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61-72 of 72
$0.85 tomorrow?
This one feels like another oiltek moves :)
Monday relisted as mainboard stock.
Monday relisted as mainboard stock.
EFFECTIVE DATE OF THE TRANSFER The Board wishes to announce that the effective date for the transfer of the listing of the Company from Catalist to the Mainboard is 29 December 2025.
$0.81 +$0.065......otw to $0.85 then $0.90 then $1.00
SmallSmall ( Date: 24-Dec-2025 11:43) Posted:
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KGI Securities initiates &lsquo outperform&rsquo on Ever Glory United with TP of $1.20
Felicia TanThu, Dec 18, 2025 &bull 05:43 PM GMT+08 &bull &bull 4 min read
KGI Securities analyst Alyssa Tee has initiated an &ldquo outperform&rdquo call on Ever Glory United Holdings, citing its transformation from a mid-sized mechanical and electrical engineering (M& E) contractor into a diversified engineering group. Ever Glory expanded its operations through two strategic acquisitions: Fire-Guard Engineering in February 2024 and Guthrie Engineering in July this year.
&ldquo The Guthrie transaction represents a significant milestone, adding $312 million [to Ever Glory&rsquo s] orderbook and [gave] access to landmark projects previously beyond reach,&rdquo Tee writes in her Dec 17 report. The acquisition of Guthrie Engineering also came with prestigious project credentials that included Marina Bay Sands, Jewel at Changi Airport and the Thomson-East Coast MRT line.
&ldquo The combined entity now possesses the technical depth, licensing breadth, and track record to compete for Singapore' s largest infrastructure tenders,&rdquo Tee adds.
Ever Glory is also tipped to benefit from tailwinds such as the infrastructure super-cycle, which will provide it with multi-year revenue visibility.
Singapore&rsquo s construction demand is projected to range from $47 billion to $53 billion in 2025, driven by projects such as Changi Airport&rsquo s Terminal 5, the Cross Island Line, hospital developments and some 55,000 of build-to-order (BTO) launches from 2025 to 2027.
&ldquo Ever Glory&rsquo s predominantly public-sector orderbook aligns it directly with this policy-led pipeline,&rdquo says Tee. &ldquo With [its] orderbook now exceeding $500 million post-Guthrie Engineering and management See also: Citi maintains &lsquo buy&rsquo for Seatrium after dispute resolution with Maersk
Despite seeing some margin compression from its project mix, Ever Glory remains in a net cash position and has maintained positive operating cash flows. The company has also continued distributing dividends including an interim dividend of 0.5 cents per share in 2024. Tee also lauds the company&rsquo s asset-light model and careful management of working capital that enables disciplined expansion strategies without overstretching its balance sheet.
In addition, Every Glory&rsquo s minority stakes in two joint developments &mdash a residential joint venture (JV) in District 14 and an industrial project at Mandai &mdash adds upside. &ldquo While these remain non-core today ([at] less than 5% of FY2024 revenue), they provide option value as the projects monetise,&rdquo says Tee. &ldquo Management has signalled appetite for selective property investments, leveraging M& E expertise for integrated development opportunities.&rdquo
While Ever Glory&rsquo s revenue for the 1HFY2025 ended June fell by 11% y-o-y to $28.6 million, this was due to the natural completion cycle of larger contracts in 4QFY2024. The company&rsquo s newly-won contracts have not ramped up revenue recognition at the time either. With that, Tee believes the company will report a full-year revenue of $130 million for the FY2025, implying strong acceleration in 2HFY2025 as Guthrie Engineering&rsquo s contracts flow through to revenue recognition.
Ever Glory&rsquo s order book now exceeds $500 million with management targeting to reach $700 million by the end of the year as new awards are secured. Guthrie Engineering&rsquo s orderbook currently stands at around $400 million with a year-end target of $600 million.
Tee is very bullish on Ever Glory&rsquo s prospects as she posits a 12-month target price of $1.20. This reflects the change in the company&rsquo s power post the acquisition of Guthrie Engineering, visible orderbook conversion and margin recovery as scale efficiencies materialise.
The target price also represents an upside of 72.8% from the company&rsquo s share price of 70 cents as at Dec 16.
To Tee, Ever Glory&rsquo s current share price represents a &ldquo significant discount&rdquo to its regional M& E peers despite its superior infrastructure exposure and faster growth trajectory.
&ldquo Our valuation factors in the full 2,000,000 shares on public offer, which slightly dilutes our shareholding base,&rdquo she writes.
On Oct 14, Ever Glory said it had applied to transfer its Catalist listing to Singapore Exchange&rsquo s (SGX) Mainboard. CEO Xu Ruibing had told The Edge Singapore his intention to move to the Mainboard in August, noting that the $150 million market cap requirement had been met.
On Dec 10, Ever Glory announced its intention to undertake a public offer of up to 2 million new shares at 64 cents apiece. The public offer is to fulfil the requirement of having a minimum of 500 shareholders per the listing rules.
Shares in Ever Glory closed flat at 69.5 cents on Dec 18.targeting $700 million by year-end, [Ever Glory&rsquo s] revenue visibility extends through FY2027 - FY2028.&rdquo
Catalist-listed Ever Glory United has raised $17.05 million from the placement of 31 million new ordinary shares at an issue price of 55 cents per share.
The M& E engineering service provider says that the placement price represents a discount of about 7.72% to the volume weighted average price of 59.6 cents based on trades done on Aug 22.
Net proceeds from the placements are intended to be used for general working capital purposes and partial payment of the balance purchase consideration for the acquisition of Guthrie Engineering.
Ever Glory says that the placement saw the participation from institutional and accredited investors, such as ICHAM Master Fund, Amova Asset Management, Lion Global Investors Limited, Ginko-AGT Global Growth Fund, Asdew Acquisitions and Azure Capital.
Vincent Toe, co-founder of ICH Group which participated in the placement, says that Ever Glory fits its profile on assets with strong fundamentals that the market has temporarily overlooked. &ldquo It' s a fundamentally sound business with a clear growth trajectory tied to Singapore' s major infrastructure and development projects,&rdquo he adds.
Good earning company but shares are illiquid.
Most shares are in the hands of the insiders
Most shares are in the hands of the insiders
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-0.015
charlie boom town Huat ah!
not much forum activity
-0.015charlie boom town Huat ah!
not much forum activity
ozone2002 ( Date: 27-Nov-2024 00:00) Posted:
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Ever Glory enters big league with Guthrie Engineering acquisition ready for Mainboard anytime
Just two years after its listing on the Singapore Exchange&rsquo s (SGX) Catalist board, Ever Glory United Holdings is already looking to move to the Mainboard.
CEO Xu Ruibing says the mechanical and engineering (M& E) group &ldquo has the right&rdquo to list on the Mainboard at any time and is definitely looking at a transfer.
Speaking to The Edge Singapore on Aug 26, Xu notes that the group has fulfilled the requirements of a Mainboard listing, including the market capitalisation limit of $150 million and above, based on the issue price and post-invitation issued share capital.
As at Aug 27, Ever Glory United&rsquo s market capitalisation stood at $229.4 million after its shares closed at 65.5 cents apiece, nearly three times its initial public offering (IPO) price of 22 cents in May 2023. The group had raised $3.1 million during its listing process, with 14 million of its placement shares fully subscribed.
That said, Mainboard listing rules also require issuers to have a minimum consolidated pre-tax profit of at least $30 million for their latest financial year and an operating track record of at least three years.
For FY2024 ended Dec 31, 2024, Ever Glory United&rsquo s profit before tax stood at $10.4 million, 21% higher than the previous figure of $8.6 million in FY2023. This still marks a significant jump from the group&rsquo s audited profit before income tax of $1.1 million in FY2020, $630,000 in FY2021 and $2.1 million in FY2022.
Jason Saw, group head of CGS International&rsquo s (CGSI) investment banking business, is bullish on the group&rsquo s prospects. CGSI is the placement agent for Ever Glory United&rsquo s proposed placement to raise up to $17.1 million by issuing 31 million new shares at 55 cents apiece.
Including bonus issues, the placement price of 55 cents is 10 times higher than the IPO price. Even then, CGSI is happy to support the transaction given that they have a proven track record of growth since listing, Saw tells The Edge Singapore on Aug 27.
He also pointed out that, net of fees, Ever Glory United would have made an estimated $1 million from its IPO, but has paid out $5 million in dividends since. &ldquo This shows that the business is cash generative.&rdquo
He adds that the group&rsquo s next stage of growth is &ldquo interesting&rdquo . Following the acquisitions of Fire-Guard Engineering in February last year for $4.3 million and Guthrie Engineering in July for $46 million, Saw believes the group is set for more growth ahead.
For 1HFY2025, however, Ever Glory United&rsquo s revenue and net profit fell by 11.1% and 18.6% y-o-y to $28.6 million and $4.7 million, respectively. Xu points out that, including its share of results of joint ventures of $1.8 million, revenue and net profit would have been relatively flat y-o-y. He adds that the group&rsquo s actual operational profit margin increased, while the lower bottom line was due to one-off acquisition costs.
Ever Glory United and more
The company went IPO at a time when broader investors&rsquo interest in new SGX listings was thin. Compared to many other construction and engineering firms here with decades of track record and those with second- or even third-generation owners now at the helm, Ever Glory United is relatively new.
Xu and Sun Renwang, Ever Glory United&rsquo s chairman, started an entity called Sunbeam M& E in May 2018 and Ever Glory was incorporated in December 2021. Today, Ever Glory United has four companies: Sunbeam M& E, Guthrie Engineering, Fire-Guard Engineering and Ever Capital, which is involved in property construction and property investment. So far, PhillipCapital&rsquo s Yik Ban Chong is the only analyst with an active coverage of the stock, giving it a &ldquo buy&rdquo call and target price of 81 cents.
To Xu, the group&rsquo s strategy made sense, as it wanted to achieve key milestones before engaging more actively with analysts, investors and the media. &ldquo When we set up Sunbeam, our first target was to list within five years,&rdquo he says. However, instead of listing to raise funds, the purpose of the IPO is for three reasons: branding, acquisitions and diversification, he adds.
Xu notes that listing on the SGX would cost as much as advertising for the sake of branding on one of the buildings along Orchard Road, and listing would provide more benefits, such as the flexibility to tap the capital markets for resources to fund acquisitions.
True enough, the group had conducted two acquisitions in the two years since it was listed. &ldquo We wanted to expand quickly, and the best way to do so was to be in partnership with companies we have good relationships with and even friendly competitors,&rdquo says Xu.
According to him, Fire-Guard was acquired after its then-owner wanted to retire. Guthrie Engineering, previously part of Guthrie GTS, which can be considered the group&rsquo s crown jewel, was initially seen as an ambitious acquisition, given its relative size and history.
Guthrie Engineering, since 1951, has undertaken various projects for notable clients, including Marina Bay Sands, Jewel Changi Airport, and the Thomson-East Coast MRT Line.
However, due to the pandemic, Guthrie Engineering reported a $50 million loss and was put up for sale.
A Chinese state-owned enterprise was initially in the midst of taking over Guthrie Engineering, says Xu. However, the deal was delayed for nearly a year, he adds. This opened the door for Ever Glory United, which was not initially considered an acquirer due to its size and was deemed to be a &ldquo spare tyre&rdquo during the initial stages of the deal. In what can now be seen as serendipitous, Ever Glory United&rsquo s market capitalisation started gaining steadily to $100 million and above when talks were restarted in January.
&ldquo If we were just at $50 million [when Guthrie wanted to sell its M& E business for $50 million in February 2024], we couldn&rsquo t have bought it as it would have been a reverse takeover (RTO) and not an acquisition,&rdquo says Xu.
He adds: &ldquo There are more than $50 million of accumulative losses in Guthrie Engineering&rsquo s account right now, and with the current market strength we look forward to recover such losses in the upcoming three to four years&rdquo .
Today, he notes, the market appears to agree with the move, as evidenced by its share price surge following the sale. &ldquo Now that we have acquired Guthrie, we can be easily considered as Singapore&rsquo s top M& E group,&rdquo says Xu.
He adds that the group bought Guthrie M& E to position itself for the construction boom, which includes projects such as Changi Airport&rsquo s upcoming Terminal 5 (T5), as well as projects from the Land Transport Authority (LTA) and hospital projects from the Ministry of Health (MOH).
&ldquo We acquired Guthrie because it can do the biggest projects, whereas if we had tendered under Sunbeam, we would have been disqualified as it did not have a track record,&rdquo he adds. &ldquo Guthrie has track records, and when it comes to various projects, Guthrie, which has six divisions, will be considered for them.&rdquo
When asked what the group looks for when making acquisitions, Xu considers a strong base and good branding as key factors.
&ldquo When we look at acquiring these companies, they already have to have value, and we can add value after the acquisition. We can&rsquo t be buying without good reason,&rdquo he says.
The group&rsquo s latest placement has further strengthened its standing. Xu notes that beyond fundraising, the move has increased the group&rsquo s visibility and liquidity. As indicated in its annual report, as at March 19, Xu and chairman Sun each hold 98.4 million shares, equivalent to 37.86% of the company.
Xu adds that Ever Glory United can handle up to double its current order book, supported by Guthrie&rsquo s resources. &ldquo Before the government opens up more projects, we need to prepare our resources.&rdquo
When asked if he was worried about resources for the upcoming surge, Xu says, &ldquo We are paying our sub-contractors on time or even ahead of schedule if they ask for help&rdquo . He adds that the group has sufficient projects to award the sub-contractors and is always looking at having a long-term and win-win working relationship with them.
Five-year horizon
In the near future, given the &ldquo hot&rdquo construction industry, Xu believes the M& E industry will grow from its present average profit margin of 6% to 8% to around 11% to 13%, up some five percentage points.
Ever Glory United&rsquo s margins itself is already five percentage points higher. &ldquo We can&rsquo t be performing worse than the market,&rdquo says Xu. He attributes the group&rsquo s above-average margins to his team&rsquo s engineering knowledge, which creates efficiencies. The group has a team with over 20 to 30 years of experience, excelling in value engineering, design and build capacity, and overall planning and management.
When asked if he&rsquo s afraid of his employees leaving for his competitors, Xu says he isn&rsquo t too worried given the group&rsquo s benefits such as a performance share plan for all of its employees and good training programmes, opportunities for their careers.
Dividend payouts remain a priority. Xu recalls promising investors at its IPO that Ever Glory United would return value quickly. &ldquo At [our] IPO, I made three commitments: [to have the] highest dividend ratio, fastest expansion, and to join the Mainboard within five years,&rdquo he says. Based on its IPO price, the group&rsquo s current dividend yield is nearly 20%.
For the moment, the group&rsquo s strategy remains focused on Singapore. Projects such as Changi T5 and Alexandra Hospital&rsquo s upcoming redevelopment are among the big-ticket tenders where Guthrie Engineering gives Ever Glory United an edge.
The Edge Singapore understands that investors are generally positive about Ever Glory United based on the feedback received so far.
In PhillipCapital&rsquo s report, analyst Chong notes that the group will see favourable tender opportunities with the acquisition of Guthrie, expanding its opportunities.
&ldquo We believe Ever Glory United can continue to secure order wins in the next two years, mainly from schools, hotels, mixed-use developments, and industrial facilities. Ever Glory United&rsquo s strength in design and build services in M& E projects has allowed it to deliver an average net profit margin of 10.8% over the past three years &mdash well above the low- to mid-single digit average typically seen among Singapore-listed construction companies,&rdquo Chong writes.
Guthrie Engineering&rsquo s impressive track record in various landmark projects, as well as its order book of $312 million as of December 2024, 4.2 times Ever Glory United&rsquo s FY2024 revenue, will also support the group&rsquo s plans to grow its M& E engineering business and expand into switchboard and other manufacturing, he adds. &ldquo We believe the acquisition would allow Ever Glory United to bid for higher-value projects in the future, such as Changi Airport T5, integrated resorts, hospitals and data centre projects in Singapore.&rdquo
Asked what he would like investors to remember about Ever Glory United, Xu says it is vital that the group keeps its promises. &ldquo The earlier you believe in us, the bigger the benefits you&rsquo ll reap,&rdquo says Xu.
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diamond in the rough
will benefit when SG property is booming
diamond in the rough
will benefit when SG property is booming
Ever Glory United enters into property development joint venture agreement
Ever Glory United Holdings&rsquo wholly-owned subsidiary Ever Capital has entered into a joint venture (JV) agreement with Primest Land and Sunlit Venture Capital to purchase a piece of District 14 land through Primest Land V1, the JV company.
Primest Land V1, which is in the land purchase process for the development and construction of residential flats, will be engaged in the business of acquisition, development, marketing, holding, leasing, sale and disposal of the property.
The JV company has an initial issued and paid-up capital of $1 million comprising 2 million ordinary shares, with Primest Land, Ever Capital and Sunlit Venture Capital holding a 50%, 25% and 25% stake, respectively.
The estimated costs and expenses to be incurred by the JV company in completing the project to its full completion amounts is expected to amount to approximately $30 million, of which 40% or $12 million will be funded by the three parties proportionate to their respective shareholding interests in Primest Land V1. The remaining 60% or $18 million will be funded by bank loans.
As such, Ever Capital&rsquo s estimated aggregate consideration value will amount to some $3 million, which Ever Glory United intends through internal resources.
The company says the JV agreement is in line with its strategy to expand into the property investment business and represents an opportunity for an additional revenue stream.
The JV company is not expected to have any material impact on the company&rsquo s net tangible assets (NTA) or earnings per share (EPS) based on its accounts for the FY2023 ending Dec 31.
Ever Glory ends Catalist trading debut at S$0.36, 63.6% above IPO price
EVER Glory United Holdings : ZKX NaN% wrapped up its first day of trading on the Catalist board of the Singapore Exchange at S$0.36 on Thursday (May 18), about 63.6 per cent or S$0.14 above its initial public offering (IPO) price of S$0.22 per share.
The stock opened on Thursday at S$0.335, up 52.3 per cent or S$0.115 from its IPO price. At 9.02 am, the counter climbed further to S$0.35 after 192,000 shares changed hands.
Shortly after the mid-day trading break at 1.40pm, shares of the company traded at S$0.37 with roughly 1.8 million shares changing hands. At this price point, the counter was 68.2 per cent or S$0.15 above its IPO price.
The stock then pared some gains to end the trading day slightly lower at S$0.36.
The mechanical and electrical (M& E) engineering service provider&rsquo s public offer of 14 million placement shares, which closed at noon on Tuesday, was fully subscribed.
Out of the 215 places, about half or 108 of them were allotted between 1,000 and 9,000 shares. Another three places were allotted at least a million shares each.
Ever Glory plans to use the S$3.1 million raised from its IPO to scale its existing business to include the provision of M& E maintenance service, while also venturing into property development and property investment.
The Catalist listing on the Singapore Exchange is an &ldquo important milestone&rdquo that enables the company to &ldquo capture new business opportunities and offer customers a broader range of M& E services&rdquo , said executive director and chief executive Xu Ruibing.
&ldquo We believe we are now well positioned to grow the business of the group on the back of Singapore&rsquo s sustained construction demand, and population growth which is expected to drive increased spending on public sector infrastructure projects.&rdquo
Ever Glory is a company specialising in air-conditioning and mechanical ventilation systems, electrical engineering systems, fire prevention and protection systems, plumbing, sanitary and gas systems, as well as integrated building services.
It has projects in both the public and private sectors, including the development and redevelopment of public housing residential flats under the Housing and Development Board, private schools, mixed-use properties, and commercial buildings.
The group also has a wholly-owned subsidiary, Sunbeam M& E.