Valuations remain rich for AEM at 22.6x FY25E P/E and we believe the main profitability surge is only likely to come in FY26E.
AEM’s 1H25 core PATMI of S$9m was in line with our estimate, excluding FX losses.
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A purchase order has been secured for an evaluation final test handler from its memory customer which could result in production volumes in 4Q26.
Hit by FX losses of S$5.9m.
1H25 revenue of S$190.3m was driven by its ramp into high volume manufacturing at its major AI/HPC anchor customer and the pull-in of orders related to its non-cancellable, long-dated purchase order program with its key old customer.
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2H25 revenue guidance of S$170-190m.
AEM expects revenue in 2H25 to be in the range of S$170m to S$190m, similar to 1H25 with its major AI/HPC customer expecting to ramp production in late 2025/early 2026 for its next generation AI accelerator.
It has received a purchase order for an evaluation final test handler from its memory customer and, if accepted, could result in production volumes in late 2026. This is an expansion of its earlier engagement with the same customer, “following the chiplet” upstream from System Level Test to Final Test.
CEO change – needs more time.
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