At its current price of S$0.78, assuming a 4.64 cents yield for FY2019 (from the IPO prospectus), Netlink Trust (CJLU.SI) is trading at a forward yield of 5.95%, which is actually pretty decent. A lot of investors and pundits have commented that Netlink Trust is a boring counter. As you can see from the post-IPO chart below, its share price has truly gone nowhere. After accounting for the recent FY2018 distribution payout, investors who bought in at IPO are about breakeven after holding for almost a year. But when it comes to dividend plays, boring is exciting stuff to me.

Basics: What is Netlink Trust

It took me quite a while to figure out what exactly Netlink Trust does (its prospectus isn’t exactly bedtime reading). Simply put, Netlink Trust owns a large majority of the Fibre network in Singapore, that the Internet Service Providers (Singtel, M1, Starhub, MyRepublic, Viewquest) leverage on to provide Fibre broadband to you ......