AEM - Adding Capacity For Growth
- AEM announced its expansion plans today (16 Jun 2022) that will more than double its current manufacturing space in Malaysia, US and Singapore.
- AEM will also expand its Research and Development (R&D) centres in these three countries. The expansion is slated to come online by the end of 3Q22F.
- On 13 Jun 2022, UTAC Holdings Ltd, a semiconductor test and assembly services provider announced a new cost-effective, next-generation test system solution for Complementary Metal-Oxide Semiconductor (CMOS) image sensors. This test solution was jointly developed together with AEM.
- According to its 2021 Annual Report, AEM has also developed its own new high-power System Level Test (SLT) platform, “Trident”.
- We reiterate our ADD call on AEM with a target price of S$6.85 based on a 15.62x (10% premium to AEM’s 2 standard deviation above its FY17-21 historical average forward P/E multiple of 14.2x) at an FY23F EPS forecast of S$0.4384.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
William TNG CFA CGS-CIMB Research | https://www.cgs-cimb.com 2022-06-16 2022-06-16
Previous report by CGS-CIMB:
2022-05-06 AEM - Still On Track For Multi-Year Product Ramp-Up
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