Netlink Trust

Anyone interested in this?

Feel its a bit too exp - pe ranging from at least 39?

https://eservices.mas.gov.sg/opera/Publi...b-88584229

I've been very interested since the Axia Netmedia days. One of my best ideas but it didn't run its course.

It used to be that the base infrastructure layer was the dark fibre (Layer 1). And there was a change in 2013 that the man-holes and ducts became the new base layer (Layer 0).

https://www.imda.gov.sg/~/media/imda/fil....pdf?la=en

With the IPO, we can then estimate the value of these man-holes and ducts.

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Quote:The market capitalisation of the Trust will be between S$3,091.2 million (based on the Minimum Offering Price) and S$3,593.5 million (based on the Maximum Offering Price) immediately following the close of the Offering (assuming the Over-Allotment Option is not exercised) (see “Capitalisation and Indebtedness”).

Quote:In August 2013, the shareholders of the OpenNet consortium agreed to divest all their shares in OpenNet to NetLink Trust for S$126 million.

(08-07-2017, 11:00 PM)cif5000 Wrote: I've been very interested since the Axia Netmedia days. One of my best ideas but it didn't run its course.

It used to be that the base infrastructure layer was the dark fibre (Layer 1). And there was a change in 2013 that the man-holes and ducts became the new base layer (Layer 0).

https://www.imda.gov.sg/~/media/imda/fil....pdf?la=en

With the IPO, we can then estimate the value of these man-holes and ducts.

+++++++++

Quote:The market capitalisation of the Trust will be between S$3,091.2 million (based on the Minimum Offering Price) and S$3,593.5 million (based on the Maximum Offering Price) immediately following the close of the Offering (assuming the Over-Allotment Option is not exercised) (see “Capitalisation and Indebtedness”).

Quote:In August 2013, the shareholders of the OpenNet consortium agreed to divest all their shares in OpenNet to NetLink Trust for S$126 million.

The $3B question... Why the lukewarm response from institutional investors towards this IPO? What is it about Netlink Trust that they don't like? 

For such trusts, whose role is to act as a dividend generator in our portfolio; I am more interested at how much free cash flow it is generating after tax and interest expenses.

Not following this ipo and any1 with the figures for free cash flow feel free to chip in

The important question to ask is will wireless render wired obsolete? Me think it is a matter of time but it will not come suddenly but with phases of changes. 10 years from today the situation could be v different or there might even be a very revolutionary new tech.

With today technology, wired gives faster and more reliable speeds but wireless is always catching up and the requirement may not be increasing fast enough to make wired more attractive. This is like ppl no longer upgrade their computers as often as there is no need to.

(10-07-2017, 10:14 AM)Mushy Wrote: The important question to ask is will wireless render wired obsolete? Me think it is a matter of time but it will not come suddenly but with phases of changes. 10 years from today the situation could be v different or there might even be a very revolutionary new tech.

With today technology, wired gives faster and more reliable speeds but wireless is always catching up and the requirement may not be increasing fast enough to make wired more attractive. This is like ppl no longer upgrade their computers as often as there is no need to.

I thought about this as well. But considering Singtel is retaining to the max 24.99% this speaks volume.
Another consideration is the unlimited package for wireless is going to be expensive even if we overcome the bandwidth.

With 5.x% that's 20 years on capital returned, excluding growth, and you still have the assets.

(10-07-2017, 10:14 AM)Mushy Wrote: The important question to ask is will wireless render wired obsolete? Me think it is a matter of time but it will not come suddenly but with phases of changes. 10 years from today the situation could be v different or there might even be a very revolutionary new tech.

With today technology, wired gives faster and more reliable speeds but wireless is always catching up and the requirement may not be increasing fast enough to make wired more attractive. This is like ppl no longer upgrade their computers as often as there is no need to.

 You will need a technology breakthrough with new formats and system. Right now current technology cannot come close to match wired performance. and with the ever increasing demand for higher bandwidths Will it happen? anybody's guess but nothing on horizon....meaning we are at least 5-10 yrs away or more, or may never happen. The atmosphere is a very poor medium of transfer of airwaves and getting crowded.

(08-07-2017, 11:00 PM)cif5000 Wrote: I've been very interested since the Axia Netmedia days. One of my best ideas but it didn't run its course.

It used to be that the base infrastructure layer was the dark fibre (Layer 1). And there was a change in 2013 that the man-holes and ducts became the new base layer (Layer 0).

https://www.imda.gov.sg/~/media/imda/fil....pdf?la=en

With the IPO, we can then estimate the value of these man-holes and ducts.

+++++++++

Quote:The market capitalisation of the Trust will be between S$3,091.2 million (based on the Minimum Offering Price) and S$3,593.5 million (based on the Maximum Offering Price) immediately following the close of the Offering (assuming the Over-Allotment Option is not exercised) (see “Capitalisation and Indebtedness”).

Quote:In August 2013, the shareholders of the OpenNet consortium agreed to divest all their shares in OpenNet to NetLink Trust for S$126 million.

Why would the shareholders of the OpenNet consortium dispose of their shares for only $126m? I don't think the value of the assets would have increased by such a great magnitude in just 4 years. This suggests the IPO is way overpriced.


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(10-07-2017, 10:25 PM)vingaard Wrote:

(08-07-2017, 11:00 PM)cif5000 Wrote: I've been very interested since the Axia Netmedia days. One of my best ideas but it didn't run its course.

It used to be that the base infrastructure layer was the dark fibre (Layer 1). And there was a change in 2013 that the man-holes and ducts became the new base layer (Layer 0).

https://www.imda.gov.sg/~/media/imda/fil....pdf?la=en

With the IPO, we can then estimate the value of these man-holes and ducts.

+++++++++

Quote:The market capitalisation of the Trust will be between S$3,091.2 million (based on the Minimum Offering Price) and S$3,593.5 million (based on the Maximum Offering Price) immediately following the close of the Offering (assuming the Over-Allotment Option is not exercised) (see “Capitalisation and Indebtedness”).

Quote:In August 2013, the shareholders of the OpenNet consortium agreed to divest all their shares in OpenNet to NetLink Trust for S$126 million.

Why would the shareholders of the OpenNet consortium dispose of their shares for only $126m? I don't think the value of the assets would have increased by such a great magnitude in just 4 years. This suggests the IPO is way overpriced.


Sent from my iPad using Tapatalk

When Singtel took over Open Net, they also had to assume it's debt, which is no small sum, I don't have the figure, but it's in the billions...

(11-07-2017, 09:30 AM)MINX Wrote: When Singtel took over Open Net, they also had to assume it's debt, which is no small sum, I don't have the figure, but it's in the billions...

Audited financial statements of OpenNet.

https://www.imda.gov.sg/~/media/imda/fil....pdf?la=en