NetLink NBN (CJLU) AI Stock Analysis

• Market Cap: S$3.74B
• Dividend Yield: 5.64%
• Average Volume (3M): 5.27M
• Price to Earnings (P/E): 41.4
• Beta (1Y): 0.12
• Revenue Growth: -0.38%
• EPS Growth: -8.30%
• Country: SG
• Employees: 338
• Sector: Communication Services
• Sector Strength: 97
• Industry: Telecommunications Services
• EPS (TTM): 0.01
• Shares Outstanding: 3,896,971,000
• 10 Day Avg. Volume: 4,942,320
• 30 Day Avg. Volume: 5,267,806
• PEG Ratio: -4.79
• Price to Book (P/B): 1.44
• Price to Sales (P/S): 8.47
• P/FCF Ratio: 29.98
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: S$1.02
• Price Target Upside: 6.06% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 70 Outperform
• Price Target: S$1.00 ▲(4.17% Upside)

NetLink NBN's stock score is primarily driven by strong financial performance and positive technical indicators. The high dividend yield adds value, but the high P/E ratio raises valuation concerns. The absence of earnings call and corporate events data limits the analysis to these key factors.

Positive Factors

Strategic Infrastructure Investment

The new Seletar Central Office enhances network resilience and supports regional development, strengthening NetLink's infrastructure and market position.

Board Governance Enhancement

The addition of a new independent director enhances corporate governance and board diversity, aligning with best practices and potentially improving strategic oversight.

Stable Financial Position

A stable financial position with manageable leverage supports long-term operational stability and financial flexibility, enabling strategic investments.

Negative Factors

Revenue Growth Challenges

Declining revenue growth indicates potential challenges in market expansion, which could impact future profitability and competitive positioning.

Decreased Cash Flow

Reduced cash flow growth may limit the company's ability to fund new projects and investments, affecting long-term growth and operational flexibility.

Profit Decline

A decline in profit, despite revenue growth, suggests rising costs and operational inefficiencies, which could hinder future financial performance.

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. Its passive fibre network infrastructure includes ducts, manholes, fibre cables, and central offices. As of March 31, 2022, it had an approximately 1,464,217 residential; 50,278 non-residential; and 2,404 NBAP end-user connections. The company was incorporated in 2017 and is based in Singapore.

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 service agreements. Additional revenue streams include installation fees, maintenance contracts, and other ancillary services related to network management. The company's financial performance is bolstered by its strategic partnerships with major telecom operators and service providers, enabling a diversified customer base and stable cash flow. Furthermore, government initiatives to expand broadband connectivity in Singapore support NetLink NBN's growth and revenue opportunities.

NetLink NBN Financial Statement Overview

Summary

NetLink NBN demonstrates strong profitability with high margins and a stable financial position. However, challenges in revenue growth and cash flow management are notable risks. The company needs to focus on enhancing revenue streams and cash flow efficiency for sustained financial health.

Income Statement

NetLink NBN's income statement shows strong profitability with a high gross profit margin of 93.39% and a solid net profit margin of 23.43% for the latest year. However, the revenue growth rate has declined by 1.85%, indicating potential challenges in expanding sales. The EBIT and EBITDA margins are robust at 30.73% and 74.36%, respectively, reflecting efficient operational management.

Balance Sheet

The balance sheet reflects a stable financial position with a moderate debt-to-equity ratio of 0.37, indicating manageable leverage. The return on equity is modest at 3.98%, suggesting room for improvement in generating returns for shareholders. The equity ratio stands at a healthy level, supporting financial stability.

Cash Flow

Cash flow analysis reveals a decrease in free cash flow growth by 24.93%, which could impact future investments. The operating cash flow to net income ratio is 0.86, indicating adequate cash generation relative to net income. The free cash flow to net income ratio is 0.44, suggesting a need for better cash flow management.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 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

• Technical Analysis Sentiment: Positive
• Last Price: 0.96
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

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 0.96 is above the 20-day moving average (MA) of 0.96, above the 50-day MA of 0.95, and above the 200-day MA of 0.90, indicating a bullish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 52.60 is Neutral, neither overbought nor oversold. The STOCH value of 55.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:CJLU.

NetLink NBN Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CJLU	70 Outperform	S$3.74B	41.38	3.69%	5.64%	-0.38%	-8.30%
Z74	70 Outperform	S$73.61B	12.00	24.43%	4.00%	-0.19%	―
CC3	68 Neutral	S$1.96B	15.78	32.00%	5.54%	0.83%	-16.65%
S7OU	61 Neutral	S$191.47M	9.64	2.83%	10.10%	-3.62%	―
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%

NetLink NBN Corporate Events

NetLink NBN Trust Announces Change of Company Secretary

NetLink NBN Management Pte. Ltd., the trustee-manager of NetLink NBN Trust, has announced a change in its corporate secretariat, with Ms Lee Bee Fong to be appointed Secretary in place of Ms Eunice Hooi Lai Fann, who will step down effective 19 December 2025. Following this change, the Trustee-Manager will have two company secretaries, Ms Phyllis Yan Li Fang and Ms Lee Bee Fong, signalling a continuity of governance and administrative oversight at the infrastructure trust.

The most recent analyst rating on (SG:CJLU) stock is a Hold with a S$0.93 price target. To see the full list of analyst forecasts on NetLink NBN stock, see the SG:CJLU Stock Forecast page.

NetLink NBN Trust Appoints New Chief Financial Officer

NetLink NBN Management Pte. Ltd. has announced the appointment of Ms. Kow Siew Yeong as the new Chief Financial Officer, effective from April 1, 2026. This strategic appointment is expected to strengthen the company’s financial leadership and potentially enhance its market position within the telecommunications sector.

The most recent analyst rating on (SG:CJLU) stock is a Hold with a S$0.93 price target. To see the full list of analyst forecasts on NetLink NBN stock, see the SG:CJLU Stock Forecast page.