Broker Name: KGI
Date of Report: Inferred to be after July 2025 (based on references to 1H25 results and July 2025 acquisition; date not explicitly stated but inferred).

Excerpt from KGI report.

Report Summary

• Ever Glory United Holdings (EGUH SP) has evolved from a mid-sized M&E contractor into a diversified engineering group through strategic acquisitions, notably Fire-Guard Engineering and Guthrie Engineering. The latter acquisition added significant scale and technical capabilities, enabling EGUH to compete for Singapore’s largest infrastructure projects.
• Singapore’s construction sector is entering a multi-year upcycle, driven by large public sector projects such as Changi Terminal 5, the Cross Island Line, hospital developments, and major public housing launches. EGUH’s orderbook now exceeds S\$500mn, with management aiming for S\$700mn by year-end, ensuring revenue visibility through FY27-28.
• The group also holds minority stakes in property developments, offering optional upside as these projects are monetized. Recent financials showed a temporary dip in revenue and margins due to project cycles, but the outlook remains strong with a BUY recommendation and target price of S\$1.20.

Above is an excerpt from a report by KGI. Clients of KGI can be the first to access the full report from the KGI website: https://www.kgi.com