Ever Glory United Holdings Accelerates Growth Through Strategic Guthrie Acquisition March 19, 2026
Company Overview
Ever Glory United Holdings Ltd is a prominent mechanical and electrical (M&E) services provider in Singapore. Following its strategic acquisition of Guthrie, the company has positioned itself as one of the largest M&E players in the Singapore market, specialising in complex infrastructure projects including airport facilities, hospitals, and transportation systems.
Strong Financial Performance Driven by Strategic Acquisition
Ever Glory delivered exceptional results in 2H25, with revenue and adjusted profit after tax and minority interests (PATMI) exceeding expectations at 128% and 122% of forecasts respectively. The company’s adjusted PATMI surged 98% year-on-year to S$6.4 million, primarily driven by the consolidation of Guthrie’s operations. Additionally, Ever Glory realised a S$5.5 million bargain purchase gain from the Guthrie acquisition, representing the excess of net assets’ fair value over the acquisition amount.
Record Order Book and Growth Prospects
The company’s order book experienced remarkable growth, surging 135% year-on-year to S$733 million in 2H25. This substantial increase was fuelled by S$508 million in new contracts secured during 2025, including a significant approximately S$200 million electrical contract for the Alexandra Integrated Hospital redevelopment, alongside maintenance contracts for street lighting and bus depot facility upgrades.
Key Strengths and Market Position
Guthrie brings considerable expertise and a proven track record to Ever Glory’s operations. At the time of acquisition, Guthrie contributed an order book worth S$312 million, representing approximately 43% of Ever Glory’s current total order book. The acquired company has successfully completed major M&E projects, including air-conditioning and mechanical ventilation works for prestigious developments such as Jewel Changi Airport and Funan CapitaLand, as well as lighting services for Changi Airport Runway 3.
The enhanced capabilities position Ever Glory to compete for high-value future contracts, including potential projects such as Changi Airport Terminal 5 building and airfield electrical works, LTA MRT tunnel lighting systems, and additional hospital infrastructure contracts.
Research Recommendation and Outlook
Phillip Securities Research has upgraded Ever Glory to BUY from ACCUMULATE, raising the target price to S$1.05 from S$0.81. The revised valuation is based on 18x FY27e price-to-earnings ratio, representing a 10% discount to its peers’ two-year forward PE of 20x. The research fim forecasts revenue and adjusted PATMI to grow at compound annual growth rates of 25% and 36% respectively over the next two years, supported by the record S$733 million order book, which is estimated to provide work for 4-5 years with significant revenue recognition expected towards the latter part of this period.
Frequently Asked Questions
Q: What was the key driver behind Ever Glory’s strong 2H25 performance?
A: The primary driver was the consolidation of Guthrie’s results following the acquisition. Adjusted PATMI spiked 98% year-on-year to S$6.4 million, excluding the S$5.5 million bargain purchase gain.
Q: How significant was the growth in Ever Glory’s order book?
A: The order book surged 135% year-on-year to S$733 million in 2H25, driven by S$508 million in new contracts secured during 2025, including a major electrical contract worth approximately S$200 million for Alexandra Integrated Hospital redevelopment.
Q: What is Guthrie’s contribution to Ever Glory’s business?
A: Guthrie brought an order book of S$312 million at acquisition (43% of Ever Glory’s current total) and has a strong track record of completing major M&E projects, including work at Jewel Changi Airport, Funan CapitaLand, and Changi Airport Runway 3 lighting services.
Q: What is Phillip Securities Research’s current recommendation and target price?
A: The research house upgraded Ever Glory to BUY from ACCUMULATE with a higher target price of S$1.05, up from the previous S$0.81.
Q: What growth prospects does the research identify for Ever Glory?
A: The research forecasts revenue and adjusted PATMI to grow at CAGRs of 25% and 36% respectively over the next two years, with potential to secure high-value contracts such as Changi Airport T5 projects, LTA MRT tunnel lighting, and hospital contracts.
Q: How long is the current order book expected to last?
A: The S$733 million order book is estimated to provide work for 4-5 years, with significant revenue recognition expected towards the back end of this period.
Q: Were there any negative factors identified in the research?
A: No significant concerns were identified in the research firm’s analysis.
This article has been auto-generated using AI tools. It is based on a report by a Phillip Securities Research analyst.
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About the author
Yik Ban Chong
Ben covers fundamental research on construction and semiconductor companies. He graduated from the National University of Singapore with a Second-Upper Honours Degree in Industrial and Systems Engineering.
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