SAC Capital - Sanli Environmental Limited (SANLI SP, S$0.163, TP:S$0.182, BUY)
Sanli Environmental Limited reported mixed financial results for FY2026. The Group’s FY26 revenue declined by 11.4% YoY to S$139.6 million due to extended project timelines and resulting delays in revenue recognition. The Group’s overall gross margin increased 18.7% to 11.1% in FY26 from FY25 mainly due to improved margins from its Engineering, Procurement and Construction (EPC) segment. As a result, the Group’s net profit increased 31.3% to S$2.25 million in FY26. The Group announced a proposed final dividend of 0.189 Singapore cents per share, constituting approximately 30% of net profit attributable to owners of the Company in FY2026.
The Group’s order book stood at S$741.8 million as of 31 March 2026 a compared to S$228.6 million at the end of FY25, providing significantly stronger revenue visibility for FY27 and FY28. The Group was awarded with multiple contract wins in FY2026, accumulating approximately S$590 million of new EPC contracts. The S$590 million includes a maiden LTA project with a contract value of S$281 million, and a new project by PUB with a contract value of S$205.0 million, demonstrating PUB’s continued trust in Sanli Environmental Ltd. Most recently, the Group was awarded new contracts across private and public sectors worth circa S$14.0 million, announced on 15 April 2026. The robust project pipeline reflects the Group’s strong foothold in the industry and provides an encouraging outlook for the next financial year.
Continued delays in revenue recognition. The Group’s FY26 revenue of S$139.6 million came in below our expected forecast of S$170.5 million, primarily due to delays in revenue recognition. Despite the elevated orderbook, we have conservatively revised our FY27 revenue forecast up 11.4% to S$225.8 million from our previous published number. Our FY27 and FY28 forecasts have taken into consideration 1-year delays on the Group’s short-term projects, as Sanli looks to clear its backlog of current projects and break ground for its new projects. Due to extended project execution timelines and associated delay-related costs, we lowered our expected gross margin for FY27 to 11.0% from 12.5%. Therefore, we adjust our FY27 net profit forecast down by 35.4% to S$5.3 million. Looking ahead, we expect project execution and delivery to improve in FY28 as new projects gain momentum. Accordingly, we forecast a modest recovery in gross margin to 11.5% in FY28.
Dividends for FY2026 amounted to 0.189 Singapore cents per share, constituting 29.9% dividend payout ratio. This is consistent with the dividend payout of FY24 and FY25, with dividend payout ratios of 30.0% and 29.8% respectively. Following this, we forecast a dividend yield of 2.2% for FY2027.
Risks Rising cost pressures increasing the prices of raw materials, freight rates and labor costs pose challenges, potentially eroding Sanli Environmental Limited’s gross margins.
Investment Recommendation To account for project delays, we have revised down our FY27 net profit forecast by 35.4% to S$5.3 million. With the substantial pipeline of EPC projects over the next few years, we expect the Group to regain its footing in producing timely project execution and delivery. Sanli is currently trading at a one-year forward P/E of 10.3x. Using the Catalist board valuation as a reference, the median P/E of the Catalist board is 12.0. We maintain our BUY call with a revised price target of S¢18.2, a 20.2% reduction from our previous price target. This represents a 11.6% upside from current levels.
Sanli Environmental Limited reported mixed financial results for FY2026. The Group’s FY26 revenue declined by 11.4% YoY to S$139.6 million due to extended project timelines and resulting delays in revenue recognition. The Group’s overall gross margin increased 18.7% to 11.1% in FY26 from FY25 mainly due to improved margins from its Engineering, Procurement and Construction (EPC) segment. As a result, the Group’s net profit increased 31.3% to S$2.25 million in FY26. The Group announced a proposed final dividend of 0.189 Singapore cents per share, constituting approximately 30% of net profit attributable to owners of the Company in FY2026.
The Group’s order book stood at S$741.8 million as of 31 March 2026 a compared to S$228.6 million at the end of FY25, providing significantly stronger revenue visibility for FY27 and FY28. The Group was awarded with multiple contract wins in FY2026, accumulating approximately S$590 million of new EPC contracts. The S$590 million includes a maiden LTA project with a contract value of S$281 million, and a new project by PUB with a contract value of S$205.0 million, demonstrating PUB’s continued trust in Sanli Environmental Ltd. Most recently, the Group was awarded new contracts across private and public sectors worth circa S$14.0 million, announced on 15 April 2026. The robust project pipeline reflects the Group’s strong foothold in the industry and provides an encouraging outlook for the next financial year.
Continued delays in revenue recognition. The Group’s FY26 revenue of S$139.6 million came in below our expected forecast of S$170.5 million, primarily due to delays in revenue recognition. Despite the elevated orderbook, we have conservatively revised our FY27 revenue forecast up 11.4% to S$225.8 million from our previous published number. Our FY27 and FY28 forecasts have taken into consideration 1-year delays on the Group’s short-term projects, as Sanli looks to clear its backlog of current projects and break ground for its new projects. Due to extended project execution timelines and associated delay-related costs, we lowered our expected gross margin for FY27 to 11.0% from 12.5%. Therefore, we adjust our FY27 net profit forecast down by 35.4% to S$5.3 million. Looking ahead, we expect project execution and delivery to improve in FY28 as new projects gain momentum. Accordingly, we forecast a modest recovery in gross margin to 11.5% in FY28.
Dividends for FY2026 amounted to 0.189 Singapore cents per share, constituting 29.9% dividend payout ratio. This is consistent with the dividend payout of FY24 and FY25, with dividend payout ratios of 30.0% and 29.8% respectively. Following this, we forecast a dividend yield of 2.2% for FY2027.
Risks Rising cost pressures increasing the prices of raw materials, freight rates and labor costs pose challenges, potentially eroding Sanli Environmental Limited’s gross margins.
Investment Recommendation To account for project delays, we have revised down our FY27 net profit forecast by 35.4% to S$5.3 million. With the substantial pipeline of EPC projects over the next few years, we expect the Group to regain its footing in producing timely project execution and delivery. Sanli is currently trading at a one-year forward P/E of 10.3x. Using the Catalist board valuation as a reference, the median P/E of the Catalist board is 12.0. We maintain our BUY call with a revised price target of S¢18.2, a 20.2% reduction from our previous price target. This represents a 11.6% upside from current levels.
Kin_Global_Limited_PPA_Asia_500_Tour_Singapore_Press_Release.pdf
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Kin Global Reports Strong Commercial Momentum Ahead of Inaugural PPA Asia 500 Leapmotor Singapore Open Under Its Multi-Year Partnership Agreement
• Strong sponsorship support, sold-out weekend sessions and strong player registrations reinforce the Group's strategy to secure and commercialise popular sports IP, events and experiences.
• In addition to Leapmotor as title sponsor, Singapore’s first-ever Professional Pickleball Association (PPA) Asia 500 Tournament event has attracted strong commercial support from international consumer brands, including Skechers, FedEx, Asahi and PARKROYAL on Beach Road, as well as pickleball brands such as JOOLA, Franklin, Paddletek and Facolos.
• Player registrations for the event have reached full capacity.
• As of 29 June 2026, more than 80% of tickets for the four-day event have been sold, with weekend sessions fully sold out ahead of the tournament.
• Strong sponsorship support, sold-out weekend sessions and strong player registrations reinforce the Group's strategy to secure and commercialise popular sports IP, events and experiences.
• In addition to Leapmotor as title sponsor, Singapore’s first-ever Professional Pickleball Association (PPA) Asia 500 Tournament event has attracted strong commercial support from international consumer brands, including Skechers, FedEx, Asahi and PARKROYAL on Beach Road, as well as pickleball brands such as JOOLA, Franklin, Paddletek and Facolos.
• Player registrations for the event have reached full capacity.
• As of 29 June 2026, more than 80% of tickets for the four-day event have been sold, with weekend sessions fully sold out ahead of the tournament.
Eneco Energy (Insider Purchase on 9 Jul): Union Steel & Director Ang Jun Long acquired 600,000 shares & 2,000,000 shares respectively between 0.8 cents and 0.9 cents
Recent on-market purchases by Eneco Energy Limited's substantial shareholder and a director have increased their respective shareholdings in the Company.
On 6 July 2026, Union Steel Holdings Limited, a substantial shareholder of the Company, acquired 600,000 ordinary shares through an on-market purchase for a total consideration ofS$5,400 (excluding brokerage and stamp duties), representing an average purchase price ofS$0.0090 (0.9 Singapore cents) per share. Following the acquisition, Union Steel Holdings increased its direct interest in the Company from 1,025,888,000 shares (26.99%) to 1,026,488,000 shares (27.01%).
Subsequently, on 8 July 2026, Director Ang Jun Long acquired 2,000,000 ordinary shares through an on-market purchase for a total consideration of S$16,000 (excluding brokerage and stamp duties), equivalent to an average purchase price of S$0.0080 (0.8 Singapore cents) per share. Following the transaction, his direct interest in the Company increased from nil to 2,000,000 ordinary shares, representing approximately 0.05% of the Company's issued share capital.
Please see full announcement here: https://links.sgx.com/FileOpen/_Form%201%20-%20Ang%20Jun%20Long%20-%20Final.ashx?App=Announcement&FileID=895928
Recent on-market purchases by Eneco Energy Limited's substantial shareholder and a director have increased their respective shareholdings in the Company.
On 6 July 2026, Union Steel Holdings Limited, a substantial shareholder of the Company, acquired 600,000 ordinary shares through an on-market purchase for a total consideration ofS$5,400 (excluding brokerage and stamp duties), representing an average purchase price ofS$0.0090 (0.9 Singapore cents) per share. Following the acquisition, Union Steel Holdings increased its direct interest in the Company from 1,025,888,000 shares (26.99%) to 1,026,488,000 shares (27.01%).
Subsequently, on 8 July 2026, Director Ang Jun Long acquired 2,000,000 ordinary shares through an on-market purchase for a total consideration of S$16,000 (excluding brokerage and stamp duties), equivalent to an average purchase price of S$0.0080 (0.8 Singapore cents) per share. Following the transaction, his direct interest in the Company increased from nil to 2,000,000 ordinary shares, representing approximately 0.05% of the Company's issued share capital.
Please see full announcement here: https://links.sgx.com/FileOpen/_Form%201%20-%20Ang%20Jun%20Long%20-%20Final.ashx?App=Announcement&FileID=895928
Geo Energy: Continues Share Buyback @ S$0.52 per share on 9 Jul
Geo Energy has continued its share buyback of 500,000 ordinary shares on 9 Jul 2026 pursuant to its share buyback mandate.
The shares were acquired through market purchases at prices ranging from S$0.52 per share, for a total consideration of S$260,623.49. Following the transaction, the Company's treasury shares increased to 2,837,567 shares, representing approximately 0.159% of its issued shares (excluding treasury shares).
Please see the announcement on their Investor Relations page: https://geoenergy.listedcompany.com/news.html/id/2619466
Geo Energy has continued its share buyback of 500,000 ordinary shares on 9 Jul 2026 pursuant to its share buyback mandate.
The shares were acquired through market purchases at prices ranging from S$0.52 per share, for a total consideration of S$260,623.49. Following the transaction, the Company's treasury shares increased to 2,837,567 shares, representing approximately 0.159% of its issued shares (excluding treasury shares).
Please see the announcement on their Investor Relations page: https://geoenergy.listedcompany.com/news.html/id/2619466
Fuxing China: Continues Share Buyback @ S$0.97074 per share on 9 Jul
Fuxing China has purchased 25,000 ordinary shares on 9 Jul 2026 pursuant to its share buy-back mandate.
The shares were acquired through market purchases at S$0.97074 per share, for a total consideration of S$24,346.51. Following the transaction, the Company's treasury shares increased to 327,720 shares, representing approximately 0.25% of its issued shares (excluding treasury shares).
Please see the announcement here: https://www.3fzipper-ir.com/view&id=1201
Fuxing China has purchased 25,000 ordinary shares on 9 Jul 2026 pursuant to its share buy-back mandate.
The shares were acquired through market purchases at S$0.97074 per share, for a total consideration of S$24,346.51. Following the transaction, the Company's treasury shares increased to 327,720 shares, representing approximately 0.25% of its issued shares (excluding treasury shares).
Please see the announcement here: https://www.3fzipper-ir.com/view&id=1201
Sgx
FUXING CHINA GROUP LIMITED : 09-Jul-2026
Share Buy Back - Daily Share Buy-Back Notice::Share Buy Back - Daily Share Buy-Back Notice
Lincotrade: Continues Share Buyback @ S$0.33 per share on 9 Jul
Lincotrade & Associates Holdings Limited has purchased 50,000 ordinary shares on 9 Jul 2026 pursuant to its share buy-back mandate.
The shares were acquired through market purchases at prices ranging from S$0.33 per share, for a total consideration of S$16,597.50. Following the transaction, the Company's treasury shares increased to 1,134,100 shares, representing approximately 0.659% of its issued shares (excluding treasury shares).
Please see the announcement on their Investor Relations page:
https://www.lincotrade.com.sg/view&id=1007
Lincotrade & Associates Holdings Limited has purchased 50,000 ordinary shares on 9 Jul 2026 pursuant to its share buy-back mandate.
The shares were acquired through market purchases at prices ranging from S$0.33 per share, for a total consideration of S$16,597.50. Following the transaction, the Company's treasury shares increased to 1,134,100 shares, representing approximately 0.659% of its issued shares (excluding treasury shares).
Please see the announcement on their Investor Relations page:
https://www.lincotrade.com.sg/view&id=1007
www.lincotrade.com.sg
LINCOTRADE & ASSOCIATES PTE LTD :: News
SAC_Jul2026_Reclaims Global Limited.pdf
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Reclaims Global Limited -(RGL SP, S$0.198, TP:S$0.22, BUY)
Revenue visibility improves meaningfully. Reclaims’ wholly owned subsidiary, Reclaims Enterprise, was recently awarded two earthworks contracts with an aggregate value of approximately S$9.55m. Together with contract wins announced since November 2025, these projects expand the Group’s order pipeline and improve revenue visibility across FY2027–FY2028.
Margin resilience supports earnings conversion. Gross margin improved from 44.3% in FY2025 to 48.3% in FY2026, driven by stronger project execution and a more favourable project mix. Reported FY2026 net margin was 14.7%, including a divestment gain; excluding this item, underlying net margin was 12.1%.
Recommendations. We maintain a BUY rating with a Target Price of S$0.22, representing a 11.1% upside from current price. The target price is derived by applying a 25% discount to the peer- average P/E to reflect Reclaim's smaller scale and lower trading liquidity.
Revenue visibility improves meaningfully. Reclaims’ wholly owned subsidiary, Reclaims Enterprise, was recently awarded two earthworks contracts with an aggregate value of approximately S$9.55m. Together with contract wins announced since November 2025, these projects expand the Group’s order pipeline and improve revenue visibility across FY2027–FY2028.
Margin resilience supports earnings conversion. Gross margin improved from 44.3% in FY2025 to 48.3% in FY2026, driven by stronger project execution and a more favourable project mix. Reported FY2026 net margin was 14.7%, including a divestment gain; excluding this item, underlying net margin was 12.1%.
Recommendations. We maintain a BUY rating with a Target Price of S$0.22, representing a 11.1% upside from current price. The target price is derived by applying a 25% discount to the peer- average P/E to reflect Reclaim's smaller scale and lower trading liquidity.
Ketamine therapy at IMH offers hope to patients with hard-to-treat depression
https://www.straitstimes.com/singapore/health/ketamine-therapy-at-imh-offers-hope-to-patients-with-hard-to-treat-depression
https://www.straitstimes.com/singapore/health/ketamine-therapy-at-imh-offers-hope-to-patients-with-hard-to-treat-depression
The Straits Times
Ketamine therapy at IMH offers hope to patients with hard-to-treat depression
Discover how ketamine therapy at IMH offers a breakthrough treatment for hard-to-treat depression when conventional methods fail. Read more at straitstimes.com.
iX Biopharma: For years, we have advocated for ketamine’s potential in treating depression, particularly treatment-resistant depression. Today, the clinical reality is catching up.
The Institute of Mental Health (IMH) is now using intravenous ketamine successfully for patients with hard-to-treat depression, with more than half responding to treatment.
This is especially significant because racemic ketamine is not specifically approved to treat depression and is being used "off-label". Even though intravenous treatment requires a needle and multiple 40-minute infusions, clinicians are choosing ketamine because of the meaningful difference it can make. It shows that clinicians will adopt a treatment when the evidence and patient need support it.
The United States is already well ahead. Ketamine therapy is widely used in specialist clinics, and the US ketamine clinics market was estimated at US$3.77 billion in 2024.
At iX Biopharma, we recognised this potential years ago. Wafermine is our sublingual ketamine wafer - non-invasive, needle-free and designed to allow flexible dosing. While we are pursuing its approval as a pain treatment, the IMH report reinforces ketamine’s broader therapeutic potential, including its off-label use for depression. Better delivery could broaden its impact.
This marks meaningful progress in addressing a significant unmet need, as depression continues to affect a growing number of people.
The Institute of Mental Health (IMH) is now using intravenous ketamine successfully for patients with hard-to-treat depression, with more than half responding to treatment.
This is especially significant because racemic ketamine is not specifically approved to treat depression and is being used "off-label". Even though intravenous treatment requires a needle and multiple 40-minute infusions, clinicians are choosing ketamine because of the meaningful difference it can make. It shows that clinicians will adopt a treatment when the evidence and patient need support it.
The United States is already well ahead. Ketamine therapy is widely used in specialist clinics, and the US ketamine clinics market was estimated at US$3.77 billion in 2024.
At iX Biopharma, we recognised this potential years ago. Wafermine is our sublingual ketamine wafer - non-invasive, needle-free and designed to allow flexible dosing. While we are pursuing its approval as a pain treatment, the IMH report reinforces ketamine’s broader therapeutic potential, including its off-label use for depression. Better delivery could broaden its impact.
This marks meaningful progress in addressing a significant unmet need, as depression continues to affect a growing number of people.
Geo Energy: Share Buyback on 17 Jul with 1,500,000 shares @ S$0.55 - S$0.56 per share
Geo Energy has continued its share buyback of 1,500,000 ordinary shares on 17 Jul 2026 pursuant to its share buyback mandate.
The shares were acquired through market purchases at prices ranging from S$0.55 to S$0.56 per share, for a total consideration of S$834,496.34. Following the transaction, the Company's treasury shares increased to 5,837,567 shares, representing approximately 0.328% of its issued shares (excluding treasury shares).
Please see the announcement on their Investor Relations page: https://geoenergy.listedcompany.com/news.html/id/2620155
Geo Energy has continued its share buyback of 1,500,000 ordinary shares on 17 Jul 2026 pursuant to its share buyback mandate.
The shares were acquired through market purchases at prices ranging from S$0.55 to S$0.56 per share, for a total consideration of S$834,496.34. Following the transaction, the Company's treasury shares increased to 5,837,567 shares, representing approximately 0.328% of its issued shares (excluding treasury shares).
Please see the announcement on their Investor Relations page: https://geoenergy.listedcompany.com/news.html/id/2620155
*Asia’s AI boom has a dirty secret: the coal that powers it*
https://www.scmp.com/week-asia/health-environment/article/3360977/asias-ai-boom-has-dirty-secret-coal-powers-it
In the rush to build the digital future, regional tech hubs are digging up the past
Asia sits atop vast amounts of coal, nearly three-fifths of the world’s known reserves by some estimates.
Cheaper and more reliable than imported oil and gas, and far less vulnerable to disruptions caused by foreign wars, coal is also dirty, polluting – and the region’s No 1 “stopgap source” to power the AI infrastructure roll-out.
https://www.scmp.com/week-asia/health-environment/article/3360977/asias-ai-boom-has-dirty-secret-coal-powers-it
In the rush to build the digital future, regional tech hubs are digging up the past
Asia sits atop vast amounts of coal, nearly three-fifths of the world’s known reserves by some estimates.
Cheaper and more reliable than imported oil and gas, and far less vulnerable to disruptions caused by foreign wars, coal is also dirty, polluting – and the region’s No 1 “stopgap source” to power the AI infrastructure roll-out.
South China Morning Post
Asia’s AI boom has a dirty secret: the coal that powers it
In the rush to build the digital future, regional tech hubs are digging up the past.
*Beng Kuang Marine (BKM SP/BUY/S$0.485/PE-Based TP of S$0.750)*
*Deepening FPSO Exposure, Orderbook On The Rise*
_By Tang Kai Jie UOBKH_
*Key takeaways from SG Small & Mid Cap Corporate Day.* Management outlined BKM's strategy to strengthen its position as an FPSO-focused oil & gas player through lifecycle services, capacity expansion, and growth in managed FPSO assets.
*1H26 contract wins and purchase orders.* BKM secured S$85.2m of new contracts in 1H26, including major FPSO tank service awards in West Africa that underpin a multiyear life extension programme and future recurring work.
*Orderbook continues to grow.* BKM's outstanding orderbook stood at S$70.7m as at end-Jun 26, supported by recurring FPSO opportunities and selective replenishment across its engineering and equipment businesses.
*Maintain BUY with an unchanged target price of S$0.75,* pegged to 14.0x 2027F PE. We expect re-rating to continue as BKM continues to deepen its FPSO exposure and strengthen its orderbook. BKM currently trades around 9.2x 2027F PE, below peers’ average of 11.8x 2027F PE, highlighting BKM’s undervaluation.
Link: https://research.uobkayhian.com/content_download.jsp?id=91648&h=614dbef651d9da959236d50b1e73d039
*Deepening FPSO Exposure, Orderbook On The Rise*
_By Tang Kai Jie UOBKH_
*Key takeaways from SG Small & Mid Cap Corporate Day.* Management outlined BKM's strategy to strengthen its position as an FPSO-focused oil & gas player through lifecycle services, capacity expansion, and growth in managed FPSO assets.
*1H26 contract wins and purchase orders.* BKM secured S$85.2m of new contracts in 1H26, including major FPSO tank service awards in West Africa that underpin a multiyear life extension programme and future recurring work.
*Orderbook continues to grow.* BKM's outstanding orderbook stood at S$70.7m as at end-Jun 26, supported by recurring FPSO opportunities and selective replenishment across its engineering and equipment businesses.
*Maintain BUY with an unchanged target price of S$0.75,* pegged to 14.0x 2027F PE. We expect re-rating to continue as BKM continues to deepen its FPSO exposure and strengthen its orderbook. BKM currently trades around 9.2x 2027F PE, below peers’ average of 11.8x 2027F PE, highlighting BKM’s undervaluation.
Link: https://research.uobkayhian.com/content_download.jsp?id=91648&h=614dbef651d9da959236d50b1e73d039
Kin Global's footprint on all the sporting events in Singapore that are mentioned here: Beyond Formula 1 - Singapore’s year-round sports tourism strategy https://bt.sg/Vdwz
The Business Times
Beyond Formula 1: Singapore’s year-round sports tourism strategy
Besides the marquee race, a pipeline of mid-tier programmes aims for steady tourist dollars Read more at The Business Times.