---
title: "Stock Analysis: NetLink NBN Trust | Lianhe Zaobao"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/274495943.md"
description: "NetLink NBN Trust recommends a buy with a target price of SGD 1.05, closing price at SGD 0.98. The trust's net profit for the first nine months declined by 11.8% to SGD 65.4 million, affected by rising depreciation and financing costs, but partially offset by tax credits. Revenue increased by 1.6% year-on-year to SGD 313 million, with performance in line with expectations. Management stated that the cleanup of idle fiber connections has returned to normal, residential connections are stable, while non-residential connections face user attrition pressure. The trust continues to deploy mobile networks and is expected to benefit from developments in Jurong Island and the Smart Nation initiative"
datetime: "2026-02-02T09:47:18.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/274495943.md)
  - [en](https://longbridge.com/en/news/274495943.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/274495943.md)
---

# Stock Analysis: NetLink NBN Trust | Lianhe Zaobao

### NetLink NBN Trust

-   Recommendation: Buy
-   Target Price: SGD 1.05
-   Closing Price: SGD 0.98 (no change)

The trust's net profit for the first nine months declined by 11.8% to SGD 65.4 million, mainly affected by increased depreciation and net financing costs, although partially offset by higher income tax credits. Revenue increased by 1.6% year-on-year to SGD 313 million, with performance largely in line with our expectations.

Management noted that the cleanup of inactive or idle fiber connections has returned to normal, and residential connection data remains relatively stable. Non-residential connections continue to face pressure from end-user churn. However, the trust's ongoing deployment of mobile networks will continue to support growth in non-building access points (NBAP) and segmented market connections.

With the development of Jurong Island and the advancement of the Smart Nation plan, the demand for infrastructure and user connections is expected to grow, and the trust is likely to benefit from this. The completion of the central office in Jurong is expected to reduce capital expenditures. (OCBC Investment Research)

#### Further Reading

Stock Commentary: New Trust Stock Commentary: US Hampshire United Property Trust

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