- AEM's 9M22 earnings of S$115m (+117.6% y-o-y) are above our expectations, forming 85% of our full-year estimate. However, 3Q22 earnings fell 24% q-o-q. Growth was driven by volume ramp-up for the System Level Testing handlers and peripheral tools.
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- We raise our 2022 EPS by 7% but cut 2023 EPS by 15%. Maintain HOLD on AEM with a 14% lower target price of S$3.00.
AEM's 3Q22 above expectations, revenue guidance maintained.
- AEM (SGX:AWX)’s 9M22 earnings of S$115.3m (+117.6% y-o-y) are above our expectations, accounting for 85% of our full-year estimate. However, 3Q22 earnings fell 24% q-o-q from a high base in 1H22.
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- contributions from CEI Pte Ltd.
- AEM is maintaining its full-year revenue target of S$820m-850m. This implies a revenue growth rate of around 48% y-o-y for 2022, due to increased demand from new and existing customers.
We remain cautious based on weaker guidance from AEM’s key customer.
- Read more at SGinvestors.io.
