- Revenue of S$287.5mil was up 16% y-o-y (in line), driven by a sustained ramp with AEM’s major AI/HPC customer and pull-in of long-dated, non-cancellable purchase orders from Intel.
- The test cell solutions segment which comprises 63% of 9M25 revenue grew 35.5% y-o-y given the successful production deployment of the group’s solutions while the contract manufacturing segment shrank 7.9% y-o-y as global trade uncertainties affected end-customer demand.
9M25 revenue was in line with expectations though earnings lagged on account of a higher-than-expected effective tax rate.
- - Read this at SGinvestors.io -
- - Read this at SGinvestors.io -
Our Thoughts
Near-term outlook is positive, with 2H25 revenue expected at the upper end of guidance and industry bellwethers signaling a firming CPU recovery.
- The reaffirmation of 2H25 revenue guidance at S$170–190mil, with delivery expected toward the upper end, suggests improving order visibility. The market demand also appears constructive with Intel and AMD both highlighting a recovery in the CPU market.
- Read more at SGinvestors.io.
