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NetLink NBN Trust (NETLINK SP)

A Safe Haven; Balancing Growth Opportunities With Sustainable Yields


Netlink is evaluating potential new investments to drive future earnings. Importantly, management is cognisant of Netlink’s profile as a high-yielding, safe haven stock. Key criteria of any new investments would include country risk premium and assets with stable cash flows. Netlink will have sufficient headroom to drive its acquisition ambition and offer a sustainable dividend yield of 5%. Maintain BUY on share price weakness. Target price: S$1.08.


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Singapore Press Holdings

What’s next?


■ We took a deep dive into what’s next for SPH following its recent proposal to exit media. We raise SOP TP to S$2.19 on higher investment portfolio value.

■ We deem SPH an integrated real-estate asset manager/owner with quality portfolio worth at least S$6.7bn with S$1.2bn non-core assets for recycling.

■ SPH is not a property developer, with minimum development projects and trading at an attractive c.0.8x FY21F P/B vs. peers at 2.5x (Fig 5).


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Singapore REITs

Remaining in favour


• As markets are less complacent this time round, we do not see a repeat of “taper tantrum” saga in 2021

• Valuations are also not stretched, strong growth momentum of c.8% in 2021 to drive re-rating

• Focus on “certainty of growth”; prefer industrials, office and selected retail plays

• Hospitality S-REITs to ‘break-out” once borders open


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LionelLim8.16Check out our compilation of Target Prices