Netlink NBN Trust (SGX: CJLU) is the sole appointed “Network Company” for Singapore’s Next Generation National Broadband Network (NBN).

The trust group’s network, which spans nationwide, delivers high-speed internet access throughout Singapore. It also designs, builds, owns and operates passive fibre network infrastructure for Singapore’s NBN.

Netlink is listed as a business trust, which means that it does not have any restrictions on borrowing levels and it also pays out 100% of its cash available for distribution as a dividend.

Dividends paid out in FY18 amounted to 4.88 Singapore cents per share, which translates to a dividend yield of 5.4% at the last traded price of S$0.90.

Based on its business model and balance sheet, I feel that Netlink NBN Trust is an excellent dividend play. The 2 unique features of this business are;