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CGS CIMB |
PHILLIP SECURITIES |
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Sanli Environmental Ltd Order wins to drive valuation re-rating
■ We initiate coverage on Sanli with an Add call and target price of S$0.51, based on a 15.9x FY27 P/E multiple, 2 s.d. above its 4-year average. ■ We expect an 88.7% EPS CAGR over FY25-28F, supported by an outstanding order book of S$333.9m as at 15 Jul 2025. ■ We assume margin normalisation over FY26-28F. Upside surprise could come from potential new and larger order wins over FY26-28F.
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Geo Energy Resources Ltd Reinforcing a massive infrastructure network
▪ 1H25 results were within expectations: revenue and adj. PATMI were 54% and 43% respectively of our FY25e forecast. Adj. PATMI spiked 140% YoY to US$20mn supported by 144% jump in production to 6.6mn MT. The new hauling road is almost 98% land cleared with an est. 26% cut and filled.
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SAC CAPITAL |
MAYBANK KIM ENG |
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CNMC Goldmine Holdings Key Highlights
Earnings & Forecasts
Valuation
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Singapore Telecommunications (ST SP) From strength to strength
Three pillars the market hasn’t fully captured Singtel (ST) has outperformed but we see more growth legs underpinned by: i) AU/Optus operating environment moving from strength to strength, ii) Consolidation in Singapore of which we see Singtel as the key winner, iii) AI/DC linked opportunities are immense and ST is positioned to benefit. We see a marked improvement in its Indonesia and Philippines associates, placing all associates in a strong position. Forex is a headwind but is far outweighed by opportunities. We raise our SoTP-based TP by 11% to SGD4.75 factoring in a lower WACC and earnings lift. Reiterate BUY.
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| UOB KAYHIAN | LIM & TAN |
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Yangzijiang Shipbuilding (Holdings) (YZJSGD SP) Contain Yourself: Netting Buoyant Orders
YZJ’s recent announcement of US$0.92b in new orders is incrementally bullish in our view, boosting earnings visibility into 2027-28. Despite macro headwinds, container markets remain resilient, with charter rates hitting post-Covid highs and potentially underpinning containership demand. YZJ trades at an attractive 2026F PE and EV/EBITDA of 7.6x and 3.8x respectively with strong ROE and yield. Maintain BUY with a higher target price of S$3.60.
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Keppel Limited ($8.64, down 6 cents) refers to the announcements in relation to the proposed disposal of its effective interests in two data centre buildings, namely, KDC SGP 7 and KDC SGP 8 to Perpetual (Asia) Limited and announced that pursuant to the terms of the Master Agreement, the Purchaser has exercised the Call Option pursuant to which Keppel’s wholly-owned subsidiary, Keppel Griffin, has divested to the Purchaser (a) its 51% interest in Memphis 1 Pte. Ltd. (the “Call Option Shares”) and (b) its 0.51% interest in the New Class B Notes issued by Memphis 1 and registered in the name of Keppel Griffin ((a) and (b) collectively, the “Divestment”). Keppel’s market cap stands at S$15.82bln and currently trades at 18.3x forward PE and 1.5x PB, with a dividend yield of 3.9%. Consensus target price stands at S$9.76, representing 13% upside from current share price. We continue to like Keppel for it’s strong fundamentals and continued monetization plans to unlock value for shareholders. We continue to maintain an Accumulate on Keppel. |
