AEM reported an exceptional 1Q26, with NPAT surging 330% y-o-y to S$14.3m, representing 39% of our FY26E estimate, with net margin of 12.3% improving y-o-y and q-o-q from 9.2% in 4Q25, mainly driven by higher Test Cell Solutions revenue growth and mix.
Outstanding 1Q26, with stronger quarters to come
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Consequently, net margin improved to 12.3%, rising sharply both q-o-q and from 3.9% a year earlier.
FY26 revenue guidance raised to S$550-600m
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As 1Q26 represents only 19.4% of the FY26 revenue guidance, we believe this points to a continued ramp‑up in the coming quarters, which should translate into better margins and profitability.
Securing new customers could be the game changer
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