AEM - CGS-CIMB Research 2022-01-12: S$670m-720m Revenue Guidance For FY22

AEM - S$670m-720m Revenue Guidance For FY22

  • AEM (SGX:AWX) guides for revenue of S$670m-720m in FY22F. It gave capex guidance at S$10m. See AEM's announcements.
  • The group highlighted some margin compression due to higher supply chain costs and increased R&D spend to engage new customers.
  • Reiterate ADD call on AEM. Our target price of S$7.90 is based on target P/E multiple of 17.94x (15% discount to the sector average) on FY23F earnings per share forecast.
  • Last year, AEM reported full-year results on 25 Feb 2021.

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 | 2022-01-12
SGX Stock Analyst Report ADD MAINTAIN ADD 7.900 SAME 7.900

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

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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