AEM - Maybank Research 2024-04-03: Bright Sparks Appearing; Worst Likely Over. Upgrade To BUY

AEM - Bright Sparks Appearing; Worst Likely Over. Upgrade To BUY

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AEM (SGX:AWX) | SGinvestors.ioAEM (SGX:AWX)
  • We think the worse is over for AEM (SGX:AWX) and raise our FY24E revenue and PATMI forecast for AEM by 24% and 50%, respectively. This increases our AEM's target price to S$2.78 from S$2.13, based on an unchanged blended 15x FY24/25E.

High volume order win likely more than 5% of revenue

  • - Read this at SGinvestors.io -
  • - Read this at SGinvestors.io -

FY24E revenue guidance likely to be lifted

  • Management was quite downbeat on its revenue expectations due to uncertainties for new product ramps and only guided 1H24E revenue of S$170-200m. However, with this new order win, we expect AEM's FY24E guidance to be lifted significantly and 2H24E could potentially be much stronger than 1H24E.

Likely bottomed – focus on prospects

  • Read more at SGinvestors.io.




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




Jarick Seet Maybank Research | https://www.maybank-ke.com.sg/ 2024-04-03



Read also Maybank's most recent report:
2024-05-09 AEM - 2H24 Hopes Diminish; Downgrade To HOLD.

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





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