AEM - Maybank Research 2024-11-14: Still A Long Way To Recover; Cutting Forecasts & Target Price

• We believe the worse is over as contribution from its new customer is likely to exceed that of its key customer in FY25E as we expect contribution from its key customer to drop by 30-50%. However, we think it’s still too early to buy AEM as valuations remain high due to low profitability.
• - Read this at SGinvestors.io -

3Q24 In line

• AEM's 3Q24 revenue of S$74.2m and a loss of S$0.9m are in line with our estimates. Management guided for higher 2H revenue of S$190m-210m from S$160m-180m, as its key customer is pulling in systems from FY25.

Main ramp up not until FY25E

• - Read this at SGinvestors.io -

In a transition phase

• 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:
2025-03-02 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