AEM - DBS Research 2026-03-20: Valuation Uplift As AI Tailwinds Persists And New Customer Traction Builds

• AEM's share price has continued to rise, up ~117% year-to-date, supported by constructive guidance, an improving outlook driven by strong new customer traction and robust demand from its key long-standing customer, as well as a slew of broker upgrades.

Rally has more legs to run even after the strong run up.

• - Read this at SGinvestors.io -
• The rally has been underpinned by improving fundamentals, including strong new customer traction and sustained demand from its key customer, with earnings still on an upward trajectory as customer diversification progresses.
• - Read this at SGinvestors.io -

Intel Epic Supplier award

• Separately, AEM has received the Intel Epic Supplier award (41 suppliers selected out of thousands of companies) with management looking forward to expand "partnership with Intel and IFS", which we view as another potential catalyst for AEM if IFS gains traction. See AEM's announcement dated 19 March 2026.

AI and new customer tailwinds remain supportive, despite ongoing market volatility.

• Read more at SGinvestors.io.

Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Previous report by DBS:
2026-02-27 AEM - Placing More Chips On Our Non-consensus BUY Call.

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