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

• 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 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:
2025-05-14 AEM - Still Too Early.

Previous report by Maybank:
2025-03-02 AEM - Transition Phase Will Take Time; Maintain SELL.

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 Dividend Payout Dates & Corporate Actions,
AEM News