AWX Stock Analysis: AEM HOLDINGS | SG
Semiconductor Equipment & Materials | SG, Singapore | Market Cap: 3.336m SGD | 12M Return: 480% | SG1BA1000003 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 42.1M
Warnings
Tailwinds
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
AEM Holdings Ltd. (SGX: AWX) is a Singapore-based provider of semiconductor and electronics test solutions, serving customers across Asia, Europe, and the Americas. The company operates through four segments-Test Cell Solutions, Instrumentation, Contract Manufacturing, and Others-and offers a broad portfolio that includes wafer-level and packaged-level test handlers, test interface solutions, engineering and prototyping services, automated machinery, machine vision systems, printed circuit board assembly, and thermal control modules such as 3D heat spreaders. AEM also manufactures and repairs semiconductor assembly and test equipment, designs proprietary electronic instrumentation, and processes components for semiconductor customers. Incorporated in 2000 and headquartered in Singapore, the company was formerly known as AEM-Evertech Holdings Ltd. before adopting its current name in May 2007.
Within the semiconductor value chain, AEM sits in the back-end test equipment and materials space, supplying the tools used to verify chips after wafer fabrication-an area dominated globally by players such as Teradyne and Advantest. Its business model is primarily equipment-and-instrumentation driven, complemented by contract manufacturing and engineering services that tie revenue to the capital expenditure cycles of semiconductor and electronics manufacturers.
- HBM and AI memory test demand accelerates revenue growth
- Intel customer concentration creates earnings volatility risk
- China revenue exposure faces US export control headwinds
| Net Income: 17.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.16 > 0.02 and ΔFCF/TA 22.69 > 1.0 |
| NWC/Revenue: 96.30% < 20% (prev 85.71%; Δ 10.59% < -1%) |
| CFO/TA 0.19 > 3% & CFO 136.0m > Net Income 17.0m |
| Net Debt (-59.2m) to EBITDA (48.4m): -1.22 < 3 |
| Current Ratio: 3.93 > 1.5 & < 3 |
| Outstanding Shares: last quarter (319.5m) vs 12m ago 2.29% < -2% |
| Gross Margin: 25.67% > 18% (prev 25.66%; Δ 0.01% > 0.5%) |
| Asset Turnover: 59.31% > 50% (prev 60.03%; Δ -0.72% > 0%) |
| Interest Coverage Ratio: 9.61 > 6 (EBIT TTM 23.8m / Interest Expense TTM 2.48m) |
| A: 0.54 (Total Current Assets 515.9m - Total Current Liabilities 131.3m) / Total Assets 712.9m |
| B: 0.52 (Retained Earnings 368.0m / Total Assets 712.9m) |
| C: 0.04 (EBIT TTM 23.8m / Avg Total Assets 673.3m) |
| D: 3.15 (Book Value of Equity 537.3m / Total Liabilities 170.7m) |
| Altman-Z'' = 8.76 = AAA |
| DSRI: 1.09 (Receivables 164.4m/143.4m, Revenue 399.3m/380.4m) |
| GMI: 1.00 (GM 25.66% / 25.67%) |
| AQI: 0.93 (AQ_t 0.19 / AQ_t-1 0.21) |
| SGI: 1.05 (Revenue 399.3m / 380.4m) |
| TATA: -0.17 (NI 17.0m - CFO 136.0m) / TA 712.9m) |
| Beneish M = -2.98 (Cap -4..+1) = A |
As of October 08, 2026, the stock is trading at SGD 11.09 with a total of 4,968,000 shares traded. Over the past week, the price has changed by +13.16%, over one month by +25.03%, over three months by +14.37% and over the past year by +480.02%.
Current recommended Stop Loss: 10.30 (which is 7.1% or 1.8 ATR below the current price).
AEM HOLDINGS has no consensus analysts rating.
P/E Trailing = 74.5714
P/E Forward = 29.4118
P/S = 7.3113
P/B = 5.9237
P/EG = 0.2923
Revenue TTM = 399.3m SGD
EBIT TTM = 23.8m SGD
EBITDA TTM = 48.4m SGD
Long Term Debt = 20.0k SGD (from longTermDebt, last quarter)
Short Term Debt = 2.64m SGD (from shortLongTermDebt, last quarter)
Debt = 23.4m SGD (Leases only: 23.4m)
Net Debt = -59.2m SGD (calculated: Debt 23.4m - CCE 82.7m)
Enterprise Value = 3.28b SGD (3.34b + Debt 23.4m - CCE 82.7m)
Interest Coverage Ratio = 9.61 (Ebit TTM 23.8m / Interest Expense TTM 2.48m)
EV/FCF = 28.54x (Enterprise Value 3.28b / FCF TTM 114.8m)
FCF Yield = 3.50% (FCF TTM 114.8m / Enterprise Value 3.28b)
FCF Margin = 28.75% (FCF TTM 114.8m / Revenue TTM 399.3m)
Net Margin = 4.24% (Net Income TTM 17.0m / Revenue TTM 399.3m)
Gross Margin = 25.67% ((Revenue TTM 399.3m - Cost of Revenue TTM 296.8m) / Revenue TTM)
Gross Margin QoQ = none% (prev none%)
Tobins Q-Ratio = 4.60 (Enterprise Value 3.28b / Total Assets 712.9m)
Interest Expense / Debt = 10.57% (Interest Expense 2.48m / Debt 23.4m)
Taxrate = 19.61% (4.18m / 21.3m)
NOPAT = 19.1m (EBIT 23.8m * (1 - 19.61%))
Current Ratio = 3.93 (Total Current Assets 515.9m / Total Current Liabilities 131.3m)
Debt / Equity = 0.04 (Debt 23.4m / totalStockholderEquity, last quarter 537.3m)
Debt / EBITDA = -1.22 (Net Debt -59.2m / EBITDA 48.4m)
Debt / FCF = -0.52 (Net Debt -59.2m / FCF TTM 114.8m)
Total Stockholder Equity = 498.3m (last 4 quarters mean from totalStockholderEquity)
RoA = 2.52% (Net Income 17.0m / Total Assets 712.9m)
RoE = 3.40% (Net Income TTM 17.0m / Total Stockholder Equity 498.3m)
RoCE = 4.78% (EBIT 23.8m / Capital Employed (Equity 498.3m + L.T.Debt 20.0k))
RoIC = 3.41% (NOPAT 19.1m / Invested Capital 561.6m)
WACC = 11.38% (E(3.34b)/V(3.36b) * Re(11.40%) + D(23.4m)/V(3.36b) * Rd(10.57%) * (1-Tc(0.20)))
Discount Rate = 11.40% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 90.26 | Cagr: 5.63%
[DCF] Terminal Value 65.59% ; FCFF base≈114.8m ; Y1≈115.3m ; Y5≈122.1m
[DCF] Fair Price = 4.11 (EV 1.25b - Net Debt -59.2m = Equity 1.31b / Shares 319.5m; r=11.38% [WACC]; 5y FCF grow 0.0% → 2.50% )
Revenue Correlation: -75.15 | Revenue CAGR: -8.91% | SUE: N/A | # QB: 0
EPS current Year (2026-12-31): EPS=0.27 | Chg30d=+31.55% | Revisions=+57% | GrowthEPS=+237.1% | GrowthRev=+66.0%
EPS next Year (2027-12-31): EPS=0.34 | Chg30d=+15.00% | Revisions=+50% | GrowthEPS=+23.1% | GrowthRev=+25.2%
[Analyst] Revisions Ratio: +70% (up=7, down=0)