AEM - Maybank Research 2023-08-14: Worst Should Be Over, FY23 Should Be Bottom; Upgrade To BUY

AEM - Worst Should Be Over, FY23 Should Be Bottom; Upgrade To BUY

AEM (SGX:AWX) | SGinvestors.ioAEM (SGX:AWX)
  • Even though we expected a dismal 2Q23 for AEM, the result still came in lower than our and consensus estimates. AEM also lowered its FY23 revenue guidance to S$460 to S$490m.
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  • With the worst over, we are bullish on the long-term key role that AEM plays in the testing space and believe it will benefit from a semi-con rebound in FY24E. We thus upgrade AEM to BUY from HOLD with a lower target price of S$3.77 (-3%) pegged to 12x 24E P/E.

AEM stands firm on settlement

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  • AEM fully retains all its capabilities related to thermal control and has been awarded two additional patents related to its thermal control technology. Management also clarified that none of what is designed for Advantest is used for new and large customers and it has a strong portfolio of patents to ward off any future issues.

No loss of key customer market share

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Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @

Jarick Seet Maybank Research | 2023-08-14

Read also Maybank's most recent report:
2024-01-17 AEM - Inventory Shortfall; Downgrade To HOLD.

Previous report by Maybank:
2023-11-13 AEM - Things Have Bottomed; Better FY24e.

Price targets by 2 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


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