Steady as she goes
■ NLT’s 1QFY3/21 results in line; revenue/net profit both came in at 25% of our
FY22F forecast. All three fibre connection segments continued to see growth.
■ Management does not expect major surprises from the 2022F ICO pricing
review; we also expect stable dividend yields of c.5.4% to be sustained.
■ Leveraging on its strong balance sheet, NLT continues to be on a lookout for
M&A opportunities. We reiterate Add, with a DDM-based TP of S$1.10.