Broker Name: Maybank Research Pte Ltd
Date of Report: September 29, 2025

Excerpt from Maybank Research Pte Ltd report.

Report Summary

• Sanli Environmental is expected to significantly grow its order book, potentially doubling it to SGD600-800m by securing additional projects, with strong prospects for winning major tenders, including PUB water projects and the SGD100b Long Island project.
• Margins are anticipated to recover from FY26 as new, higher-margin contracts begin, while Sanli explores new revenue streams such as magnesium hydroxide and data centre water cooling, positioning it for sustained multi-year growth and further diversification.

Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank website : https://www.maybank.com/investment-banking