AEM Holdings Ltd. (SG:AWX)
SGX:AWX
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AEM Holdings Ltd.
(SGX:AWX)
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Rating:63Neutral
Price Target:
S$5.50
▲(8.27% Upside)
Action:ReiteratedDate:03/21/26
The score is driven primarily by improving financial performance and a low-leverage balance sheet, which support business resilience. Technicals show a strong uptrend but are extremely overbought, increasing near-term downside risk. Valuation is a headwind due to a high P/E and no stated dividend yield.
Positive Factors
Conservative balance sheet
Low leverage and a sizable equity base provide durable financial flexibility: supports capital investment in equipment R&D and customer projects, lowers refinancing risk in downturns, and preserves capacity to weather semiconductor cycle volatility for 2–6 months and beyond.
Negative Factors
Top-line inconsistency
Sustained revenue declines since 2022 indicate vulnerability to semiconductor capital cycles and customer demand shifts; weaker scale can pressure pricing leverage, R&D amortization, and long-term growth prospects absent a durable recovery in orders.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Low leverage and a sizable equity base provide durable financial flexibility: supports capital investment in equipment R&D and customer projects, lowers refinancing risk in downturns, and preserves capacity to weather semiconductor cycle volatility for 2–6 months and beyond.
Read all positive factors
AEM Holdings Ltd. (AWX) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$1.54B
Dividend YieldN/A
Average Volume (3M)6.32M
Price to Earnings (P/E)31.8
Beta (1Y)1.36
Revenue Growth4.60%
EPS GrowthN/A
CountrySG
Employees2,372
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)0.04
Shares Outstanding317,484,440
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$4.78Price Target Upside-5.91% Downside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.12
Revenue Forecast (FY)S$505.35M
AEM Holdings Ltd. Business Overview & Revenue Model
Company Description
AEM Holdings Ltd provides intelligent system testing and handling solutions for semiconductor and electronics companies in Asia, Europe, and North and Central America. It operates through Test Cell Solutions, Instrumentation, Contract Manufacturin...
How the Company Makes Money
AEM primarily makes money by selling semiconductor test handling equipment and related test solutions to customers that perform device testing (e.g., semiconductor manufacturers and outsourced semiconductor assembly and test providers). Revenue is...
AEM Holdings Ltd. Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
76
Positive
Cash Flow
64
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 399.34M | 380.41M | 481.28M | 870.49M | 565.46M |
| Gross Profit | 102.52M | 97.61M | 129.30M | 273.66M | 186.65M |
| EBITDA | 47.98M | 43.12M | 40.95M | 185.23M | 126.71M |
| Net Income | 16.95M | 11.44M | -1.24M | 126.81M | 91.95M |
Balance Sheet | |||||
| Total Assets | 621.60M | 673.17M | 707.53M | 805.60M | 710.50M |
| Cash, Cash Equivalents and Short-Term Investments | 77.33M | 43.77M | 101.85M | 127.78M | 216.18M |
| Total Debt | 25.68M | 94.38M | 126.36M | 143.31M | 81.27M |
| Total Liabilities | 122.28M | 180.86M | 233.14M | 312.15M | 307.98M |
| Stockholders Equity | 492.77M | 485.70M | 467.46M | 485.05M | 402.51M |
Cash Flow | |||||
| Free Cash Flow | 122.89M | -41.70M | 14.39M | -58.91M | 35.23M |
| Operating Cash Flow | 131.63M | -17.52M | 40.17M | -31.43M | 52.00M |
| Investing Cash Flow | -23.56M | -8.79M | -20.09M | -38.44M | -85.22M |
| Financing Cash Flow | -75.69M | -31.78M | -46.91M | -19.28M | 113.51M |
AEM Holdings Ltd. Technical Analysis
Positive
5.08
Price Trends
3.38
Positive
2.56
Positive
2.12
Positive
Market Momentum
0.44
Negative
75.57
Negative
80.89
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 5.08 is above the 20-day moving average (MA) of 4.48, above the 50-day MA of 3.38, and above the 200-day MA of 2.12, indicating a bullish trend. The MACD of 0.44 indicates Negative momentum. The RSI at 75.57 is Negative, neither overbought nor oversold. The STOCH value of 80.89 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | S$401.80M | 15.23 | 26.24% | 3.73% | 12.70% | 48.43% | |
74 Outperform | S$1.06B | 15.07 | 9.11% | 1.88% | 11.57% | 0.89% | |
71 Outperform | S$671.46M | 12.58 | 12.85% | 17.05% | -50.75% | -61.46% | |
65 Neutral | S$1.59B | 24.36 | 9.75% | 3.88% | 1.24% | -10.12% | |
63 Neutral | S$1.54B | 31.84 | 3.48% | ― | 4.60% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | S$527.90M | 32.46 | 3.50% | 1.12% | 22.66% | 83.49% |
* Technology Sector Average
SG:AWX
AEM Holdings Ltd.
5.08
3.98
361.82%
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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.