- 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.
- - Read this at SGinvestors.io -
- 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.
- - Read this at SGinvestors.io -
- 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.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
John Cheong UOB Kay Hian Research | https://research.uobkayhian.com/ 2022-11-07
Read also UOB's most recent report:
2024-01-17 AEM - Downgrade To HOLD On Inventory Write-Downs & Limited Near-Term Catalysts.
Previous report by UOB:
2023-11-14 AEM - 9M23 Revenue In Line With Forecast; Recovery Expected In Late 2024.
Price targets by 3 other brokers at AEM Target Prices.
Listing of research reports at AEM Analyst Reports.
Relevant links:
AEM Share Price History,
AEM Announcements,
AEM Dividends & Corporate Actions,
AEM News Articles
