0.97
Positive
0.93
Positive
Market Momentum
>-0.01
Positive
46.38
Neutral
36.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:CJLU, the sentiment is Negative. The current price of 0.97 is below the 20-day moving average (MA) of 0.97, below the 50-day MA of 0.98, and above the 200-day MA of 0.93, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 46.38 is Neutral, neither overbought nor oversold. The STOCH value of 36.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:CJLU.
NetLink NBN Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | S$81.59B | 5.01 | 23.36% | 4.00% | -0.19% | ― | |
70 Outperform | S$157.15M | -2.66 | 2.02% | 10.10% | -3.62% | ― | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
58 Neutral | S$3.78B | 21.26 | 3.83% | 5.64% | -0.38% | -8.30% | |
45 Neutral | S$1.74B | 22.31 | 19.53% | 5.54% | 0.83% | -16.65% |
* Communication Services Sector Average
SG:CJLU
NetLink NBN
0.97
0.15
18.29%
SG:S7OU
Asian Pay Television
0.09
0.02
24.29%
SG:Z74
Singtel
4.95
1.69
51.89%
SG:CC3
StarHub
1.01
-0.11
-9.66%
NetLink NBN Corporate Events
NetLink NBN Trust Posts Stable Revenue but Softer Profit for 9M FY26
Jan 29, 2026
NetLink NBN Trust reported stable top-line performance for the nine months ended 31 December 2025, with revenue rising 1.6% to S$313.0 million, driven mainly by higher non-regulated revenue from ancillary projects while its core regulated asset ba...
NetLink NBN Trust Sets 29 January Date for Q3 FY2025 Results Update
Jan 15, 2026
NetLink NBN Management, as trustee-manager of NetLink NBN Trust, has announced it will release the trust’s media statement and analyst update for the third quarter ended 31 December 2025 after the close of trading on 29 January 2026. The sch...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.