- 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.
