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AEM Holdings Ltd. (SG:AWX)
:AWX
Singapore Market

AEM Holdings Ltd. (AWX) AI Stock Analysis

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SG

AEM Holdings Ltd.

(SGX:AWX)

Rating:55Neutral
Price Target:
S$1.50
▲(0.67%Upside)
AEM Holdings Ltd. scores relatively low due to valuation concerns and potential liquidity issues despite solid financial management and some positive technical signals. The high P/E ratio and overbought RSI suggest caution for investors, while the absence of dividend yield may deter income-focused investors.
Positive Factors
Revenue Growth
1H25 revenue guidance raised by 17%, driven by pull-ins under a non-cancellable long-term purchase order from its key customer, suggesting no reversal of intent despite ongoing challenges at Intel.
Technological Advantage
AEM is a pioneer in providing SLT solutions and is currently around one generation ahead of its competitors.
Negative Factors
Earnings Performance
Earnings came in below expectations.
Industry Risks
The broader outlook remains subject to semiconductor tariffs and chip restrictions.

AEM Holdings Ltd. (AWX) vs. iShares MSCI Singapore ETF (EWS)

AEM Holdings Ltd. Business Overview & Revenue Model

Company DescriptionAEM Holdings Ltd. (AWX) is a leading provider of innovative semiconductor test solutions. The company operates primarily in the semiconductor industry, offering a range of products and services including system-level test handlers, test and measurement solutions, and related services. AEM Holdings serves a global clientele, primarily focusing on enhancing the efficiency and effectiveness of semiconductor manufacturing processes.
How the Company Makes MoneyAEM Holdings Ltd. generates revenue through the sale of its semiconductor test solutions, which include both hardware and software components. The company's key revenue streams are derived from the sale of system-level test handlers, which are critical in ensuring the performance and reliability of semiconductor devices during the manufacturing process. Additionally, AEM offers test and measurement solutions that help manufacturers optimize their testing processes, thereby reducing costs and improving product quality. The company also provides related services, including maintenance and support, which contribute to its recurring revenue. Strategic partnerships with major semiconductor manufacturers and ongoing innovation in its product offerings are significant factors contributing to AEM's earnings.

AEM Holdings Ltd. Financial Statement Overview

Summary
AEM Holdings Ltd. demonstrates stable financial management with a sound balance sheet and positive net income despite revenue declines. However, negative free cash flow and declining operating cash flow indicate potential liquidity challenges that need to be addressed to support future growth and operations.
Income Statement
62
Positive
AEM Holdings Ltd. has faced a decline in total revenue from $870.5M in 2022 to $380.4M in 2024, reflecting a significant revenue contraction. The gross profit margin has decreased over the years, indicating reduced profitability. However, the company has managed to turn net income positive in 2024, showcasing resilience and cost control efforts despite revenue challenges.
Balance Sheet
75
Positive
The company maintains a robust equity position, with an equity ratio of 72.1% as of 2024, indicating financial stability. The debt-to-equity ratio stands at a manageable 0.19, reflecting a conservative leverage strategy. However, total assets have decreased slightly, which could limit growth opportunities.
Cash Flow
58
Neutral
AEM Holdings has experienced fluctuations in free cash flow, turning negative in 2024, which may constrain investments and operational flexibility. Operating cash flow has also decreased, highlighting potential liquidity concerns. The operating cash flow to net income ratio has worsened, suggesting operational challenges.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue379.64M380.41M481.28M870.49M565.46M518.96M
Gross Profit89.64M97.61M129.30M273.66M186.65M203.47M
EBITDA30.40M43.12M40.95M185.23M126.71M122.25M
Net Income-20.00M11.44M-1.24M126.81M91.95M97.59M
Balance Sheet
Total Assets710.50M673.17M707.53M805.60M710.50M335.52M
Cash, Cash Equivalents and Short-Term Investments216.18M43.77M101.85M127.78M216.18M134.78M
Total Debt81.27M94.38M126.36M143.31M81.27M11.29M
Total Liabilities307.98M180.86M233.14M312.15M307.98M124.09M
Stockholders Equity402.51M485.70M467.46M485.05M402.51M211.43M
Cash Flow
Free Cash Flow20.64M-41.70M14.39M-58.91M35.23M81.05M
Operating Cash Flow34.06M-17.52M40.17M-31.43M52.00M86.29M
Investing Cash Flow-8.09M-8.79M-20.09M-38.44M-85.22M-29.77M
Financing Cash Flow-17.34M-31.78M-46.91M-19.28M113.51M-25.91M

AEM Holdings Ltd. Technical Analysis

Technical Analysis Sentiment
Positive
Last Price1.49
Price Trends
50DMA
1.26
Positive
100DMA
1.29
Positive
200DMA
1.34
Positive
Market Momentum
MACD
0.07
Negative
RSI
65.70
Neutral
STOCH
72.58
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:AWX, the sentiment is Positive. The current price of 1.49 is above the 20-day moving average (MA) of 1.33, above the 50-day MA of 1.26, and above the 200-day MA of 1.34, indicating a bullish trend. The MACD of 0.07 indicates Negative momentum. The RSI at 65.70 is Neutral, neither overbought nor oversold. The STOCH value of 72.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:AWX.

AEM Holdings Ltd. Peers Comparison

Overall Rating
UnderperformOutperform
Sector (63)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
SG5DD
74
Outperform
$225.23M19.9525.02%7.41%9.05%41.96%
SGE28
69
Neutral
S$542.40M14.618.89%2.63%6.93%14.19%
SG558
65
Neutral
$1.02B23.789.67%7.50%-10.02%-26.38%
SGJLB
64
Neutral
S$324.02M29.208.66%0.31%43.32%96.93%
63
Neutral
$34.04B6.14-11.52%1.82%5.53%-18.79%
SGMZH
61
Neutral
S$426.88M55.512.02%1.29%15.39%140.82%
SGAWX
55
Neutral
S$466.93M39.622.40%-20.96%
* Technology Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
SG:AWX
AEM Holdings Ltd.
1.45
-0.37
-20.33%
SG:E28
Frencken Group Limited
1.26
-0.36
-22.22%
SG:JLB
Grand Venture Technology Limited
0.98
0.41
71.93%
SG:MZH
Nanofilm Technologies International Ltd.
0.64
-0.19
-22.89%
SG:5DD
Micro-Mechanics (Holdings)
1.62
0.11
7.57%
SG:558
UMS Holdings
1.34
0.20
17.24%

AEM Holdings Ltd. Corporate Events

AEM Holdings Ltd. Ups Revenue Guidance for 1H2025
Jun 26, 2025

AEM Holdings Ltd. has revised its revenue guidance for the first half of 2025, increasing the expected range from S$155-170 million to S$185-195 million. This adjustment is due to an unexpected acceleration of orders from a key customer, reflecting positively on the company’s operational outlook and potentially strengthening its market position.

The most recent analyst rating on (SG:AWX) stock is a Sell with a S$1.09 price target. To see the full list of analyst forecasts on AEM Holdings Ltd. stock, see the SG:AWX Stock Forecast page.

AEM Holdings Ltd. Hosts 2025 Annual General Meeting
May 22, 2025

AEM Holdings Ltd. conducted its Annual General Meeting on April 23, 2025, at the SingPost Auditorium in Singapore. The meeting was attended by the company’s board members, executives, and shareholders, with presentations on business updates and financial performance for the year ending December 31, 2024, delivered by the CEO, CTO, and CFO. The presentation slides were subsequently released to the Singapore Exchange Securities Trading Limited (SGX-ST).

The most recent analyst rating on (SG:AWX) stock is a Buy with a S$2.95 price target. To see the full list of analyst forecasts on AEM Holdings Ltd. stock, see the SG:AWX Stock Forecast page.

AEM Holdings Collaborates with Intel Foundry to Enhance SLT and Burn-In Testing for Advanced Computing
May 20, 2025

AEM Holdings Ltd. announced a collaboration with Intel Foundry to expand access to their established SLT and Burn-In test ecosystem for advanced computing devices. This partnership aims to accelerate time-to-market for fabless customers by providing a comprehensive and integrated approach to testing, which includes device-specific configurable test units and advanced thermal control. The collaboration offers significant benefits such as faster time-to-market, reduced capital expenditure, and a U.S.-based engineering and production ecosystem, enhancing AEM’s industry positioning and providing strategic advantages to stakeholders.

The most recent analyst rating on (SG:AWX) stock is a Buy with a S$2.95 price target. To see the full list of analyst forecasts on AEM Holdings Ltd. stock, see the SG:AWX Stock Forecast page.

AEM Holdings Ltd. Achieves Key Milestones in 1Q2025 Amid Revenue Diversification
May 13, 2025

AEM Holdings Ltd. reported its first-quarter 2025 results, with revenue aligning with its first-half guidance at S$86.0 million and a profit before tax margin of 4.4%. The company successfully achieved customer acceptance of its AMPS-BI platform, transitioning multiple units into volume production, which supports its revenue diversification efforts. Despite a 35.1% drop in revenue from the previous quarter due to order pull-ins, AEM’s balance sheet remains strong, with significant reductions in financial liabilities. The company’s strategic move into high-volume manufacturing for a major AI and HPC customer is expected to bolster its market position.

The most recent analyst rating on (SG:AWX) stock is a Buy with a S$2.95 price target. To see the full list of analyst forecasts on AEM Holdings Ltd. stock, see the SG:AWX Stock Forecast page.

AEM Holdings Ltd. Announces Board and Strategy Committee Changes
May 9, 2025

AEM Holdings Ltd. has announced a change in its Board of Directors with the appointment of Dr. Yeo Yee Chia as an Independent Director, effective from May 13, 2025. This strategic appointment also includes Dr. Yeo Yee Chia joining the Strategy Committee, potentially influencing the company’s strategic direction and governance.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jun 28, 2025