CGS International analyst William Tng has reiterated their bullish stance on AWX stock, giving a Buy rating yesterday.
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William Tng has given his Buy rating due to a combination of factors tied to AEM’s renewed growth prospects and strategic positioning. He views the new equity placement and warrant package with ASE Technology as a strong external validation of AEM’s back-end testing capabilities and a gateway into Taiwan’s semiconductor ecosystem, especially in AI and high-performance computing, while also providing capital to support expansion and product development.
Tng also expects a new earnings upcycle from FY26–30, projecting that AEM could return to net profit levels seen in its previous peak, supported by a broader customer mix and incremental revenue from the ASE partnership, with potential upside if sales to ASE surpass the warrant thresholds. Reflecting this improved outlook, he raises the target price by applying a higher FY27F P/E multiple in line with AEM’s historical re-rating during strong cycles, and maintains a positive stance given the robust forecast EPS CAGR despite acknowledging execution, demand, and legal risks.
In another report released yesterday, UOB Kay Hian also maintained a Buy rating on the stock with a S$4.70 price target.
AWX’s price has also changed dramatically for the past six months – from S$1.900 to S$3.960, which is a 108.42% increase.