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NetLink NBN
(SGX:CJLU)
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Rating:66Neutral
Price Target:
S$1.00
â–²(2.04% Upside)
Action:Downgraded
Date:08/17/26
The score is driven primarily by steady financial performance (durable profitability and cash generation), tempered by declining net income and rising leverage. Technical indicators point to weak near-term momentum (oversold readings and price below key shorter-term moving averages). Valuation is mixed: an attractive dividend yield is offset by a high P/E multiple.
Positive Factors
Recurring Wholesale Network Model
Wholesale access fees create a recurring revenue base supported by Singapore’s nationwide fibre coverage. The infrastructure is essential to operators’ broadband delivery, giving the business durable demand and reducing exposure to retail customer acquisition.
Negative Factors
Declining Net Income
The multi-year decline in net income suggests margin pressure, higher costs or weaker operating leverage despite broadly stable revenue. If persistent, lower earnings could constrain internal funding capacity and reduce the business’s ability to absorb cost increases.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring Wholesale Network Model
Wholesale access fees create a recurring revenue base supported by Singapore’s nationwide fibre coverage. The infrastructure is essential to operators’ broadband delivery, giving the business durable demand and reducing exposure to retail customer acquisition.
Read all positive factors
NetLink NBN (CJLU) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$3.80B
Dividend Yield5.56%
Average Volume (3M)5.27M
Price to Earnings (P/E)45.6
Beta (1Y)0.10
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$1.06Price Target Upside7.82% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.02
Revenue Forecast (FY)S$419.42M
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 makes money primarily by wholesaling access to its passive fibre network infrastructure rather than selling retail broadband directly to consumers. Its main revenue model is based on recurring service fees charged to telecommunications...
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
Negative
0.98
Price Trends
0.98
Negative
0.98
Negative
0.96
Positive
Market Momentum
>-0.01
Positive
39.15
Neutral
33.33
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 0.98 is below the 20-day moving average (MA) of 0.99, below the 50-day MA of 0.98, and above the 200-day MA of 0.96, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 39.15 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | S$73.55B | 13.26 | 20.52% | 4.15% | 0.81% | 39.56% | |
66 Neutral | S$3.80B | 45.56 | 3.63% | 5.45% | 1.58% | -12.65% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
60 Neutral | S$149.93M | 3.72 | 2.35% | 12.35% | -2.09% | 189.61% | |
60 Neutral | S$1.91B | 6.50 | 73.17% | 5.88% | -8.27% | 136.03% |
* Communication Services Sector Average
SG:CJLU
NetLink NBN
0.98
0.09
10.80%
SG:S7OU
Asian Pay Television
0.08
-0.01
-11.70%
SG:Z74
Singtel
4.51
0.37
8.91%
SG:CC3
StarHub
1.12
0.06
5.86%
SG:T41
Telechoice International Limited
0.24
0.07
44.58%
SG:TADD
Advanced Info Service
1.39
0.29
26.82%
NetLink NBN Corporate Events
NetLink NBN Trust Posts Softer Q1 as Depreciation Rises but Core Fibre Business Stays Resilient
Aug 11, 2026
NetLink NBN Trust reported a modestly softer first quarter for FY27, with revenue dipping 1.4% to $101.3 million and EBITDA declining 4% to $69.1 million, as lower non-regulated revenue from installation work outweighed gains in ancillary projects...
NetLink NBN Trust Q1 FY27 Profit Slips on Higher Costs Despite Stable Fibre Base
Aug 7, 2026
NetLink NBN Trust reported a modest year-on-year revenue decline for the quarter ended 30 June 2026, with total revenue slipping 1.4% to $101.3 million as lower non-regulated revenue from installation work outweighed gains in ancillary projects. E...
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.