Ever Glory United Holdings Ltd – Order Book Surges Past S$1bn September 4, 2026
Brief Overview
Ever Glory United Holdings delivered strong 1H26 results, with revenue and adjusted profit after tax and minority interest (PATMI) exceeding expectations at 84% and 94% of full-year forecasts respectively. The company’s order book surged 220% year-on-year to more than S$1bn following the securing of over S$400mn in new contracts during 2026. Phillip Securities Research maintains a BUY recommendation with a raised target price of S$1.20.
Investment Positives
The primary driver of Ever Glory’s growth has been the consolidation of Guthrie’s results following the acquisition. The company’s adjusted PATMI accelerated 208% year-on-year to S$14.1mn in 1H26, compared to 98% growth in 2H25. This growth was driven by the consolidation and recognition of Guthrie’s mechanical and electrical (M&E) works, particularly progress on combined M&E projects including maintenance of street lighting and bus depot facility upgrades.
The company’s order book represents a significant positive, having surged more than 220% year-on-year to exceed S$1bn. Ever Glory secured more than S$400mn in new contracts during 2026, including S$168mn combined value for an offshore defence infrastructure project and M&E contracts in commercial mixed developments. This substantial order book is expected to support growth through 2029.
The company has also strengthened its financial position, with net debt reducing by 86% year-on-year to S$716,000, supported by a S$19mn year-on-year increase in operating cash flow. This improved balance sheet has enabled Ever Glory to recommend interim dividends of 0.75 cents per share, representing a 29% payout ratio, compared to no interim dividend in 1H25.
Investment Negatives
The report does not explicitly outline specific investment negatives or risks facing Ever Glory United Holdings.
Outlook
Ever Glory appears well-positioned for continued growth, with management believing the company can secure additional high-value M&E contracts. Potential future awards include Integrated General Hospital projects worth more than S$200mn per M&E project, Changi T5 buildings and runway lighting worth S$1bn or more for M&E work, and LTA MRT tunnel lighting projects.
Recommendation & Target Price
Phillip Securities Research maintains a BUY recommendation on Ever Glory United Holdings with a raised target price of S$1.20, increased from the previous target of S$1.05. The analysts raised FY26 revenue and PATMI forecasts by 57% and 62% respectively due to the consolidation of Guthrie’s results.
Frequently Asked Questions
Q: What drove Ever Glory's strong 1H26 performance?
A: The consolidation of Guthrie's results following acquisition drove the strong performance, with adjusted PATMI accelerating 208% year-on-year to S$14.1mn, supported by progress on combined M&E projects including street lighting maintenance and bus depot facility upgrades.
Q: How significant is the company's current order book?
A: The order book surged more than 220% year-on-year to exceed S$1bn, with the company securing over S$400mn in new contracts during 2026. This order book is expected to support growth until 2029.
Q: What types of new contracts has Ever Glory secured?
A: The company secured S$168mn combined value for an offshore defence infrastructure project and M&E contracts in commercial mixed developments as part of the over S$400mn in new contracts obtained in 2026.
Q: How has the company's financial position changed?
A: Ever Glory's balance sheet has strengthened significantly, with net debt reducing by 86% year-on-year to S$716,000, driven by a S$19mn year-on-year increase in operating cash flow.
Q: What dividend has the company declared?
A: Ever Glory recommended interim dividends of 0.75 cents per share, representing a 29% payout ratio, compared to no interim dividend in 1H25.
Q: What potential future contracts could the company secure?
A: Potential awards include Integrated General Hospital projects worth more than S$200mn per M&E project, Changi T5 buildings and runway lighting worth S$1bn or more for M&E, and LTA MRT tunnel lighting projects.
Q: How have the analysts' forecasts changed?
A: Phillip Securities Research raised FY26 revenue and PATMI forecasts by 57% and 62% respectively due to the consolidation of Guthrie's results, whilst increasing the target price from S$1.05 to S$1.20.
This article has been auto-generated using PhillipGPT. 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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