Broker Name: Maybank Research Pte Ltd
Date of Report: 20 August 2025
Singapore Market Insights: Top Equity Picks and Key Corporate Developments for 2025
Table of Contents
Top Equity Ideas
Maybank Research highlights two standout equity picks for the Singapore market: Sanli Environmental and Singapore Telecommunications. Both companies are positioned for robust growth, supported by strong sectoral trends and internal catalysts.
Sanli Environmental: Positioned for Multi-Year Growth
Sanli Environmental, a leading Singapore-owned water treatment and maintenance provider, is entering a transformative growth phase. The expiry of COVID-era projects is expected to drive a sharp rebound in margins, while the order book is forecasted to nearly double by December 2025, reaching SGD 500-600 million. This growth is underpinned by a surge in water infrastructure projects aligned with Singapore’s national strategy to reduce reliance on imported water.
- Order Book Growth: Anticipated to almost double by Dec 2025.
- Strategic Positioning: Benefiting from government initiatives to fortify water security.
- Valuation: Target Price (TP) of SGD 0.38, based on a 15x blended FY26/27E P/E.
- Outlook: Expected to enter a multi-year growth trajectory.
Singapore Telecommunications: Strong 1QFY26 Performance
Singapore Telecommunications (Singtel) delivered a robust start to FY26, with underlying earnings up 14% YoY, covering 25% of the full-year estimates. Growth was led by the company’s associates, with Airtel surging 97% and AIS rising 28% YoY. Signs of turnaround are emerging at Telkomsel and Globe as market competition eases. Optus and NCS continue firm growth, while Singapore’s mobile segment—down 11% YoY—is expected to recover amid industry consolidation. Aggressive data center expansion is set to underpin long-term upside potential.
| Metric |
1QFY26 |
YoY Change |
| Underlying Earnings |
Up 14% |
+14% |
| Airtel Associate Growth |
+97% |
+97% |
| AIS Associate Growth |
+28% |
+28% |
| Singapore Mobile |
-11% |
-11% |
- Core Businesses: Optus and NCS show strong performance.
- Recovery Potential: Singapore mobile expected to rebound with industry consolidation.
- Long-Term Upside: Data center expansion drives future growth.
- Recommendation: BUY, TP SGD 4.30.
Market Shaping News
Several news items are shaping Singapore’s corporate landscape, ranging from profit improvements to strategic investments and partnership developments.
Lum Chang Creations: Profit Surge Expected
- Outlook: Lum Chang Creations anticipates a significant improvement in profit before tax (PBT).
- Drivers: Increased revenue from improved progress on ongoing projects and the commencement of several newly awarded projects in FY25.
- Timing: FY25 results to be released by 29 August 2025.
CapitaLand Investment & Astaka Holdings: Retail Advisory Partnership
- Role: CapitaLand Investment appointed as retail advisor for Astaka Holdings’ mixed-use development in Johor, Malaysia.
- Development Value: RM1.2 billion for the lifestyle retail mall, adjacent to Arden @ One Bukit Senyum.
- Total GDV: One Bukit Senyum expected to reach RM3.6 billion across three phases.
- Location: Strategically situated within the Johor-Singapore Special Economic Zone.
- Phase Breakdown:
- Phase 1: The Astaka @ One Bukit Senyum (flagship residential project)
- Phase 2: Menara MBJB (15-storey Grade-A office tower)
- Phase 3: Arden @ One Bukit Senyum (residential skyscraper)
- Bukit Pelali @ Pengerang: Self-contained township with residential units, shop offices, and amenities
iFast Corporation: Major Shareholder Divests Stake
- Transaction: CP Invest placed 14.35 million shares at a 6.7% discount to the previous close.
- Shareholding Change: CP Invest’s stake dropped from 9.6% to 4.9%, ending its status as a substantial shareholder.
- Earlier Sales: Sold 75,000 shares for SGD 559,117.50 (SGD 7.45 apiece) on 2 Jan, reducing stake from 11.01% to 10.99%.
- Corporate Structure: CP Invest is a subsidiary of Cuscaden Peak (previously SPH Invest), with Temasek and DBS Group deemed interested parties.
Sarine Technologies: Strategic Diversification with Kitov.Ai
- Investment: Acquired just over 33% stake in Kitov.Ai for USD 4.1 million.
- Convertible Loan: Additional USD 2.6 million loan, convertible into equity shares (from 1 Jan 2027 to 15 Feb 2028), potentially raising total stake to 51%.
- Diversification: Move allows Sarine to mitigate risks facing the diamond jewellery industry by entering new sectors, such as aerospace, defense, electronics, medical devices, energy control, and consumer products.
- Client Base: Kitov.Ai serves industry-leading customers across the US, Europe, Far East, and Israel.
Disclosures & Analyst Certifications
Maybank Research Pte Ltd and its analysts declare that, as of 20 August 2025, they do not hold any interests in the companies recommended in this report for Singapore, Hong Kong, and India. Other regional entities may have business relationships or interests in the securities covered, as per standard industry practice. All investment opinions are independently formulated by analysts, whose compensation is not linked to the specific recommendations provided.
Investors are reminded that structured securities are complex and involve significant risk. All investments should be made after careful analysis and consultation with professional advisers.
Definition of Ratings
| Rating |
Return Expectation (12 Months, incl. dividends) |
| BUY |
Expected return above 10% |
| HOLD |
Expected return between 0% and 10% |
| SELL |
Expected return below 0% |
Investment ratings are only applicable to actively covered stocks within the analyst’s coverage universe.
Conclusion
The Singapore market is set for dynamic growth, with Sanli Environmental and Singapore Telecommunications standing out as top picks for investors seeking robust returns. Key corporate developments—ranging from Lum Chang’s profit surge, CapitaLand’s strategic advisory, iFast’s shareholder changes, to Sarine’s diversification—add further depth to the investment landscape. Maybank Research’s actionable insights and thorough disclosures provide a valuable guide for market watchers and investors navigating opportunities in 2025.
