Declared Dividend • May 16
Final dividend increased to S$0.027 Dividend of S$0.027 is 1.1% higher than last year. Ex-date: 26th May 2026 Payment date: 10th June 2026 Dividend yield will be 5.3%, which is higher than the industry average of 4.7%. Sustainability & Growth Dividend is not covered by earnings (243% earnings payout ratio) nor is it covered by cash flows (139% cash payout ratio). The dividend has increased by an average of 2.0% per year over the past 8 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 170% to bring the payout ratio under control. EPS is expected to grow by 23% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • May 15
Full year 2026 earnings: EPS misses analyst expectations Full year 2026 results: EPS: S$0.021 (down from S$0.024 in FY 2025). Revenue: S$420.6m (up 2.3% from FY 2025). Net income: S$83.3m (down 13% from FY 2025). Profit margin: 20% (down from 23% in FY 2025). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 1.0% p.a. on average during the next 2 years, compared to a 3.6% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Board Change • May 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Independent Director Andrew Lim was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jan 31
Third quarter 2026 earnings released Third quarter 2026 results: EPS: S$0.006. Revenue: S$104.3m (up 3.1% from 3Q 2025). Net income: S$21.8m (down 15% from 3Q 2025). Profit margin: 21% (down from 25% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Telecom industry in Asia. Announcement • Jan 15
NetLink NBN Trust to Report Q3, 2026 Results on Jan 29, 2026 NetLink NBN Trust announced that they will report Q3, 2026 results After-Market on Jan 29, 2026 Announcement • Dec 20
Netlink Nbn Trust Announces Change of Company Secretary, Effective December 19, 2025 NetLink NBN Management Pte. Ltd., as trustee-manager of NetLink NBN Trust, announced that Ms. Lee Bee Fong will be appointed as the Secretary of the Trustee-Manager in place of Ms. Eunice Hooi Lai Fann, who will resign as the Secretary of the Trustee-Manager with effect from December 19, 2025. Following the abovementioned, the Company Secretaries of the Trustee-Manager will be Ms. Phyllis Yan Li Fang and Ms. Lee Bee Fong. Declared Dividend • Nov 05
First half dividend of S$0.027 announced Shareholders will receive a dividend of S$0.027. Ex-date: 14th November 2025 Payment date: 28th November 2025 Dividend yield will be 5.5%, which is higher than the industry average of 4.7%. Sustainability & Growth Dividend is not covered by earnings (231% earnings payout ratio) nor is it covered by cash flows (210% cash payout ratio). The dividend has increased by an average of 2.1% per year over the past 7 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 157% to bring the payout ratio under control. EPS is expected to grow by 14% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Nov 04
First half 2026 earnings released: EPS: S$0.011 (vs S$0.012 in 1H 2025) First half 2026 results: EPS: S$0.011 (down from S$0.012 in 1H 2025). Revenue: S$211.2m (up 2.0% from 1H 2025). Net income: S$43.5m (down 10% from 1H 2025). Profit margin: 21% (down from 23% in 1H 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Oct 17
NetLink NBN Trust to Report First Half, 2026 Results on Nov 03, 2025 NetLink NBN Trust announced that they will report first half, 2026 results on Nov 03, 2025 Announcement • Jul 17
NetLink NBN Trust to Report Q1, 2026 Results on Jul 31, 2025 NetLink NBN Trust announced that they will report Q1, 2026 results After-Market on Jul 31, 2025 Announcement • Jun 24
NetLink NBN Trust, Annual General Meeting, Jul 22, 2025 NetLink NBN Trust, Annual General Meeting, Jul 22, 2025, at 14:00 Singapore Standard Time. Location: stephen riady auditorium, ntuc centre, no. 1 marina boulevard, level 7, one marina boulevard, 018989, Singapore Declared Dividend • May 17
Final dividend increased to S$0.027 Dividend of S$0.027 is 1.1% higher than last year. Ex-date: 28th May 2025 Payment date: 11th June 2025 Dividend yield will be 5.9%, which is higher than the industry average of 4.7%. Sustainability & Growth Dividend is not covered by earnings (225% earnings payout ratio) nor is it covered by cash flows (182% cash payout ratio). The dividend has increased by an average of 2.1% per year over the past 7 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 150% to bring the payout ratio under control. EPS is expected to grow by 16% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • May 16
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: S$0.024 (down from S$0.026 in FY 2024). Revenue: S$415.1m (flat on FY 2024). Net income: S$95.4m (down 7.6% from FY 2024). Profit margin: 23% (down from 25% in FY 2024). Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 6.7%. Revenue is forecast to grow 2.0% p.a. on average during the next 2 years, compared to a 3.8% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 3% per year. Announcement • May 06
NetLink NBN Trust to Report Fiscal Year 2025 Results on May 15, 2025 NetLink NBN Trust announced that they will report fiscal year 2025 results After-Market on May 15, 2025 Reported Earnings • Feb 12
Third quarter 2025 earnings released Third quarter 2025 results: EPS: S$0.007. Revenue: S$101.1m (down 1.3% from 3Q 2024). Net income: S$25.6m (down 20% from 3Q 2024). Profit margin: 25% (down from 31% in 3Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Telecom industry in Asia. Announcement • Feb 10
NetLink NBN Management Pte. Ltd. Announces Appointment of Phyllis Yan Li Fang as Company Secretary, Effective February 11, 2025 NetLink NBN Management Pte. Ltd., as trustee-manager of NetLink NBN Trust, announced that Ms. Phyllis Yan Li Fang will be appointed as the Secretary of the Trustee-Manager in place of Mr. Albert Lim Aik Seng who will resign as the Secretary of the Trustee- Manager with effect from February 11, 2025. Following the above mentioned, the Company Secretaries of the Trustee-Manager will be Ms. Phyllis Yan Li Fang and Ms. Eunice Hooi Lai Fann. Announcement • Jan 27
NetLink NBN Trust to Report Q3, 2025 Results on Feb 10, 2025 NetLink NBN Trust announced that they will report Q3, 2025 results After-Market on Feb 10, 2025 Declared Dividend • Nov 06
First half dividend increased to S$0.027 Dividend of S$0.027 is 1.1% higher than last year. Ex-date: 15th November 2024 Payment date: 29th November 2024 Dividend yield will be 5.9%, which is higher than the industry average of 4.7%. Sustainability & Growth Dividend is not covered by earnings (209% earnings payout ratio) nor is it covered by cash flows (141% cash payout ratio). The dividend has increased by an average of 2.3% per year over the past 6 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 132% to bring the payout ratio under control. EPS is expected to grow by 20% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Announcement • Oct 21
NetLink NBN Trust to Report First Half, 2025 Results on Nov 04, 2024 NetLink NBN Trust announced that they will report first half, 2025 results on Nov 04, 2024 Announcement • Jul 20
NetLink NBN Trust to Report Q1, 2025 Results on Aug 02, 2024 NetLink NBN Trust announced that they will report Q1, 2025 results After-Market on Aug 02, 2024 Announcement • Jun 28
NetLink NBN Trust, Annual General Meeting, Jul 23, 2024 NetLink NBN Trust, Annual General Meeting, Jul 23, 2024, at 14:00 Singapore Standard Time. Location: stephen riady auditorium, ntuc centre, no. 1 marina boulevard, level 7, one marina boulevard, singapore 018989, Singapore Reported Earnings • May 18
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: S$0.026 (down from S$0.028 in FY 2023). Revenue: S$420.5m (up 3.8% from FY 2023). Net income: S$103.2m (down 5.5% from FY 2023). Profit margin: 25% (down from 27% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.2%. Revenue is forecast to stay flat during the next 3 years compared to a 3.8% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • May 03
NetLink NBN Trust to Report Fiscal Year 2024 Results on May 16, 2024 NetLink NBN Trust announced that they will report fiscal year 2024 results After-Market on May 16, 2024 Recent Insider Transactions • Feb 17
Key Executive recently bought S$845k worth of stock On the 16th of February, Yew Tong bought around 100k shares on-market at roughly S$8.45 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Yew has been a buyer over the last 12 months, purchasing a net total of S$929k worth in shares. Reported Earnings • Feb 09
Third quarter 2024 earnings released: EPS: S$0.008 (vs S$0.007 in 3Q 2023) Third quarter 2024 results: EPS: S$0.008 (up from S$0.007 in 3Q 2023). Revenue: S$102.5m (flat on 3Q 2023). Net income: S$32.2m (up 18% from 3Q 2023). Profit margin: 31% (up from 27% in 3Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 4.1% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Jan 24
NetLink NBN Trust to Report Q3, 2024 Results on Feb 06, 2024 NetLink NBN Trust announced that they will report Q3, 2024 results at 5:00 PM, Singapore Standard Time on Feb 06, 2024 Board Change • Dec 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. Non-Executive & Non-Independent Director of NetLink NBN Management Pte. Ltd. - Trustee Manager Kung Yang Quah was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 04
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: S$106.4m (up 4.2% from 2Q 2023). Net income: S$24.7m (down 8.4% from 2Q 2023). Profit margin: 23% (down from 26% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 4.2% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Oct 21
NetLink NBN Trust to Report First Half, 2024 Results on Nov 03, 2023 NetLink NBN Trust announced that they will report first half, 2024 results on Nov 03, 2023 Announcement • Oct 10
Netlink Nbn Trust Announces Appointment of Mr. Yoong Swie Leong, Nicholas as Chief Operating Officer, Appointment Date Is 16 October 2023 Netlink Nbn Trust announced appointment of Mr. Yoong Swie Leong, Nicholas as Chief Operating Officer. The Board of Directors of the Trustee-Manager, having considered the NC's recommendation and Mr. Yoong's credentials and experience, has approved his appointment as Chief Operating Officer. Role ans responsibilities: Executive Mr. Yoong is responsible for overseeing the NetLink NBN Trust Group's business operations, and developing organisational strategies and practices with a view to improving efficiency and productivity. Working experience: Chief Global Business Officer, NR Instant Produce PCL - 1 year Chief Executive Officer, Intraco Limited - 5 years Chief Operating Officer, Taylor's Education Pte Ltd. - 4 years . Other directorships past: Intrawave Pte Ltd. Intraco Trading Pte Ltd. Intraco Foods Pte Ltd. Intraco International Pte Ltd. KA Group Holdings Pte Ltd. KA Building Construction Pte Ltd. KA Fireproofing Pte Ltd. KA Fabric Shutters Pte Ltd. KA Firelite Pte Ltd. KA Vermiculite Spray Sdn Bhd Tat Hong Intraco Pte Ltd. Tat Hong Intraco Heavy Equipment Co Ltd. other directorships present: MUI Properties Berhad. Professional qualifications: 1. Bachelor of Accounting (Hons), University Malaya (MICPA Scholar), 1997-2000 2. MBA, Warwick Business School, University of Warwick (Chevening Scholar), 2001-2002 3. Programme in International Management, The Australian Graduate School of Management (AGSM), joint business school University of Sydney and University of New South Wales, Australia, 2002 4. ACCA (trained in the U.K. firm of Ernst & Young LLP), 2002-2004 5. Master of Studies (International Relations), University of Cambridge (Selwyn College), 2007-2009. Appointment date is 16 October 2023. Reported Earnings • Aug 18
First quarter 2024 earnings released First quarter 2024 results: EPS: S$0.007. Revenue: S$103.9m (up 6.1% from 1Q 2023). Net income: S$28.2m (up 2.2% from 1Q 2023). Profit margin: 27% (down from 28% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 4.1% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Aug 04
NetLink NBN Trust to Report Q1, 2024 Results on Aug 17, 2023 NetLink NBN Trust announced that they will report Q1, 2024 results at 5:00 PM, Singapore Standard Time on Aug 17, 2023 Announcement • Jun 23
NetLink NBN Trust, Annual General Meeting, Jul 19, 2023 NetLink NBN Trust, Annual General Meeting, Jul 19, 2023, at 14:00 Singapore Standard Time. Location: Ballroom at Level 2, Conrad Centennial Singapore, Two Temasek Boulevard, Singapore 038982 Singapore Singapore Agenda: To receive and adopt the Report of the Trustee-Manager, Statement by the Trustee-Manager and the Audited Financial Statements of NetLink NBN Trust for the financial year ended 31 March 2023 together with the Independent Auditor's Report therein; to re-appoint Deloitte & Touche LLP as Auditors of NetLink NBN Trust to hold office until the conclusion of the next Annual General Meeting and to authorise the Directors of the Trustee-Manager to fix their remuneration; and to transact such other business matter. Buying Opportunity • May 31
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be S$1.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years. Earnings per share has grown by 12%. For the next 3 years, revenue is forecast to grow by 1.1% per annum. Earnings is also forecast to grow by 2.1% per annum over the same time period. Upcoming Dividend • May 23
Upcoming dividend of S$0.026 per share at 5.8% yield Eligible shareholders must have bought the stock before 30 May 2023. Payment date: 13 June 2023. Payout ratio is a comfortable 2.2% but the company is paying out more than the cash it is generating. Trailing yield: 5.8%. Lower than top quartile of Singaporean dividend payers (6.5%). Higher than average of industry peers (3.9%). Announcement • May 19
NetLink NBN Trust Declares Distribution for the Period from 1 October 2022 to 31 March 2023, Payable on 13 June 2023 NetLink NBN Trust announced that a distribution in the amount of 2.62 Singapore cents per Unit is declared for the Trust's distribution period from 1 October 2022 to 31 March 2023 and will be paid on 13 June 2023 by NetLink NBN Management Pte. Ltd. (in its capacity as the trustee-manager of the Trust) (the "Trustee-Manager") as a distribution in cash to the Trust's unitholders. Ex-distribution date is 30 May 2023. Record date is 31 May 2023. Reported Earnings • May 19
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: S$0.028 (up from S$0.023 in FY 2022). Revenue: S$409.3m (up 7.8% from FY 2022). Net income: S$109.3m (up 20% from FY 2022). Profit margin: 27% (up from 24% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 1.3%. Revenue is forecast to stay flat during the next 2 years compared to a 4.0% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • May 05
NetLink NBN Trust to Report Fiscal Year 2023 Results on May 18, 2023 NetLink NBN Trust announced that they will report fiscal year 2023 results at 5:00 PM, Singapore Standard Time on May 18, 2023 Announcement • Feb 14
NetLink NBN Trust Announces Change of Company Secretary NetLink NBN Trust announced that Ms Eunice Hooi Lai Fann will be appointed as the Secretary of the Trustee-Manager in place of Mr. Chester Leong Chang Hong who will resign as the Secretary of the Trustee-Manager with effect from 1 March 2023. Following the abovementioned, the Company Secretaries of the Trustee-Manager will be Mr. Albert Lim Aik Seng and Ms Eunice Hooi Lai Fann. Announcement • Jan 31
NetLink NBN Trust to Report Q3, 2023 Results on Feb 13, 2023 NetLink NBN Trust announced that they will report Q3, 2023 results at 5:00 PM, Singapore Standard Time on Feb 13, 2023 Price Target Changed • Dec 19
Price target decreased to S$0.93 Down from S$1.02, the current price target is an average from 7 analysts. New target price is 8.0% above last closing price of S$0.86. Stock is down 14% over the past year. The company is forecast to post earnings per share of S$0.027 for next year compared to S$0.023 last year. Buying Opportunity • Dec 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be S$1.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 7.2%. Revenue is forecast to grow by 0.9% in 2 years. Earnings is forecast to decline by 2.3% in the next 2 years. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. No highly experienced directors. Non-Independent Non-Executive Director of NetLink NBN Management Pte. Ltd. William Woo was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Nov 08
Now 19% undervalued after recent price drop Over the last 90 days, the stock is down 4.2%. The fair value is estimated to be S$1.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 7.2%. Revenue is forecast to grow by 0.9% in 2 years. Earnings is forecast to decline by 2.3% in the next 2 years. Upcoming Dividend • Nov 08
Upcoming dividend of S$0.026 per share Eligible shareholders must have bought the stock before 15 November 2022. Payment date: 30 November 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 5.8%. Lower than top quartile of Singaporean dividend payers (6.7%). Higher than average of industry peers (4.4%). Reported Earnings • Nov 03
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: S$103.9m (up 9.7% from 2Q 2022). Net income: S$27.0m (up 76% from 2Q 2022). Profit margin: 26% (up from 16% in 2Q 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 3.6% growth forecast for the Telecom industry in Asia. Announcement • Oct 20
NetLink NBN Trust to Report Q2, 2023 Results on Nov 02, 2022 NetLink NBN Trust announced that they will report Q2, 2023 results at 5:00 PM, Singapore Standard Time on Nov 02, 2022 Reported Earnings • Aug 19
First quarter 2023 earnings released First quarter 2023 results: EPS: S$0.007. Revenue: S$97.9m (up 4.8% from 1Q 2022). Net income: S$27.6m (up 11% from 1Q 2022). Profit margin: 28% (up from 27% in 1Q 2022). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to stay flat compared to a 3.8% growth forecast for the Telecom industry in Singapore. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 2% per year. Announcement • Aug 02
NetLink NBN Trust to Report Q1, 2023 Results on Aug 15, 2022 NetLink NBN Trust announced that they will report Q1, 2023 results After-Market on Aug 15, 2022 Announcement • Jun 29
NetLink NBN Trust Announces Re-Designation of Chye Hoon Pin from Chief Operating Officer to Executive Director NetLink NBN Trust announced that Mr. Chye Hoon Pin, an existing executive officer of NetLink NBN Trust, will be re-designated from Chief Operating Officer ("COO") to Executive Director (Projects) with effect from 1 July 2022. As part of succession planning, the Nominating Committee ("NC") of NetLink NBN Management Pte. Ltd. (as Trustee-Manager of NetLink NBN Trust) has reviewed the role and responsibilities of Mr. Chye. In this connection, the NC has recommended his redesignation from COO to Executive Director (Projects). Having considered the NC's recommendation and Mr. Chye's credentials and experience, the Board of NetLink NBN Management Pte. Ltd. (as Trustee-Manager of NetLink NBN Trust) has approved his redesignation from COO to Executive Director (Projects). The responsibilities of the COO will be undertaken by the management team under the leadership of the CEO. Executive Mr. Chye is responsible for overseeing all of NetLink NBN Trust's information technology ("IT") requirements and operations, including developing, planning and implementing strategies for IT projects to meet NetLink NBN Trust's business needs. Mr. Chye Hoon Pin has been the COO of the NetLink NBN Trust Group till 30 June 2022. He has been the COO of OpenNet and NetLink Trust since January 2014. As COO, Mr. Chye was responsible for driving organisational strategies and optimising resources to deliver maximum value to customers and stakeholders. Mr. Chye brings with him almost 40 years of regional experience in network operations and management, information technology and voice services. Prior to joining OpenNet, Mr. Chye was the Vice President of Singtel's IPTV Infrastructure department. During his time at Singtel, he held leadership positions across engineering, fixed voice, mobile, IP networks, broadband, satellite, submarine cables operations, IPTV and broadcast function, amongst others. He also has extensive regional experience and was the CEO of the cellular company Pacific Bangladesh Telecom Limited from 2005 to 2007. Announcement • Jun 24
NetLink NBN Trust, Annual General Meeting, Jul 20, 2022 NetLink NBN Trust, Annual General Meeting, Jul 20, 2022, at 14:00 Singapore Standard Time. Agenda: To receive and adopt the Directors' Statement and the Audited Financial Statements of the Trustee-Manager for the financial year ended 31 March 2022 and the Independent Auditors' Report therein; to consider and approve the payment of Directors' fees of up to SGD 1,076,000 for the financial year ending 31 March 2023, payable quarterly in arrears. (2022: up to SGD 1,076,000); to consider and re-appoint Deloitte & Touche LLP as Auditors of the Trustee-Manager to hold office until the conclusion of the next Annual General Meeting of the Trustee-Manager and to authorise the Directors of the Trustee-Manager to fix their remuneration; to consider and re-elect Mr Yeo Wico who will retire as Director of the Company and who, being eligible, will offer himself for re-election; and to consider the transact any other ordinary business that may be properly transacted at an Annual General Meeting. Reported Earnings • May 20
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: S$0.023 (down from S$0.024 in FY 2021). Revenue: S$379.6m (up 2.5% from FY 2021). Net income: S$91.3m (down 3.7% from FY 2021). Profit margin: 24% (down from 26% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.9%. Over the next year, revenue is forecast to grow 1.7%, compared to a 4.0% growth forecast for the industry in Singapore. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 7% per year. Announcement • May 18
NetLink NBN Trust Announces Distribution for the Period from 1 October 2021 to 31 March 2022, Payable on 10 June 2022 NetLink NBN Trust announced that a distribution in the amount of 2.57 Singapore cents per Unit is declared for the Trust's distribution period from 1 October 2021 to 31 March 2022 (the "Distribution"), and will be paid on 10 June 2022 by NetLink NBN Management Pte. Ltd. (in its capacity as the trustee-manager of the Trust) (the "Trustee-Manager") as a distribution in cash to the Trust's unitholders (the "Unitholders"). Following are the important dates and times which Unitholders should note: Distribution period: 1 October 2021 to 31 March 2022, Distribution amount: 2.57 Singapore cents per Unit, Ex-distribution date and time: 26 May 2022 at 9.00 a.m., Record date and time: 27 May 2022 at 5.00 p.m. and Distribution payment date: 10 June 2022. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. No highly experienced directors. Non-Independent Non-Executive Director of NetLink NBN Management Pte. Ltd. William Woo was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 29
NetLink NBN Trust Changes to the Nominating Committee The Board of Directors of NetLink NBN Management Pte. Ltd. as Trustee-M NetLink NBN Trust announced the appointment of Mr. Chaly Kheong as the Chairman of the Nominating Committee in place of Mr. Eric Ang Teik Lim with effect from 1 April 2022. Mr. Eric Ang Teik Lim will remain as a Member of the Nominating Committee. Following the above changes, the composition of the Nominating Committee will be as follows: In Nominating Committee Mr. Chaly Mah Chee Kheong appointed as Chairman. Mr. Eric Ang Teik Lim and Mr. William Woo Siew Wing is appointed as Member. Announcement • Jan 30
NetLink NBN Trust to Report Q3, 2022 Results on Feb 14, 2022 NetLink NBN Trust announced that they will report Q3, 2022 results After-Market on Feb 14, 2022 Upcoming Dividend • Nov 09
Upcoming dividend of S$0.026 per share Eligible shareholders must have bought the stock before 16 November 2021. Payment date: 01 December 2021. Trailing yield: 5.0%. Lower than top quartile of Singaporean dividend payers (5.2%). Higher than average of industry peers (3.7%). Board Change • Nov 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. No highly experienced directors. Non-Independent Non-Executive Director of NetLink NBN Management Pte. Ltd. William Woo was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 25
First quarter 2022 earnings released: EPS S$0.006 The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2022 results: Revenue: S$93.4m (up 4.9% from 1Q 2021). Net income: S$24.8m (up 5.5% from 1Q 2021). Profit margin: 27% (in line with 1Q 2021). Upcoming Dividend • May 17
Upcoming dividend of S$0.025 per share Eligible shareholders must have bought the stock before 24 May 2021. Payment date: 09 June 2021. Trailing yield: 5.2%. Within top quartile of Singaporean dividend payers (4.9%). Higher than average of industry peers (3.9%). Announcement • May 13
NetLink NBN Trust Announces Distribution for the Period from October 1, 2020 to March 31, 2021, Payable on June 9, 2021 NetLink NBN Trust informed that a distribution in the amount of 2.55 Singapore cents per Unit is declared for the Trust's distribution period from 1 October 2020 to 31 March 2021, and will be paid on 9 June 2021 by NetLink NBN Management Pte. Ltd. (in its capacity as the trustee-manager of the Trust) (the "Trustee-Manager") as a distribution in cash to the Trust's unitholders. Ex-distribution date is 24 May 2021 and Record date is 25 May 2021. Reported Earnings • May 12
Full year 2021 earnings released: EPS S$0.024 (vs S$0.02 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: S$378.4m (up 1.8% from FY 2020). Net income: S$94.8m (up 21% from FY 2020). Profit margin: 25% (up from 21% in FY 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 6% per year. Is New 90 Day High Low • Mar 09
New 90-day low: S$0.94 The company is down 4.0% from its price of S$0.97 on 09 December 2020. The Singaporean market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Telecom industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is S$1.21 per share. Announcement • Feb 11
NetLink NBN Trust to Report Q3, 2021 Results on Feb 24, 2021 NetLink NBN Trust announced that they will report Q3, 2021 results After-Market on Feb 24, 2021