Broker: CGS International
Date of Report: May 19, 2026
Excerpt from CGS International report.
Report Summary
- Stock: Ever Glory United Holdings (EGUH SP)
- Rating / Action: ADD (Reiterate)
- Target Price: S\$0.90 (adjusted after 1-for-4 bonus issue, previously S\$1.13)
- Current Price: S\$0.85
- Upside: 5.9%
- Key Ideas:
- EGUH secured S\$230m in new contracts, lifting its order book close to S\$1bn.
- Major contract likely includes a S\$130m-150m Land Transport Authority (LTA) road tunnel lighting project and a smaller Resorts World Sentosa job.
- Meaningful earnings contribution expected from FY27F due to typical project lead times.
- Further potential order wins (public sector) in 2H26F could be re-rating catalysts; ongoing tenders include large LTA and hospital projects.
- Order win assumptions: S\$650m for FY26F; every S\$150m incremental win adds 4% upside to FY27F EPS forecast.
- Investment thesis: Strong S\$4bn+ tender pipeline, 22% FY25-28F core EPS CAGR, above-peer valuation justified by growth outlook.
- Key risks: Cost escalation, project delays.
- Ticker: EGUH SP
Above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website : https://www.cgs-cimb.com/en
