On 17 August 2023, NetLink NBN Trust (“NLNT”) recently announced their 2024 first quarter business update. Their results have continued to be stable, with no significant change in the metrics. Something investors should keep in mind however is the increase in gearing this quarter although there has been no change to the gross debt of SGD735 million from the previous quarter. The reason for this is the effect of paying distributions based on EBITDA, as historically their earnings per share is not sufficient for the dividend payout.

The most anticipated results of the IMDA review was not included, and it is likely to be delayed till end of 2023. While there is no cause of concern, it is possible for share price to fluctuate given the uncertainty and investors should take note.