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AEM Holdings Ltd.
(SGX:AWX)
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Rating:64Neutral
Price Target:
S$10.00
â–²(11.23% Upside)
Action:Downgraded
Date:05/30/26
The score is driven primarily by improving financial performance (earnings/cash flow recovery and a conservative balance sheet) and strong technical momentum above key moving averages. These positives are tempered by significant valuation risk from the very high P/E, despite the supportive dividend yield.
Positive Factors
Conservative balance sheet
Low leverage and a sizable equity base provide durable financial flexibility. This reduces refinancing and solvency risk through cyclical capex cycles, supports investment in R&D and aftermarket service scale, and allows the company to withstand semiconductor demand downturns.
Negative Factors
Top-line decline since 2022
A multi-year revenue decline reduces pricing leverage and erodes scale economics. For a cycle-driven capital-equipment supplier, shrinking sales volumes hamper fixed-cost absorption and weaken the pathway to sustained margin recovery and consistent investment in innovation.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Low leverage and a sizable equity base provide durable financial flexibility. This reduces refinancing and solvency risk through cyclical capex cycles, supports investment in R&D and aftermarket service scale, and allows the company to withstand semiconductor demand downturns.
Read all positive factors
AEM Holdings Ltd. (AWX) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$3.34B
Dividend Yield0.12%
Average Volume (3M)6.32M
Price to Earnings (P/E)117.3
Beta (1Y)0.97
Revenue Growth14.91%
EPS Growth226.44%
CountrySG
Employees2,288
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)0.09
Shares Outstanding322,165,100
10 Day Avg. Volume7,001,170
30 Day Avg. Volume6,323,733
Financial Highlights & Ratios
PEG Ratio0.68
Price to Book (P/B)1.10
Price to Sales (P/S)1.35
P/FCF Ratio4.39
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$14.79Price Target Upside64.52% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.22
Revenue Forecast (FY)S$597.59M
AEM Holdings Ltd. Business Overview & Revenue Model
Company Description
Established in Singapore in 2000, AEM Holdings Ltd. provides advanced testing and material handling solutions primarily to semiconductor and electronics firms across Asia, Europe, and both North and Central America. The company's operations are se...
How the Company Makes Money
AEM primarily makes money by selling semiconductor test and handling equipment and related solutions to customers involved in semiconductor manufacturing and testing. Its core revenue stream is product revenue from the delivery of capital equipmen...
AEM Holdings Ltd. Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
76
Positive
Cash Flow
64
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 430.17M | 399.34M | 380.41M | 481.28M | 870.49M | 565.46M |
| Gross Profit | 116.55M | 102.52M | 97.61M | 129.30M | 273.66M | 186.65M |
| EBITDA | 62.05M | 47.98M | 43.12M | 40.95M | 185.23M | 126.71M |
| Net Income | 27.96M | 16.95M | 11.44M | -1.24M | 126.81M | 91.95M |
Balance Sheet | ||||||
| Total Assets | 640.15M | 621.60M | 673.17M | 707.53M | 805.60M | 710.50M |
| Cash, Cash Equivalents and Short-Term Investments | 72.91M | 77.33M | 43.77M | 101.85M | 127.78M | 216.18M |
| Total Debt | 16.43M | 25.68M | 94.38M | 126.36M | 143.31M | 81.27M |
| Total Liabilities | 123.67M | 122.28M | 180.86M | 233.14M | 312.15M | 307.98M |
| Stockholders Equity | 516.48M | 492.77M | 485.70M | 467.46M | 485.05M | 402.51M |
Cash Flow | ||||||
| Free Cash Flow | 122.89M | 122.89M | -41.70M | 14.39M | -58.91M | 35.23M |
| Operating Cash Flow | 131.63M | 131.63M | -17.52M | 40.17M | -31.43M | 52.00M |
| Investing Cash Flow | -23.56M | -23.56M | -8.79M | -20.09M | -38.44M | -85.22M |
| Financing Cash Flow | -75.69M | -75.69M | -31.78M | -46.91M | -19.28M | 113.51M |
AEM Holdings Ltd. Technical Analysis
Positive
8.99
Price Trends
9.52
Positive
8.12
Positive
5.09
Positive
Market Momentum
0.19
Negative
61.90
Neutral
88.21
Negative
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 8.99 is above the 20-day moving average (MA) of 8.92, below the 50-day MA of 9.52, and above the 200-day MA of 5.09, indicating a bullish trend. The MACD of 0.19 indicates Negative momentum. The RSI at 61.90 is Neutral, neither overbought nor oversold. The STOCH value of 88.21 is Negative, 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | S$389.29M | 28.17 | 26.70% | 2.24% | 11.38% | 22.41% | |
72 Outperform | S$2.41B | 41.65 | 10.62% | 1.85% | 9.88% | 33.33% | |
64 Neutral | S$3.34B | 117.26 | 5.67% | 0.14% | 14.91% | 226.44% | |
64 Neutral | S$466.94M | 13.94 | 12.44% | 11.40% | -8.15% | -16.22% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | S$1.13B | 28.71 | 8.51% | 1.02% | 1.00% | -1.32% | |
46 Neutral | S$684.32M | 47.51 | 2.92% | 1.12% | 9.77% | 10.50% |
* Technology Sector Average
SG:AWX
AEM Holdings Ltd.
10.46
9.03
633.01%
SG:5DD
Micro-Mechanics (Holdings)
2.80
1.08
63.08%
SG:558
UMS Integration
2.72
1.65
153.26%
SG:8AZ
Aztech Global Ltd.
0.61
0.03
4.49%
SG:E28
Frencken Group Limited
2.63
1.19
83.28%
SG:MZH
Nanofilm Technologies International Ltd.
1.05
0.35
49.57%
AEM Holdings Ltd. Corporate Events
AEM Says Amended U.S. Patent Suit Not Expected to Hit Operations
Jul 21, 2026
AEM Holdings Ltd has provided an update on ongoing patent litigation brought by Advantest Test Solutions in the U.S. District Court for the Southern District of California against the parent company and its subsidiaries. Advantest’s First Am...
AEM Wins Initial Dismissal in U.S. Patent Dispute With Advantest
Jul 2, 2026
AEM Holdings Ltd. has announced that a U.S. court has dismissed a patent infringement complaint filed by Advantest Test Solutions, Inc. against the company and its subsidiaries, ruling that the original filing did not adequately allege direct or i...
AEM Issues New Shares Under 2014 Employee Stock Option Scheme
Jun 29, 2026
AEM Holdings Ltd has issued and allotted 90,000 new ordinary shares at an exercise price of S$1.142 each, following the exercise of options under its 2014 employee share option scheme. The new shares, which rank pari passu with existing ordinary s...
AEM Issues New Shares Under 2024 Restricted Share Plan
Jun 2, 2026
AEM Holdings has issued and allotted 573,655 new ordinary shares under its AEM Restricted Share Plan 2024 following the vesting of share awards. The new shares will be listed and traded on the Singapore Exchange from 4 June 2026, rank pari passu w...
AEM Shareholders Approve FY2025 Accounts, Dividend and Board Line-up at 2026 AGM
May 27, 2026
AEM Holdings Ltd. held its annual general meeting in Singapore on 28 April 2026, where the board, management and external advisers were present in person and electronically to review the company’s performance for the year ended 31 December 2...
AEM Lifts FY2026 Outlook as AI/HPC Demand Powers Earnings Upswing
May 13, 2026
AEM Holdings reported a 35.8% year-on-year rise in first-quarter FY2026 revenue to S$116.9 million, driven mainly by high-volume production deployments for a fabless AI/HPC customer and recovering demand from a major PC/foundry client. Profit befo...
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.