AEM - Maybank Research 2024-03-01: Disappointing Guidance

• AEM's management guided 1H24 revenue between S$170-200m, also lower than we expected. As a result, we cut our FY24/25E PATMI forecast for AEM by 51.8% and 17.3% respectively, as order visibility at this point is low.

Target price lowered to S$2.13.

• - Read this at SGinvestors.io -

Disappointing guidance – poor visibility

• AEM announced FY23 revenue of S$481.3m, a 45% y-o-y decrease while PATMI turned to a loss of S$1.2m, lower than we expected.
• - Read this at SGinvestors.io -

All hopes on FY25E

• Read more at SGinvestors.io.

Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Read also Maybank's most recent report:
2025-11-13 AEM - A Few Quarters Too Early.

Previous report by Maybank:
2025-08-15 AEM - Slow Turnaround; Maintain SELL.

Price targets by other brokers at AEM Target Prices.

Listing of research reports at AEM Analyst Reports.

Relevant links:
AEM Share Price History,
AEM Announcements,
AEM Dividend Payout Dates & Corporate Actions,
AEM News