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NetLink NBN Tr
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Netlink Trust IPO allotment
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hotelgrand
Master |
07-Sep-2017 00:11
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Defensive stock..cleared 82cts liao..longer term ok lah
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chengwh1
Elite |
31-Aug-2017 15:43
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Need to wait longer for the price to drop then,.... | |||||||||||
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Starship
Supreme |
30-Aug-2017 17:14
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Since the Stabilization Action required from the Underwriter, Morgan Stanley had ended on 18 Aug, I' m not surprised broking houses etc now have to rely on themselves to prop up the stock price. MS bought so much shares during the stablisation requirement. https://www.shareinvestor.com/news/news.html?source=sg_sgxnet& nid=701553 |
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KiLrOy
Elite |
30-Aug-2017 15:14
Yells: "I buy only what I can see." |
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Initiate at Buy, S$0.94 price objective We initiate coverage on NetLink NBN Trust (" NLT" ) with a Buy rating and a S$0.94 price objective, implying a potential 22% total return. NLT' s 5.5% distribution yield looks attractive, given its relatively defensive cash flow profile and its 5% medium-term distribution CAGR, driven by fibre migration. And while we acknowledge risks around regulation and technology, we see these concerns lurking mainly in the medium term. Relatively defensive shelter from the storm NLT derives 92% of its revenue from regulated sources, with prices secure until 2022 and with volumes relatively defensive. NLT is insulated against adverse movements in opex/demand through regulatory resets (and mid-term reviews), and its regulatory model ensures steady EBITDA for the foreseeable future, even as RAB declines. Also, NLT is largely immune to rising Singapore telco competition, given its wholesale network focus (for more on rising Singapore competition, see: Singapore telcos: The storm nears). Attractive yield largely covered by free cash flow NLT' s 5.5% FY19 distribution yield looks attractive versus peers, given its lower-risk profile versus comparables. We see this distribution being largely covered by free cash flow from FY20, when capex normalizes. And this distribution is forecast to grow at a 5% CAGR between FY19-22, driven by rising connection growth, helped by ongoing migration away from legacy cable and ADSL technologies. Regulatory & technology risks lurk in the medium term Key risks for NLT are skewed to the medium term, around regulation and technology. Regulatory risks lurk in the medium term, around the 2022 regulatory reset, 2034 license expiry and the impact of a declining RAB base. And technology risks cannot be ruled out in the medium term, around competing wireless technology. |
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Laksman
Member |
30-Aug-2017 08:50
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Can I get the Merrill lynch analyst report source? I can' t seem to find it online. | |||||||||||
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KiLrOy
Elite |
29-Aug-2017 21:46
Yells: "I buy only what I can see." |
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A reputable analyst from Merrill Lynch just call a PO of 0.94cts too. Looks like ganging up and I won' t be surprise price action will start soon. | |||||||||||
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chengwh1
Elite |
29-Aug-2017 21:17
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But sp is standing firm at 81c. Waiting for it to go below 80c,.... | |||||||||||
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Starship
Supreme |
29-Aug-2017 16:23
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Maybe because BBs need to get rid of huge amounts quick. Lol. ALLOTMENT AND ISSUE OF UNITS PURSUANT TO OVER-ALLOTMENT OPTION Further to the Cessation of Stabilising Action Announcement, the Trustee-Manager has on 23 August 2017 issued 32,971,100 Units for the purposes of covering the balance of the 123,456,000 Units which had been over-allotted in connection with the Offering, and which were not covered by purchases made under the price stabilising action. As a result of the issue of new Units in connection with the exercise of the Over-allotment Option, the total number of issued Units in the Trust has increased from 3,864,000,000 Units to 3,896,971,100 Units. The 32,971,100 new Units rank pari passu in all respects with the existing Units of the Trust, and have been listed and quoted on the Singapore Exchange Securities Trading Limited on 24 August 2017. http://repository.shareinvestor.com/rpt_view.pl/id/702164.1/type/sgxnet/original_filename/1 |
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SmallSmall
Supreme |
29-Aug-2017 11:35
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Netlink Trusts started at " BUY" with $0.95 target by DBS
UOB Initiate coverage wirh target of $0.93
Both broking firms collaborate to do a simultaneous buy call ?
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SmallSmall
Supreme |
29-Aug-2017 10:02
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INITIATE COVERAGE
NetLink NBN Trust (NetLink SP)
Buy | Price/Tgt: S$0.805/S$0.93 | Mkt Cap: S$3,137.1m
Unassailable Foundation Of Next Gen NBN
NetLink NBN Trust operates the only passive fibre infrastructure to provide wholesale dark fibre services for ultra-high-speed fibre connections in SIngapore. It has a dominant market share of 81.7% for residential and 30.8% for non-residential connections, where growth is projected at 5-year CAGR of 7.2% and 10.1% respectively for 2016-21. The Smart Nation initiative also provides numerous opportunities for growth. Initiate coverage with BUY. Target price: S$0.93.
· Futile to replicate NetLink&rsquo s extensive passive infrastructure. NetLink NBN Trust (NetLink) is the sole network company for Next Gen NBN. Its extensive nationwide coverage acts as a barrier to entry. To date, NetLink has received aggregate grants of S$732m for the construction of passive fibre infrastructure. Without similar support from the government, it would be almost impossible for any potential competitor to provide a viable alternative or meet current regulated wholesale pricing.
· Defensive and regulated cash flows. NetLink possesses resilient, predicatable, transparent and regulated revenue streams. Competition or churn among retail service providers does not affect the number of fibre connections provided by NetLink. NetLink&rsquo s customers are established players in the telecommunications industry in Singapore.
· Growth from Smart Nation initiative. The Smart Nation platform is a government initiative to build a pervasive network of sensors and probes deployed to collect real-time environmental information, process it and share it among government agencies and private sector participants. Smart Nation would have a positive impact on demand for NetLink&rsquo s NBAP connections.
· Growth propelled by migration from ADSL and HFC to fibre connections. Independent industry consultant Media Partners Asia (MPA) estimated the penetration for legacy ADSL and HFC-based connections at 17.9% as of Mar 17. MPA expects all ADSL subscribers to migrate to fibre connections by Dec 19, and HFC-based services to cease by Dec 21. As such, residential fibre broadband subscribers are projected to increase at a 5-year CAGR of 7.2% in 2016-21.
· SMEs drive demand for non-residential connections. Growth drivers for the non-residential segment include SMEs and cloud-based applications. To encourage the adoption of fibre broadband among SMEs, the government has provided a 50% subsidy capped at S$120/month for up to 24 months for SMEs subscribing to fibre broadband plans with speeds of at least 100Mbps. MPA projects non-residential fibre broadband subscribers to grow at a 5-year CAGR of 10.1% in 2016-21.
· Initiate coverage with BUY. Our target price of S$0.93 is based on DCF methodology (cost of equity: 6.5%, terminal growth: 2.0%). The stock provides attractive distribution yield of 5.2% (annualised) and 6.0% for FY18 and FY19 respectively.
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chengwh1
Elite |
17-Aug-2017 21:27
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Divvy payout is still a long way away,... I will only buy now if I think the SP may go up soon,... but I really don' t think the divvy is going anywhere in the near term,.... Maybe even down later-on,.... | |||||||||||
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dyeeng
Member |
17-Aug-2017 20:32
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This type of shares are like Singtel shares lah...slow and steady growth..surge factor missing leh.. parking to see what type of dividends they will be giving out...6%? 8%? likely to be between 5-6% imho.. |
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Starship
Supreme |
17-Aug-2017 17:26
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Doesn' t look promising with such announcements continuing since listing day: http://infopub.sgx.com/FileOpen/20170817%20Stabilization%20Announcement.ashx?App=Announcement& FileID=467526 |
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YMCMB1987
Member |
17-Aug-2017 13:32
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Any chance this would go up in the near future? |
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investshare
Supreme |
17-Aug-2017 13:20
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How now? | |||||||||||
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KiLrOy
Elite |
28-Jul-2017 10:59
Yells: "I buy only what I can see." |
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if you are vested don' t instill fear within yourself. | |||||||||||
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katak88
Master |
28-Jul-2017 09:57
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Usually 1 month after listing, stabilising manager should ceased buying back or earlier when the over-allotment of the securities as announced (ie.123 million shares) has been fully covered.
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GuavaXF30
Elite |
24-Jul-2017 10:08
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No sure how long more the backers are allowed to buy in to stabilize the stock but there is a time limit. The hope is that by then, the punters who borrowed from banks to subscribed would have been weeded out Otherwise there will be more drop in price. Smart investors will do well to stay on side-line as dividend to be earned can be a lot better than the 5.4% promised at IPO price. Sorry for holders but my personal target is to aim for 6 % dividend. Which means I will only buy in at around $0.70. This may not happen but can afford to wait. My advice to people waiting on sideline, you too should not be rushed into anything. Take your time and be patient.
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chengwh1
Elite |
21-Jul-2017 17:07
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Yeah,... somehow, I think so too,... what date is being targetted for the stabilization support to be withdrawn ?
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csnigel
Member |
21-Jul-2017 15:47
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http://www.channelnewsasia.com/news/singapore/singtel-launches-800mbps-mobile-data-speeds-at-selected-9051388 | |||||||||||
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