AEM - DBS Research 2026-05-14: 1Q26 Beat, Raise, and Re-rate

• AEM's earnings beat was driven by the fabless customer ramp, improving demand from the PC/Foundry customer and margin expansion.
• 1Q26 revenue rose to S$116.9mil (+35.8% y-o-y, +4.5% q-o-q), tracking at 23% of our prior FY26 forecast (broadly in line). This was primarily driven by continued high-volume production deployments for the fabless AI/HPC customer and improving order activity from the PC/Foundry customer given demand for high-parallel test and thermal management solutions of next-generation AI compute devices.

Net profit of S$14.3mil (+329% y-o-y)

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

Guidance raise reflects stronger-than-expected demand from the two largest customers, validating our earlier view that there was scope for upward revision.

• 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:
2026-05-06 AEM - Read-through From AMD's Earnings Beat & Upbeat Outlook.

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