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Saunders International Ltd ASX:SND

0 opened or increased2 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 2 managers in total.

Position history by manager 2 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

202420252026

30 Jun 2023 to today

Commentary Showing 2 of 15

DateManagerActionSummary

4 Aug 2026Naos Asset ManagementHeldNAOS Asset Management continues to hold Saunders International because FY27 guidance reflects a strong rebound in profitability following a loss-making first half of FY26, supported by the company's positioning across defence and government, water, energy, and resources and industrials markets that NAOS views as backed by long-term investment tailwinds including rising Australian defence spending toward 3% of GDP. NAOS highlights the first substantial defence contract win at RMAF Butterworth valued at $23.0 million, a $945 million defence and government pipeline spanning more than 20 bases and programs, and growing traction in Saunders' water strategy including a $2.3 billion water pipeline and two 10-year Sydney Water delivery contractor panel positions. NAOS also cites the $10.7 billion federal fuel security package, Saunders' 2.2 billion litres of storage capacity built over the past decade, and exposure to WA gold sector processing infrastructure as supporting a diversified, high-compliance growth pipeline.

Infrastructure ServicesQuarterly Report, price recorded $0.95

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3 Aug 2026Naos Asset ManagementHeldNaos Asset Management continues to hold Saunders International because the company operates as an integrated infrastructure services provider engineering, building and sustaining critical infrastructure in high-compliance markets. Naos describes Saunders' vision as becoming the most trusted partner for critical infrastructure delivery, spanning defence, government, water, energy, resources and industrial sectors. The presentation frames Saunders as a specialist contractor with integrated capabilities across the infrastructure lifecycle, positioning the business to benefit from long-term investment tailwinds in sectors requiring high compliance and security credentials.

Infrastructure ServicesPresentation, price recorded $0.95

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13 more comments on SNDPro shows every comment, with a link to each source document.

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First mention by manager

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Price at first mentionThe share price recorded when each of 2 managers first commented on SND.

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About Saunders International Ltd

Industrials, Construction and Engineering

Saunders International (ASX:SND) is an engineering and construction contractor that NAOS Asset Management holds as a core investment across its listed funds. In August 2026, NAOS highlighted FY27 guidance after a strong rebound in second-half profitability following a loss-making first half, its first major defence-related contract win at RMAF Butterworth and growing traction in water infrastructure. QVG Capital also holds Saunders and noted second-half guidance implied materially higher margins under new chief executive Angelo DeAngelis. Saunders operates in the Industrials sector within the Construction and Engineering industry, and Thesis Tracker has captured 15 comments from 3 fund managers, including NAOS and QVG Capital. Founded in 1951 and headquartered in Rhodes, Sydney, Saunders designs, fabricates, builds and maintains critical infrastructure including fuel storage tanks, bridges, civil works and water assets.

Market cap: $96m
Price to earnings: Loss-making
Return on equity: -1.6%
Dividend yield: 1.1%
Price to book: 2.07x
Net margin: -0.3%
52-week range: $0.69 to $1.11

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Saunders International Ltd (ASX:SND)?

Fund managers including Naos Asset Management, QVG Capital and NAOS Asset Management have invested in Saunders International Ltd (ASX:SND).

What opportunities or catalysts do fund managers highlight for Saunders International Ltd?

NAOS points to a sharp rebound in profitability in the second half of FY26, expansion into defence and water verticals with high barriers to entry, and exposure to fuel storage infrastructure that has become more strategic amid fuel supply concerns. QVG Capital notes guidance implies significantly higher second-half margins under the new CEO.

What are the key risks to the Saunders International Ltd investment thesis, according to fund managers?

Fund managers acknowledge a turbulent period that included a first-half loss, downgraded guidance and a CEO change, according to NAOS and QVG. Delivering on margin recovery and converting its defence and water pipeline into profitable contracts remain key execution risks.

What does Saunders International Ltd (ASX:SND) do?

Saunders International Ltd is a multi-disciplined engineering and construction company founded in 1951, headquartered in Rhodes, Australia. The firm provides design, fabrication, construction, shutdown, maintenance, and industrial automation services across Australia and the Pacific Region. Its core service offerings include engineering, procurement and construction (EPC), facility maintenance, asset services, and specialized tank design and construction. Saunders International serves various organizations, delivering comprehensive technical solutions throughout the project lifecycle.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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