PAT in line; Maintain BUY
1QFY22 PAT of SGD24.8m (+5.3% YoY) met MKE/street estimates due to
higher EBITDA and lower finance cost. Our forecasts are unchanged.
Maintain BUY and DDM-based TP (COE: 6.3%, LTG: 1.5%) of SGD1.13. We
continue to like NetLink as its 5.6% FY22E yield offers dividend visibility
given its business nature. Changes to its regulated returns (7% pre-tax
WACC) are key risks.