Broker: CGS International Securities
Date of Report: May 19, 2026
Excerpt from CGS International Securities report.
Report Summary
- Stock: Ever Glory United Holdings (EGUH SP)
- Action: Reiterate Add (Buy) rating
- Target Price: S\$0.90 (adjusted from S\$1.13 after a 1-for-4 bonus share issue)
- Current Price: S\$0.85
- Upside: 5.9%
- Key Idea: EGUH has secured S\$230m in new contracts, lifting its order book to S\$950m, nearing S\$1bn. Major contracts include a Land Transport Authority (LTA) tunnel lighting replacement and a Resorts World Sentosa job.
- Earnings Impact: New contracts expected to contribute meaningfully from FY27F. Further public sector contract wins in 2H26F could act as re-rating catalysts.
- Financial Highlights: FY27F core EPS forecast is 6 Scts. Company has a >S\$4bn tender pipeline and projected core EPS CAGR of 22% from FY25-28F.
- Risks: Cost escalation, delays in project awards or execution.
Ticker: EGUH SP
Above is an excerpt from a report by CGS International Securities. Clients of CGS International Securities can be the first to access the full report from the CGS International website : https://www.cgs-cimb.com/
