AEM - Maybank Research 2026-02-26: Ramp-up Is Here; Upgrade To BUY

• AEM (SGX:AWX)'s FY25 PATMI of S$17m was 100% higher than we had expected.
• Most importantly, management is now much more bullish and expects FY26 revenue to increase to S$460-510m, mainly due to the ramp up from its AI/HPC customer and expects this customer to become its largest client. We believe the ramp-up is finally here and expect substantial margin expansion going forward.

AI/HPC customer to become its largest client.

• - Read this at SGinvestors.io -
• Equipment evaluation with a leading memory customer is also on track, with production units slated for delivery in late FY26, followed by a ramp-up in production in FY27E.

FY26 revenue guidance of S$460-510m.

• - Read this at SGinvestors.io -
• We believe the surge in test cells solution will drive up overall margins and operating leverage will also help expand net margins. We expect significant margin expansion in FY26-28E.

Working to secure customer #3 and #4.

• 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/.

Previous report by Maybank:
2025-11-13 AEM - A Few Quarters Too Early.

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