External broker reports(aggregated public sources), UOB Kay Hian

UOB Kay Hian

External broker reports(aggregated public sources)

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Downgrade AEM (SGX:AWX) to SELL with an unchanged target price of S$2.87.</li><li>AEM’s one-month share price rally of about 30% was largely driven by the increased interest in AI-related stocks from positive developments in the space since May 23.</li><li>AEM's share price has rallied along with many semiconductor-related stocks since the strong sales forecast by US-listed Nvidia in late-May 23, which has driven positive development in the AI-related space.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Downgrade AEM (SGX:AWX) to SELL with an unchanged target price of S$2.87.AEM’s one-month share price rally of about 30% was largely driven by the increased interest in AI-related stocks from positive developments in the space since May 23.AEM's share price has rallied along with many semiconductor-related stocks since the strong sales forecast by US-listed Nvidia in late-May 23, which has driven positive development in the AI-related space.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

AEM - Cautious On Rally From AI Hype; Earnings Could Miss On Overoptimistic Estimates

<ul><li>AEM’s 1Q23 earnings of S$15.6m (-62% y-o-y) was below expectations, meeting only 18% of our full-year estimate, despite the revenue of S$153m (-42% y-o-y) being in line at 26% of our full-year estimate.</li><li>The earnings miss was mainly due to weaker-than-expected net margin.</li><li>AEM (SGX:AWX)’s 1Q23 earnings of S$15.6m (-62% y-o-y) was below expectations, meeting only 18% of our full-year estimate, despite the revenue of S$153m (-42% y-o-y) being in line at 26% of our full-year estimate.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

AEM’s 1Q23 earnings of S$15.6m (-62% y-o-y) was below expectations, meeting only 18% of our full-year estimate, despite the revenue of S$153m (-42% y-o-y) being in line at 26% of our full-year estimate.The earnings miss was mainly due to weaker-than-expected net margin.AEM (SGX:AWX)’s 1Q23 earnings of S$15.6m (-62% y-o-y) was below expectations, meeting only 18% of our full-year estimate, despite the revenue of S$153m (-42% y-o-y) being in line at 26% of our full-year estimate.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

AEM - 1Q23 Earnings Missed; Uncertain Near-Term Outlook

Singapore

AEM Holdings Limited designs and manufactures semiconductor manufacturing equipment and related tooling parts and precision machining of components for semiconductor industry.  The Company also manufactures and distributes electronics, engineering, chemical and related products. AEM provides engineering services.

AEM (AEM SP)

AEM - Cautious On Rally From AI Hype; Earnings Could Miss On Overoptimistic Estimates

AEM’s one-month share price rally of about 30% was largely driven by the increased interest in AI-related stocks from positive developments in the...

UOB Kay Hian

AEM - 1Q23 Earnings Missed; Uncertain Near-Term Outlook

AEM’s 1Q23 earnings of S$15.6m (-62% y-o-y) was below expectations, meeting only 18% of our full-year estimate, despite the revenue of S$153m (-42%...

UOB Kay Hian