AEM - Maybank Research 2026-03-23: Strategic Partnership With ASE

• AEM (SGX:AWX) and ASE Technology Holding (3711 TW) said on 21 March they entered into a strategic partnership to accelerate AI/High Performance Computing (HPC) test innovation. We expect this partnership to boost AEM’s revenue and net margin in FY27/28E. We also see higher contribution from its core existing customer in FY26E.

ASE may become a significant shareholder of AEM

• - Read this at SGinvestors.io -
• ASE will also receive 28.1m free AEM warrants, divided equally into 2 tranches.
  • - Read this at SGinvestors.io -
  • The second tranche has an expiry of 60 months, exercisable at 105% of VWAP on the day the subscription agreement is signed, conditional upon S$50m of revenue from or introduced by ASE.
• If all warrants are exercised, coupled with the new shares, ASE will own 9.995% of AEM.

Strategic partnership with ASE

• 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:
2026-02-26 AEM - Ramp-up Is Here; Upgrade To BUY.

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