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Singapore trust that owns and operates the national fiber broadband network infrastructure under a regulated framework.
Singapore trust that owns and operates the national fiber broadband network infrastructure under a regulated framework.
Customers are retail service providers such as Singtel, not households: they pay regulated charges for access to the fiber, and households and businesses buy broadband from those providers. As a business trust with regulated, rental-like income, it is built to pass distributions on to unit-holders.
In one line: Singapore's regulated fiber broadband network infrastructure monopoly.
Moat: wide (regulatory licence, installed base, network effects). Sole regulated operator of Singapore's national fiber access network under an IMDA licence.
Headquarters: Singapore · Founded: 2017 · Employees: 342
Size NetLink NBN Trust (CJLU.SI) is a Singapore Communication Services company (Major Telecommunications) with a market value of $2.87B, the 36th largest of 186 Singapore companies the cockpit tracks. Shares closed at S$0.94 on 6 Nov 2026.
Performance Over six months the shares fell 6.9%, against -13.6% for the median peer and -1.2% for the Singapore market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue fell 0.1% over the last twelve months (peer median +5.5%); the operating margin is 21.5% (peer median 9.3%).
Valuation It trades at 44.5× forward earnings against a peer median of 14.6× (2nd most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +14 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.6 points below its cost of capital (5.0% WACC).
Next results Next results expected around 20 May 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | S$409M | S$413M | S$407M | S$411M | S$403M |
| Revenue growth | — | +2% | -1% | +2% | — |
| Gross profit | S$135M | S$143M | S$154M | S$165M | S$159M |
| EBITDA | S$281M | S$280M | S$287M | S$295M | S$293M |
| Net income | S$80.2M | S$83.3M | S$95.4M | S$103M | S$109M |
| Free cash flow | S$171M | S$158M | S$124M | S$164M | S$187M |
| Capital expenditure | S$97.8M | S$107M | S$144M | S$132M | S$96.7M |
| Total debt | n/a | S$1.02B | S$887M | S$797M | S$765M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| NetLink NBN Trust CJLU.SI | $2.87B | -7% | 0% | 22% | 44.5× | 16.0% |
| Singapore Telecommunications Z74.SI | $52.2B | -14% | +1% | 8% | 21.7× | 21.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CJLU.SI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.1% | +1.7% | 7th lowest of 21 |
| 6-month return | -6.9% | -13.6% | 9th highest of 21 |
| Distance from 52-week high | -8.7% | -23.5% | 4th highest of 21 |
| Revenue growth (TTM) | -0.1% | +5.5% | 8th lowest of 21 |
| Operating margin | 21.5% | 9.3% | 3rd highest of 21 |
| Forward P/E | 44.5× | 14.6× | 2nd most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 16.0% | 1.4% | 3rd most demanding of 16 |
| Growth delivered (Del g) | +2.3% | +3.4% | 6th lowest of 16 |
| Hurdle (Req g minus delivered) | +13.7 pp | -1.2 pp | 3rd most demanding of 16 |
| ROIC minus cost of capital | -2.6 pp | -2.0 pp | 10th lowest of 20 |
| EV / EBITDA | 16.0× | 7.7× | 2nd most expensive of 17 |
| Net debt / EBITDA | 2.9× | 2.3× | 8th most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NetLink NBN Trust CJLU.SI | Singapore | $2.87B | -7% | 0% | 22% | 44.5× | 16.0% | +2.3% |
| Liberty Global LBTYB | United States | $3.09B | -17% | -27% | -1% | n/a | n/a | n/a |
| ITI ITI.NS | India | $2.53B | -18% | -41% | -1% | n/a | n/a | n/a |
| Eutelsat Communications ETL.PA | France | $2.40B | -40% | -1% | -6% | n/a | n/a | n/a |
| IDT IDT | United States | $2.18B | +54% | +5% | 9% | 19.5× | 5.7% | -2.2% |
| Internet Initiative Japan 3774.T | Japan | $4.05B | +30% | +14% | 9% | 25.3× | 2.3% | +10.2% |
| Lumen Technologies LUMN | United States | $4.12B | -59% | -8% | -3% | n/a | 5.1% | -9.7% |
| Liberty Latin America LILA | United States | $1.73B | +72% | +1% | 17% | n/a | 0.5% | +3.4% |
| Telecom Argentina SA Sponsored ADR TEO | United States | $4.87B | -16% | +33% | 9% | 12.8× | 4.1% | +8.4% |
| PCCW 0008.HK | Hong Kong | $5.04B | -17% | +7% | 13% | 46.4× | 1.2% | +2.3% |
| Tata Communications TATACOMM.NS | India | $5.15B | +7% | +9% | 8% | 30.9× | 34.1% | +7.7% |
| LG Uplus 032640.KS | South Korea | $5.17B | +6% | 0% | 7% | 9.8× | -17.5% | +2.9% |
| United Internet UTDI.DE | Germany | $5.17B | -9% | -8% | 9% | 15.5× | 1.4% | +2.7% |
| Guangdong South New Media 300770.SZ | China | $1.37B | +7% | -6% | 37% | 13.8× | -1.5% | +5.9% |
| Gamma Communications GAMA.L | United Kingdom | $1.32B | +23% | +7% | 15% | 11.9× | -0.4% | +10.4% |
| Uniti UNIT | United States | $1.27B | -54% | +200% | 10% | n/a | n/a | n/a |
| Grupo Televisa, S.A.B. Sponsored ADR TV | United States | $1.24B | -18% | +6% | 11% | 9.9× | 1.1% | -7.5% |
| Hicon Network Technology (Shandong) 301262.SZ | China | $1.21B | +1% | +2% | 38% | 30.8× | 5.4% | +0.1% |
| HKBN 1310.HK | Hong Kong | $1.02B | -25% | +6% | 3% | 10.1× | n/a | n/a |
| KT 030200.KS | South Korea | $9.46B | -12% | +9% | 7% | 9.0× | -4.1% | +3.4% |
| RailTel Corp. of India RAILTEL.NS | India | $817M | -31% | +23% | 10% | 18.8× | 31.3% | +25.4% |