“We believe Ever Glory is one of the largest M&E (mechanical and electrical) players in Singapore following its acquisition of Guthrie,” says Chong in his March 9 report.
PhillipCapital’s Chong Yik Ban has upgraded his call on Ever Glory United Holdings to “buy” after the group’s 2HFY2025 revenue and adjusted patmi exceeded expectations. During the six months ended Dec 31, 2025, Ever Glory United’s revenue was up by 83.7% y-o-y to $78.2 million while adjusted patmi rose by 98.2% y-o-y to $6.4 million. Including the $5.5 million bargin purchase of Guthrie Engineering, patmi surged by 269.1% y-o-y to $11.9 million. Chong previously had an “accumulate” call on the counter.
FY2025 revenue and adjusted patmi, which stood at $106.7 million and $11.1 million respectively, stood at 128% and 122% of Chong’s FY2025 forcasts.
