KGI Maintains OUTPERFORM on Ever Glory United, TP S$1.17

 

In its 16 October 2026 update, KGI highlights Ever Glory's record 1H2026 performance, order book exceeding S$1.0 billion and proposed dual primary listing on the Hong Kong Stock Exchange.

Key Highlights Revenue rose 200.1% year on year to S$103.2 million in 1H2026, while PATMI increased 177.5% to S$12.7 million. Order book exceeded S$1.0 billion in July 2026, supported by approximately S$400 million in new contract wins including LTA works, Resorts World Sentosa and EGU’s first subcontract on a DSTA project, marking EGU's entry into defence infrastructure The proposed dual primary listing on the Hong Kong Stock Exchange is progressing, with the application submitted in August 2026, subject to regulatory and shareholder approvals.