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AEM Holdings Ltd.
(SGX:AWX)
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Rating:57Neutral
Price Target:
S$8.00
▼(-13.98% Downside)
Action:Reiterated
Date:08/30/26
The score is primarily supported by improving earnings/cash flow and a low-leverage balance sheet, but is held back by a multi-year revenue decline, weak near-term price momentum, and a high P/E with minimal dividend support.
Positive Factors
Conservative Balance Sheet
Low leverage and a sizable equity base relative to assets reduce balance-sheet fragility. This gives AEM more capacity to absorb semiconductor-cycle volatility and fund customer deployments or product development without debt becoming a primary constraint.
Negative Factors
Multi-Year Revenue Decline
Revenue has declined across 2023–2025 after strong growth in 2021–2022, indicating that demand and mix have not yet returned to prior-cycle strength. A multi-year top-line contraction can pressure utilization, operating leverage, and future reinvestment capacity.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Low leverage and a sizable equity base relative to assets reduce balance-sheet fragility. This gives AEM more capacity to absorb semiconductor-cycle volatility and fund customer deployments or product development without debt becoming a primary constraint.
Read all positive factors
AEM Holdings Ltd. (AWX) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$2.72B
Dividend Yield0.43%
Average Volume (3M)4.93M
Price to Earnings (P/E)60.1
Beta (1Y)0.94
Revenue Growth14.91%
EPS Growth226.44%
CountrySG
Employees2,288
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)0.14
Shares Outstanding322,309,330
10 Day Avg. Volume5,847,870
30 Day Avg. Volume4,926,914
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$14.13Price Target Upside51.90% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.26
Revenue Forecast (FY)S$658.70M
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 | 456.29M | 399.34M | 380.41M | 481.28M | 870.49M | 565.46M |
| Gross Profit | 135.88M | 102.52M | 97.61M | 129.30M | 273.66M | 186.65M |
| EBITDA | 57.91M | 47.98M | 43.12M | 40.95M | 185.21M | 126.68M |
| Net Income | 44.82M | 16.95M | 11.44M | -1.24M | 126.81M | 91.95M |
Balance Sheet | ||||||
| Total Assets | 712.86M | 621.60M | 673.17M | 707.53M | 805.60M | 710.50M |
| Cash, Cash Equivalents and Short-Term Investments | 82.66M | 77.33M | 43.77M | 101.85M | 127.78M | 216.18M |
| Total Debt | 26.09M | 25.68M | 94.38M | 126.36M | 143.31M | 81.27M |
| Total Liabilities | 170.68M | 122.28M | 180.86M | 233.14M | 312.15M | 307.98M |
| Stockholders Equity | 537.28M | 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
Neutral
9.30
Price Trends
9.37
Negative
9.45
Negative
7.11
Positive
Market Momentum
-0.45
Positive
42.85
Neutral
30.56
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:AWX, the sentiment is Neutral. The current price of 9.3 is below the 20-day moving average (MA) of 9.50, below the 50-day MA of 9.37, and above the 200-day MA of 7.11, indicating a neutral trend. The MACD of -0.45 indicates Positive momentum. The RSI at 42.85 is Neutral, neither overbought nor oversold. The STOCH value of 30.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | S$358.70M | 18.71 | 33.93% | 2.33% | 26.44% | 53.56% | |
72 Outperform | S$2.13B | 34.61 | 12.58% | 2.12% | 9.88% | 33.33% | |
66 Neutral | S$312.58M | 9.38 | 12.44% | 28.40% | -8.15% | -16.22% | |
63 Neutral | S$1.01B | 23.83 | 7.99% | 1.29% | 1.00% | -1.32% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | S$2.72B | 60.07 | 8.82% | 0.43% | 14.91% | 226.44% | |
50 Neutral | S$544.19M | 37.78 | 3.27% | 1.76% | 9.77% | 10.50% |
* Technology Sector Average
SG:AWX
AEM Holdings Ltd.
8.53
6.61
344.04%
SG:5DD
Micro-Mechanics (Holdings)
2.58
0.86
50.26%
SG:558
UMS Integration
2.26
1.10
95.50%
SG:8AZ
Aztech Global Ltd.
0.41
-0.18
-31.12%
SG:E28
Frencken Group Limited
2.14
0.54
33.50%
SG:MZH
Nanofilm Technologies International Ltd.
0.84
0.13
18.27%
AEM Holdings Ltd. Corporate Events
AEM Joins Singapore’s Inaugural Champions of AI Programme to Accelerate Test Innovation
Oct 28, 2026
AEM Holdings Ltd. has been selected for Enterprise Singapore’s inaugural Champions of AI Programme, joining the first cohort of 24 companies showcased at the Champions of AI Pavilion during SWITCH 2026. The initiative targets Singapore firms...
AEM Escalates Defence in U.S. Patent Dispute with Advantest
Oct 6, 2026
AEM Holdings Ltd has provided an update on the ongoing patent dispute with Advantest Test Solutions in the U.S., where Advantest alleges infringement of two patents by AEM and its subsidiaries. The court previously found Advantest’s initial ...
AEM Holdings Strengthens Board With New Independent Director
Sep 30, 2026
AEM Holdings Ltd. has refreshed its governance framework with the appointment of Dr. Wang Hai as an Independent Non-Executive Director effective 1 October 2026, adding to a board already dominated by independent oversight. He joins existing direct...
AEM Issues New Shares Under Restricted Share Plan 2024
Sep 1, 2026
AEM Holdings Ltd. has issued and allotted 144,226 new ordinary shares under its AEM Restricted Share Plan 2024 following the vesting of previously granted share awards. The new shares, which rank pari passu with existing ordinary shares, are expec...
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.