AEM - UOB Kay Hian 2024-05-09: 1Q24 Earnings Below Estimate; Outlook Worsens; Downgrade To SELL

• AEM’s 1Q24 revenue of S$94m (-38% y-o-y) is in line with expectation, but earnings of S$2.4m (-85% y-o-y) is below expectation at only 7% of our full-year estimate.
• AEM maintained its 1H24 revenue guidance of S$170m-200m. However, the near-term outlook has worsened as visibility in 2H24 remains limited, and any uptick in growth is expected to occur only in 2025.
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1Q24 earnings missed expectation due to weaker-than-expected net margin.

• AEM (SGX:AWX)'s 1Q24 revenue of S$94m (-38% y-o-y) is in line with expectation, at 21% of our full-year estimate. However, 1Q24 earnings of S$2.4m (-85% y-o-y) is below expectation, at only 7% of our full-year estimate.
• - Read this at SGinvestors.io -

Near-term outlook remains uncertain, with uptick in growth expected to occur only in 2025.

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2025-03-03 AEM - 2024 Earnings Above Estimates; Outlook & Valuation Remain Unexciting.

Previous report by UOB:
2024-11-14 AEM - 3Q24 Earnings Below Estimate & Outlook Remains Uncertain; 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