AEM - Maybank Research 2024-05-09: 2H24 Hopes Diminish; Downgrade To HOLD

AEM - 2H24 Hopes Diminish; Downgrade To HOLD

AEM (SGX:AWX) | SGinvestors.ioAEM (SGX:AWX)
  • We were too optimistic of a much stronger 2H24E based on potential order recovery from AEM's key customer as well as ramp up of recently unveiled new orders.

Still too early

  • However, AEM's management updated that the new orders will only start mass production at end-FY24 and the main surge will only come in FY25E. It also only expects an uptick in growth in 2025.
  • - Read this at -

Main recovery only likely in FY25E

  • AEM (SGX:AWX)'s 1Q24 revenue dropped 38.3% y-o-y to S$94.2m while NPAT fell 85% y-o-y to S$2.3m, below consensus estimates but in line with ours’. This is mainly due to drops in equipment sales of -69% y-o-y to S$9.7m and services of -38% y-o-y to S$94.2m, as a key customer already made large purchases in FY21-23.
  • - Read this at -

Expect more orders from new customers

  •

Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @

Jarick Seet Maybank Research | 2024-05-09

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

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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