Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aem-holdings-ltd" target="_blank" data-smartkarma-citation="entities:11019:1" rel="noopener">AEM (AEM SP)</a> announced a new CEO, Samer Kabbani, would take over with immediate effect.</li>
<li>The previous CEO, Amy Leong, had only been in the job for about a year. The rapid change of CEO does not instill confidence going into 2Q25 results next week.</li>
<li>New CEO's frequently kitchen sink upon their appointment, will Samer continue this trend?</li>
</ul>



AEM (AEM SP) announced a new CEO, Samer Kabbani, would take over with immediate effect.
The previous CEO, Amy Leong, had only been in the job for about a year. The rapid change of CEO does not instill confidence going into 2Q25 results next week.
New CEO's frequently kitchen sink upon their appointment, will Samer continue this trend?


AEM Holdings: Another CEO, Another Kitchen Sink?

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>Singapore’s small- and mid-cap equities have surged over the past month, defying a generally cautious macroeconomic backdrop.</li>
<li>The rally is widely linked to expectations of significant capital inflows from the Monetary Authority of Singapore’s (MAS) Equity Market Development Programme (EQDP).</li>
<li>A firm Singapore dollar and comparatively attractive dividend yields have further supported investor interest in these stocks.</li>
</ul>


Singapore’s small- and mid-cap equities have surged over the past month, defying a generally cautious macroeconomic backdrop.
The rally is widely linked to expectations of significant capital inflows from the Monetary Authority of Singapore’s (MAS) Equity Market Development Programme (EQDP).
A firm Singapore dollar and comparatively attractive dividend yields have further supported investor interest in these stocks.


55 SGX Stocks Up >15% in a Month – EQDP Attracting Investor Attention

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aem-holdings-ltd" target="_blank" data-smartkarma-citation="entities:11019:1" rel="noopener">AEM (AEM SP)</a> published dismal 1Q24 results and kept its modest guidance for 1H24.</li>
<li>AEM has announced new customer wins going into FY25 which should improve results materially next year. The sell-side has downgraded estimates aggressively making room for upside surprises next year.</li>
<li>AEM has seen an implosion in investor confidence because of the inventory issues, and slow orders from its key customer <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a>. Long-term investors should accumulate here. </li>
</ul>



AEM (AEM SP) published dismal 1Q24 results and kept its modest guidance for 1H24.
AEM has announced new customer wins going into FY25 which should improve results materially next year. The sell-side has downgraded estimates aggressively making room for upside surprises next year.
AEM has seen an implosion in investor confidence because of the inventory issues, and slow orders from its key customer Intel Corp (INTC US). Long-term investors should accumulate here. 


AEM Holdings: More Short-Term Pain; Highly Attractive Valuation for Long-Term Investors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aem-holdings-ltd" target="_blank" data-smartkarma-citation="entities:11019:1" rel="noopener">AEM (AEM SP)</a> reported FY23 results which showed a decline of 45% in annual revenues and a small loss on the net income line. Guidance is only given for 1H24.</li>
<li>Senior management will forego all bonuses, the CFO departs and the old CEO is coming back as a consultant. AEM's stock closed down 20% after the FY23 results publication.</li>
<li>A potential new Trump presidency would push an "America First" agenda likely benefiting Intel and indirectly AEM in a big way.</li>
</ul>



AEM (AEM SP) reported FY23 results which showed a decline of 45% in annual revenues and a small loss on the net income line. Guidance is only given for 1H24.
Senior management will forego all bonuses, the CFO departs and the old CEO is coming back as a consultant. AEM's stock closed down 20% after the FY23 results publication.
A potential new Trump presidency would push an "America First" agenda likely benefiting Intel and indirectly AEM in a big way.


AEM: Cautious Guidance, but AI Exposure Highlighted and Company Could Benefit from Trump Re-Election

<ul>
<li>AEM had a bizarre announcement on Sunday evening the 14th of January 2024: inventory was "lost" on the way to Penang from its Singapore factory.</li>
<li>Given AEM's stellar corporate governance reputation up until now, this raises more than a few eyebrows: how is this even possible? </li>
<li>4Q23 results, due in a month, will feature a large restatement of FY23 results and lead to a major earnings loss. Any recovery is delayed into FY25.</li>
</ul>


AEM had a bizarre announcement on Sunday evening the 14th of January 2024: inventory was "lost" on the way to Penang from its Singapore factory.
Given AEM's stellar corporate governance reputation up until now, this raises more than a few eyebrows: how is this even possible? 
4Q23 results, due in a month, will feature a large restatement of FY23 results and lead to a major earnings loss. Any recovery is delayed into FY25.


AEM: When Inventory Fell off the Truck On the Way to Penang...

Singapore

AEM is a global leader in providing customized, application-specific test and handling solutions for the semiconductor and electronics industries. The company's offerings, including handlers and test inserts, are crucial for ensuring the quality and reliability of advanced chips used in AI and high-performance computing. AEM was established in 1990 and is headquartered in Singapore.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

AEM (AEM SP)

AEM Holdings: Another CEO, Another Kitchen Sink?

AEM Holdings appoints new CEO Samer Kabbani, raising concerns about stability ahead of 2Q25 results. The raising of guidance late June, combined...

Nicolas Van Broekhoven

55 SGX Stocks Up >15% in a Month – EQDP Attracting Investor Attention

List of 55 SGX stocks (> USD 100 mn Mkt cap) that appreciated more than 15% in the past month - likely driven by anticipated impact of fund inflows...

Devi Subhakesan

AEM Holdings: More Short-Term Pain; Highly Attractive Valuation for Long-Term Investors

AEM posted a very weak quarter. Business should improve dramatically by FY25. Long-term investors should accumulate aggressively on current weakness.

Nicolas Van Broekhoven

AEM: Cautious Guidance, but AI Exposure Highlighted and Company Could Benefit from Trump Re-Election

AEM has had a horrific start to FY24. Inventory issues, CFO and COO departures, and a weak business outlook. FY24 guidance was weak and visibility...

Nicolas Van Broekhoven

AEM: When Inventory Fell off the Truck On the Way to Penang...

AEM's credibility with investors took a blow when it reported that some of its inventory "fell off the truck" during transport from Singapore to...

Nicolas Van Broekhoven

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

AEM Holdings: Another CEO, Another Kitchen Sink?

​AEM Holdings appoints new CEO Samer Kabbani, raising concerns about stability ahead of 2Q25 results. The raising of guidance late June, combined...

Nicolas Van Broekhoven

55 SGX Stocks Up >15% in a Month – EQDP Attracting Investor Attention

List of 55 SGX stocks (> USD 100 mn Mkt cap) that appreciated more than 15% in the past month - likely driven by anticipated impact of fund inflows...

Devi Subhakesan

AEM Holdings: More Short-Term Pain; Highly Attractive Valuation for Long-Term Investors

AEM posted a very weak quarter. Business should improve dramatically by FY25. Long-term investors should accumulate aggressively on current weakness.

Nicolas Van Broekhoven

AEM: Cautious Guidance, but AI Exposure Highlighted and Company Could Benefit from Trump Re-Election

AEM has had a horrific start to FY24. Inventory issues, CFO and COO departures, and a weak business outlook. FY24 guidance was weak and visibility...

Nicolas Van Broekhoven

AEM: When Inventory Fell off the Truck On the Way to Penang...

AEM's credibility with investors took a blow when it reported that some of its inventory "fell off the truck" during transport from Singapore to...

Nicolas Van Broekhoven

AEM Holdings appoints new CEO Samer Kabbani, raising concerns about stability ahead of 2Q25 results. The raising of guidance late June, combined...