Water and waste project developer Sanli Environmental has called for a trading halt, issued on SGXNET at 7.35am on Nov 24.
Listed on the Catalist board in 2017, Sanli has only called for a trading halt twice before — on July 1 this year and on July 15, 2021. Both halts were called prior to the start of the trading day.
Sanli proposed after trading hours on July 2 to issue 33,333,333 new ordinary shares in a private placement with SAC Capital. It raised gross proceeds of $4 million from placing out shares at 12 cents each, and trading resumed on July 3.
On July 15, 2021, Sanli announced it had been awarded a $72.67 million contract from PUB for new disinfection systems at Johor River Waterworks. Trading resumed on July 16.
Sanli announced on Nov 14 its 1HFY2026 ended Sept 30 results, posting revenue of $72.1 million, 3.3% lower y-o-y; and ebitda of $6.4 million, 32.1% higher y-o-y.
Earlier that week, Sanli had announced that its wholly-owned subsidiary, Sanli M&E Engineering, was awarded a project worth $205.0 million by PUB.
See also: Sanli Environmental raises $4 million from placement, wins $105.3 million contract
In October, the group was awarded a project from the Land Transport Authority with a contract value of approximately $281.0 million, marking the largest single contract secured by the group to date.
In total, Sanli’s order book now stands at a record $781.5 million.
Jarick Seet of Maybank Securities maintained his “buy” call following the results, but trimmed his target price from 53 cents to 50 cents as Sanli’s revenue and core patmi were slightly below his estimates.
Shares in Sanli Environmental began rallying in July and are up some 190% year to date. However, its shares have tumbled some 15% over the past month.
