0722 GMT - NetLink NBN Trust appears to be on the right track operationally, despite posting lower 3Q earnings, says Maybank Securities' Hussaini Saifee in a note. The on-year decline was largely driven by higher depreciation from its newly commercialized central office and higher interest costs due to increased borrowings, the analyst says. He trims his FY 2026-FY 2028 earnings estimates for the Singapore fiber network operator by 5%-10% to reflect rising depreciation. Still, he says NetLink's rising dividend trajectory remains intact, given its highly defensible cash flows, which should translate into a 5%-6% dividend yield. Maybank Securities raises its target price to S$1.05 from S$1.00 and maintains a buy rating. Units fall 0.5% to S$0.975. (megan.cheah@wsj.com)

(END) Dow Jones Newswires

February 02, 2026 02:22 ET (07:22 GMT)

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