New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

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Equity Bottom-Up

<ul><li>Chorus (CNU) reported another robust quarterly connections update, with fibre zone connections continuing to grow.</li><li>Over 2H26, CNU has added ~+16k net connections in its fibre zones, the largest six-month increase on record, highlighting the success it has had in regaining share from fixed wireless and progress towards its 80% fibre uptake target.</li><li>CNU trades at a ~6.5% dividend yield, with ~+3%–+4% annual dividend growth through to FY30.</li></ul>

Chorus (CNU) reported another robust quarterly connections update, with fibre zone connections continuing to grow.Over 2H26, CNU has added ~+16k net connections in its fibre zones, the largest six-month increase on record, highlighting the success it has had in regaining share from fixed wireless and progress towards its 80% fibre uptake target.CNU trades at a ~6.5% dividend yield, with ~+3%–+4% annual dividend growth through to FY30.

Chorus 4Q26 Connections—Steady Bandwidth

External broker reports(aggregated public sources), UOB Kay Hian

UOB Kay Hian

External broker reports(aggregated public sources)

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Driven by higher revenue contributions across most business segments, NetLink's FY23 net profit (+19.7% y-o-y) came in within our expectations, forming 101% of our full-year forecasts.</li><li>The next regulatory review, which we believe may be on an uptrend, is expected to be completed by 2QFY24 (Sep 2023) and implemented by 4QFY24 (Mar 2024).</li><li>For FY23, NetLink NBN Trust (SGX:CJLU) reported higher revenue (+6.8% y-o-y) and net profit (+19.7% y-o-y), both forming 101% of our full-year forecasts and in line with expectations.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Driven by higher revenue contributions across most business segments, NetLink's FY23 net profit (+19.7% y-o-y) came in within our expectations, forming 101% of our full-year forecasts.The next regulatory review, which we believe may be on an uptrend, is expected to be completed by 2QFY24 (Sep 2023) and implemented by 4QFY24 (Mar 2024).For FY23, NetLink NBN Trust (SGX:CJLU) reported higher revenue (+6.8% y-o-y) and net profit (+19.7% y-o-y), both forming 101% of our full-year forecasts and in line with expectations.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NetLink NBN Trust - FY23 Results In Line, Upcoming IMDA Review Expected By 2QFY24

Singapore

NetLink NBN Trust designs, builds, owns, and operates Singapore's passive fibre network infrastructure, forming the foundation of the nation's Next Generation Nationwide Broadband Network. This infrastructure, comprising ducts, manholes, fibre cables, and central offices, is leased to telecommunication service providers for nationwide internet access. Headquartered in Singapore, the company was listed on the Singapore Exchange in 2017.

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NetLink NBN (NETLINK SP)

Chorus 4Q26 Connections—Steady Bandwidth

Chorus (CNU) reported another robust quarterly connections update, with fibre zone connections continuing to grow. Over 2H26, CNU has added ~+16k...

Forsyth Barr

NetLink NBN Trust - FY23 Results In Line, Upcoming IMDA Review Expected By 2QFY24

Driven by higher revenue contributions across most business segments, NetLink's FY23 net profit (+19.7% y-o-y) came in within our expectations,...

UOB Kay Hian

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