Ever Glory United - Phillip Securities 2026-03-09: Guthrie Drives New Growth Trajectory

• Ever Glory United (SGX:ZKX) realised a S$5.5mil bargain purchase, the excess of net assets’ fair value over the acquisition amount, from the acquisition of Guthrie in 2H25.
• - Read this at SGinvestors.io -
• Order book surged 135% y-o-y to S$733mil in 2H25. This was driven by S$508mil in contracts secured in 2025, including a ~S$200mil electrical contract for Alexandra Integrated Hospital redevelopment, maintenance of street lighting, and bus depot facility upgrades.
• We believe Ever Glory United is one of the largest M&E players in Singapore following its acquisition of Guthrie. Guthrie has a strong track record of landmark projects in Singapore, such as runway lightings in Changi Airport.
• - Read this at SGinvestors.io -

The Positives

2H25 adjusted PATMI spiked 98% y-o-y to S$6.4mil, driven by Guthrie’s consolidation.

• Read more at SGinvestors.io.

Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

Previous report by Phillip:
2025-08-12 Ever Glory United - A New Beginning; Initiate Coverage With BUY.

Price targets by other brokers at Ever Glory United Target Prices.

Listing of research reports at Ever Glory United Analyst Reports.

Relevant links:
Ever Glory United Share Price History,
Ever Glory United Announcements,
Ever Glory United Dividend Payout Dates & Corporate Actions,
Ever Glory United News