AEM - CGS-CIMB Research 2022-01-10: Intel’s Expansion Plan Bodes Well For AEM

AEM - Intel’s Expansion Plan Bodes Well For AEM

  • With Intel’s US$7.1bn investment to expand its test and assembly operations in Malaysia, we believe that AEM (SGX:AWX)'s FY23F net profit could hit a new record.
  • We also think that AEM will aim to be amongst the top 3 players in the back-end test-related field; hence we now benchmark it against industry leaders.
  • Reiterate ADD call on AEM. We raise our target price by 35% to S$7.90 (previously $5.84) due to the increase in our FY22-23F earnings per share forecasts and the higher target P/E multiple of 17.94x.

Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @

William TNG CFA CGS-CIMB Research | 2022-01-10
SGX Stock Analyst Report ADD MAINTAIN ADD 7.90 UP 5.840

Read also CGS-CIMB's most recent report:
2022-01-12 AEM - S$670m-720m Revenue Guidance For FY22

Target prices by 2 other brokers at AEM Target Prices.
Listing of broker reports at AEM Analyst Report.

Relevant links:
AEM Share Price History,
AEM Announcements,
AEM Dividends & Corp Actions,
AEM News Articles


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