AEM - UOB Kay Hian 2026-02-27: Positive Outlook For Key Customers; Upgrade To BUY

• AEM (SGX:AWX) reported 2025 earnings of S$17m (+48% y-o-y) and revenue of S$399m (+5% y-o-y), exceeding our estimates by 113% and 2% respectively. The earnings beat was due to higher-than-expected other income, net finance income and lower-than-expected costs including research & development and selling, general & administrative expenses.

Key segments reported mixed performance.

• - Read this at SGinvestors.io -
• - Read this at SGinvestors.io -

Revenue guidance for 2026.

• AEM guided for revenue of S$460m-510m for 2026, driven by the AI/high-performance computing (HPC) production ramp-up, with TCS expected to contribute approximately 70% of the group’s overall revenue

Expect strong growth for second AI/HPC customer.

• 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/.

Previous report by UOB:
2025-05-15 AEM - 1Q25 Revenue In Line But 2Q25 Outlook Remains Weak.

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