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

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>While Technology has ranked as both the strongest performing sector globally and regionally over the past 21 weeks, the 10 most traded Singapore-listed Technology stocks have averaged a 6% YTD decline in total return on S$63 million of net institutional outflow, with the majority of the 10 stocks priced at a discount to their 5-year P/B.</li><li>Last week, UMS and AEM averaged 8.5% symmetrical returns on combined net institutional flow of S$10 million.</li><li>The 10 stocks have averaged a 6.0% decline in total return over the past 21 weeks on S$62.6 million of net institutional outflow.</li></ul>

While Technology has ranked as both the strongest performing sector globally and regionally over the past 21 weeks, the 10 most traded Singapore-listed Technology stocks have averaged a 6% YTD decline in total return on S$63 million of net institutional outflow, with the majority of the 10 stocks priced at a discount to their 5-year P/B.Last week, UMS and AEM averaged 8.5% symmetrical returns on combined net institutional flow of S$10 million.The 10 stocks have averaged a 6.0% decline in total return over the past 21 weeks on S$62.6 million of net institutional outflow.

Recent AI Spotlight saw UMS & AEM Average 8.5% Gains on the Week

<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

<ul><li>Share buybacks by primary listed companies 3 Mar - 9 Mar 2023 Meanwhile, Genting Singapore, Sembcorp Industries, Jardine Matheson, Singapore Airlines, Yangzijiang Shipbuilding (Holdings) led the net institutional inflow for the five sessions.</li><li>There were 19 primary-listed companies conducting share buybacks over the five trading sessions through to Mar 9, with a total consideration of S$10.6 million.</li></ul>

Share buybacks by primary listed companies 3 Mar - 9 Mar 2023 Meanwhile, Genting Singapore, Sembcorp Industries, Jardine Matheson, Singapore Airlines, Yangzijiang Shipbuilding (Holdings) led the net institutional inflow for the five sessions.There were 19 primary-listed companies conducting share buybacks over the five trading sessions through to Mar 9, with a total consideration of S$10.6 million.

Buybacks, director transactions resume at a lively pace

<ul><li>Venture, UMS & Frencken have ranked as Singapore’s most traded Technology stocks over the past four weeks, with the trio averaging 14% gains, while booking S$48 million of net fund inflows.</li><li>This follows average declines of 24% in total return in 2022 on S$139 million of net fund outflows.</li><li>These 14 stocks have averaged 10% gains over the past four weeks, while booking S$42 million of net fund inflows, outpacing the STI, and contrary to the broader Singapore stock market which has booked net fund outflows.</li></ul>

Venture, UMS & Frencken have ranked as Singapore’s most traded Technology stocks over the past four weeks, with the trio averaging 14% gains, while booking S$48 million of net fund inflows.This follows average declines of 24% in total return in 2022 on S$139 million of net fund outflows.These 14 stocks have averaged 10% gains over the past four weeks, while booking S$42 million of net fund inflows, outpacing the STI, and contrary to the broader Singapore stock market which has booked net fund outflows.

Technology Sector Led Global Stocks in January

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.

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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

Recent AI Spotlight saw UMS & AEM Average 8.5% Gains on the Week

While Technology has ranked as both the strongest performing sector globally and regionally over the past 21 weeks, the 10 most traded...

Singapore Exchange Ltd (SGX)

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

Buybacks, director transactions resume at a lively pace

Share buybacks by primary listed companies 3 Mar - 9 Mar 2023 Meanwhile, Genting Singapore, Sembcorp Industries, Jardine Matheson, Singapore...

Singapore Exchange Ltd (SGX)

Technology Sector Led Global Stocks in January

Venture, UMS & Frencken have ranked as Singapore’s most traded Technology stocks over the past four weeks, with the trio averaging 14% gains,...

Singapore Exchange Ltd (SGX)

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