- AEM’s 9M23 revenue of S$387m (-48% y-o-y) is in line with expectation, meeting 79% of our full-year estimate. 9M23 earnings fell 97% y-o-y to S$4m due to a S$27m arbitration settlement cost, above our full-year estimate of S$1m.
- - Read this at SGinvestors.io -
- Maintain BUY on AEM with a slightly lower target price of S$3.63.
9M23 revenue in line with expectation, earnings above expectation due to better cost management.
- AEM (SGX:AWX)’s 9M23 revenue of S$387m (-48% y-o-y) is in line with expectation, meeting 79% of our full-year estimate. 9M23 earnings fell 97% y-o-y to S$4m due to a S$27m arbitration settlement cost, above our full-year estimate of S$1m.
- - Read this at SGinvestors.io -
- Also, we have been more conservative in our earlier forecast in expecting AEM to just breakeven in terms of profitability for 2023.
Industry downturn continued in 3Q23.
- 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/ 2023-11-14
Read also UOB's most recent report:
2024-01-17 AEM - Downgrade To HOLD On Inventory Write-Downs & Limited Near-Term Catalysts.
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
