CJLU.SI
SGX50SESNetLink NBN Trust
Communication Services · Telecom Services · Singapore
NetLink NBN Trust, an investment holding company, 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. The company's passive fiber network infrastructure comprising ducts, manholes, fibre cables, and central offices. NetLink NBN Trust was incorporated in 2017 and is based in Singapore.
www.netlinknbn.com ↗Shares trade at a premium 48.8× trailing earnings, easing to 41.1× on forward estimates. Profitability shows a net margin of 21.8%. Leverage is elevated at 2.6× net debt/EBITDA. Revenue grew 0.4% year-on-year. It yields 5.1% in dividends. The mean analyst target of SGD1.05 sits 7.9% above the current price (no rating, 8 analysts).
business model
NetLink NBN Trust owns and operates the passive fibre-network infrastructure (fibre cables, ducts, manholes and central offices) underpinning Singapore's nationwide broadband network, effectively acting as a regulated infrastructure monopoly. It leases fibre connections on a wholesale basis to retail service providers and is remunerated under a Regulated Asset Base framework. This gives it defensive, largely regulated cash flows with limited direct consumer exposure.
revenue segments
Revenue comes from residential fibre connections (the largest and most stable stream, serving about 1.5 million connections), non-residential connections, non-building address point (NBAP) connections, plus ancillary and project revenue, installation/diversion charges, and co-location, ducts-and-manholes and central-office services. Roughly 90% of revenue is regulated.
key dependencies
It depends on Singapore's regulatory pricing framework set by the IMDA (a five-year Regulated Asset Base return, currently around a 7% pre-tax WACC through the term to 2029), demand from retail service providers such as Singtel, StarHub and M1, and interest rates given its capital-intensive, debt-funded model. Residential connection growth is essentially flat, tracking household formation.
competitors
As the near-exclusive national passive fibre operator it faces little direct competition in its core layer; competition arises indirectly from alternative connectivity such as fixed-wireless and 5G mobile broadband, and for investor capital it competes with other defensive yield instruments.
moat
Its moat is a regulated natural monopoly over Singapore's fibre infrastructure with extremely high replication cost, predictable RAB-based returns, and essential-service demand insulated from economic cycles. Switching away from fibre at scale is impractical for retail providers.
risks
Risks include adverse regulatory-price resets at each review, rising interest costs on its debt-heavy structure, limited organic growth as fibre penetration is mature, and long-term substitution risk from wireless broadband technologies.
Financials & metrics
as of 04 Jul 2026Price is around the middle of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
Tap any metric for an explanation.● provider● computedN/A not available from source
Income-statement history isn't available for this security.
Dividends
This company does not currently pay a dividend.
Analyst assessment
as of 04 Jul 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.