Broker Name: Maybank Research Pte Ltd
Date of Report: November 11, 2025
Excerpt from Maybank Research Pte Ltd report.
Report Summary
- Sanli Environmental has secured a SGD205m contract from Singapore’s PUB for the Changi NEWater Factory 3, raising its order book to a record SGD838.7m, with the potential to approach SGD1bn pending further contract wins.
- The company is expected to see rapid growth and record profitability in FY26–28, supported by strong recurring government contracts, new business segments, and Singapore’s long-term environmental infrastructure spending.
- Maybank has raised its target price for Sanli to SGD0.53, maintaining a BUY rating, based on increased earnings projections and a robust multi-year growth outlook.
- Sanli integrates ESG considerations into its business, showing strong governance and social responsibility, though areas such as board diversity and GHG reduction targets could be improved.
- Financial metrics highlight rebounding margins, improving free cash flow, and a reduction in net gearing, positioning Sanli well for sustainable expansion.
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 Research website: www.maybank-keresearch.com
