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NetLink NBN
(SGX:CJLU)
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Rating:72Outperform
Price Target:
S$1.00
â–²(0.00% Upside)
Action:Reiterated
Date:05/15/26
The score is driven primarily by steady financial performance (durable profitability and cash generation) but moderated by declining net income and higher leverage. Technicals are supportive with an upward bias, though momentum looks somewhat stretched. Valuation is balanced: a strong dividend yield is offset by a higher P/E relative to the recent profit trend.
Positive Factors
Regulated recurring wholesale revenue
NetLink operates the regulated wholesale fibre network, earning recurring access fees from licensed operators. That business model produces predictable, long-duration revenue linked to premises connected and operator demand, supporting stable cash flows and resilience to retail market cycles.
Negative Factors
Declining net income trend
A multi-year decline in net income indicates margin pressure or rising operating costs relative to revenue. Persisting profit erosion can reduce retained earnings and the firm's capacity to finance capex or maintain distributions without offsetting revenue growth or efficiency gains.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulated recurring wholesale revenue
NetLink operates the regulated wholesale fibre network, earning recurring access fees from licensed operators. That business model produces predictable, long-duration revenue linked to premises connected and operator demand, supporting stable cash flows and resilience to retail market cycles.
Read all positive factors
NetLink NBN (CJLU) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$3.94B
Dividend Yield5.37%
Average Volume (3M)5.27M
Price to Earnings (P/E)47.2
Beta (1Y)0.13
Revenue Growth1.58%
EPS Growth-12.65%
CountrySG
Employees338
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)0.02
Shares Outstanding3,896,971,000
10 Day Avg. Volume4,942,320
30 Day Avg. Volume5,267,806
Financial Highlights & Ratios
PEG Ratio-3.56
Price to Book (P/B)1.66
Price to Sales (P/S)9.10
P/FCF Ratio23.36
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$1.03Price Target Upside3.25% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.02
Revenue Forecast (FY)S$420.45M
NetLink NBN Business Overview & Revenue Model
Company Description
NetLink NBN Trust designs, constructs, owns, and manages the foundational passive fibre optic network throughout mainland Singapore and its associated islands. This critical infrastructure connects residential homes, commercial businesses, and spe...
How the Company Makes Money
NetLink NBN primarily makes money by providing regulated, wholesale access to its fibre network infrastructure in Singapore. Its core revenue stream is recurring service income from network operators (e.g., retail telecom service providers and oth...
NetLink NBN Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
70
Positive
Cash Flow
74
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 413.43M | 407.00M | 411.28M | 405.04M | 377.95M |
| Gross Profit | 143.17M | 380.08M | 381.83M | 331.36M | 314.76M |
| EBITDA | 280.28M | 302.63M | 309.18M | 302.58M | 266.44M |
| Net Income | 83.31M | 95.35M | 103.21M | 109.25M | 91.26M |
Balance Sheet | |||||
| Total Assets | 3.84B | 3.86B | 3.92B | 4.01B | 4.03B |
| Cash, Cash Equivalents and Short-Term Investments | 247.70M | 177.57M | 182.91M | 198.96M | 149.82M |
| Total Debt | 1.02B | 887.18M | 796.60M | 765.25M | 702.13M |
| Total Liabilities | 1.58B | 1.47B | 1.39B | 1.38B | 1.32B |
| Stockholders Equity | 2.26B | 2.39B | 2.52B | 2.63B | 2.72B |
Cash Flow | |||||
| Free Cash Flow | 160.96M | 115.03M | 156.29M | 188.95M | 184.85M |
| Operating Cash Flow | 258.84M | 258.71M | 288.61M | 285.69M | 258.73M |
| Investing Cash Flow | -106.87M | -143.65M | -127.63M | -96.73M | -73.86M |
| Financing Cash Flow | -81.84M | -120.39M | -178.77M | -138.07M | -205.58M |
NetLink NBN Technical Analysis
Positive
1.00
Price Trends
0.99
Positive
0.98
Positive
0.96
Positive
Market Momentum
<0.01
Negative
73.21
Negative
100.00
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:CJLU, the sentiment is Positive. The current price of 1 is above the 20-day moving average (MA) of 0.99, above the 50-day MA of 0.99, and above the 200-day MA of 0.96, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 73.21 is Negative, neither overbought nor oversold. The STOCH value of 100.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | S$3.94B | 47.20 | 3.63% | 5.45% | 1.58% | -12.65% | |
69 Neutral | S$72.46B | 13.06 | 20.52% | 4.15% | 0.81% | 39.56% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
59 Neutral | S$149.93M | 9.02 | 2.35% | 12.35% | -1.91% | -59.83% | |
50 Neutral | S$1.89B | 22.96 | 19.53% | 5.88% | -0.63% | -47.27% |
* Communication Services Sector Average
SG:CJLU
NetLink NBN
1.01
0.15
17.99%
SG:S7OU
Asian Pay Television
0.08
>-0.01
-3.49%
SG:Z74
Singtel
4.30
0.52
13.88%
SG:CC3
StarHub
1.08
-0.02
-1.55%
NetLink NBN Corporate Events
NetLink NBN Trust Refreshes Audit Committee Leadership as Independent Director Retires
Jul 24, 2026
NetLink NBN Trust has announced board and committee changes at its trustee-manager following its 24 July 2026 annual general meeting, with Independent Non-Executive Director Koh Kah Sek retiring in line with corporate governance best practices and...
NetLink NBN Sets Date for Q1 FY2026 Media and Analyst Update
Jul 21, 2026
NetLink NBN Trust has announced that it will release its media statement and analyst update for the first quarter ended 30 June 2026 after the close of trading on 7 August 2026. The scheduled disclosure signals the forthcoming update on the trust&...
NetLink NBN Trust Delivers Stable FY26 Cash Flows Amid Higher Costs
Jul 9, 2026
NetLink NBN Trust reported a resilient FY26 performance, with revenue rising 1.6% to $413.4 million on higher ancillary project activity, while regulated connections-based revenue remained broadly stable and continued to anchor its recurring incom...
NetLink NBN Trust Delivers Stable FY26 Cash Flows Amid Higher Costs and Network Expansion
Jul 8, 2026
NetLink NBN Trust reported FY26 revenue of $413.4 million, up 1.6% year on year, driven mainly by higher ancillary project and co-location income, while regulated asset base revenue from residential, NBAP and segment connections softened. EBITDA f...
NetLink NBN Holds Up Revenue, Lifts DPU as Fibre Network Expansion Continues
Jun 16, 2026
NetLink NBN Trust reported resilient FY26 results, with revenue edging up 1.6% to $413.4 million on higher ancillary project and co-location income, even as EBITDA dipped 1.8% to $282.9 million amid rising staff, maintenance and property costs. Pr...
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.