(AWX) AEM HOLDINGS - SG
Sector: Technology | Industry: Semiconductor Equipment & Materials | Exchange: SG (Singapore) | Market Cap: 3.217m SGD | Total Return: 726.8% in 12m
Avg Turnover: 67.3M
Warnings
P/E ratio 201.4
Tailwinds
Supp Ema20, Rs Leader, Idiosyncratic Leader, Confidence, Tailwind
AEM Holdings Ltd. is a Singapore-based provider of comprehensive semiconductor and electronics test solutions. The company operates through four primary segments: Test Cell Solutions, Instrumentation, Contract Manufacturing, and Others. Its portfolio includes automated test handlers, thermal control systems, and interface solutions for wafer-level and system-level testing.
The business model relies on the increasing complexity of semiconductor architectures, which requires sophisticated testing to ensure yield and reliability. As a key player in the back-end semiconductor equipment market, AEM benefits from the industry shift toward heterogeneous integration and advanced packaging techniques.
AEM serves a global client base across major tech hubs, including the United States, China, and Vietnam. Beyond testing hardware, the company provides engineering services, machine vision integration, and contract manufacturing for printed circuit boards and proprietary equipment.
Detailed performance metrics and historical valuation trends for the company are available on ValueRay for further analysis. The firm was established in 2000 and underwent a significant rebranding from AEM-Evertech Holdings in 2007 to reflect its broader focus on automated test equipment.
- Intel spending cuts and product roadmap delays impact test equipment demand
- Shift toward System Level Testing drives long-term revenue and margin expansion
- High customer concentration risk persists despite efforts to diversify client base
- Inventory normalization and recovery in computing segment stabilize order books
| Net Income: 17.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.18 > 0.02 and ΔFCF/TA 24.66 > 1.0 |
| NWC/Revenue: 83.13% < 20% (prev 87.05%; Δ -3.92% < -1%) |
| CFO/TA 0.22 > 3% & CFO 136.0m > Net Income 17.0m |
| Net Debt (-64.0m) to EBITDA (50.6m): -1.27 < 3 |
| Current Ratio: 4.55 > 1.5 & < 3 |
| Outstanding Shares: last quarter (313.8m) vs 12m ago 0.57% < -2% |
| Gross Margin: 25.67% > 18% (prev 25.66%; Δ 0.01% > 0.5%) |
| Asset Turnover: 61.68% > 50% (prev 56.51%; Δ 5.17% > 0%) |
| Interest Coverage Ratio: 10.50 > 6 (EBIT TTM 26.0m / Interest Expense TTM 2.48m) |
| A: 0.53 (Total Current Assets 425.5m - Total Current Liabilities 93.5m) / Total Assets 621.6m |
| B: 0.55 (Retained Earnings 341.2m / Total Assets 621.6m) |
| C: 0.04 (EBIT TTM 26.0m / Avg Total Assets 647.4m) |
| D: 4.03 (Book Value of Equity 492.8m / Total Liabilities 122.3m) |
| Altman-Z'' = 9.79 = AAA |
| DSRI: 0.83 (Receivables 120.3m/138.2m, Revenue 399.3m/380.4m) |
| GMI: 1.00 (GM 25.66% / 25.67%) |
| AQI: 1.16 (AQ_t 0.24 / AQ_t-1 0.20) |
| SGI: 1.05 (Revenue 399.3m / 380.4m) |
| TATA: -0.19 (NI 17.0m - CFO 136.0m) / TA 621.6m) |
| Beneish M = -3.06 (Cap -4..+1) = AA |
As of June 18, 2026, the stock is trading at SGD 10.40 with a total of 3,941,700 shares traded.
Over the past week, the price has changed by +18.05%,
over one month by +15.56%,
over three months by +194.31% and
over the past year by +726.84%.
AEM HOLDINGS has no consensus analysts rating.
P/E Trailing = 201.4
P/E Forward = 47.3934
P/S = 7.4783
P/B = 6.6515
P/EG = 0.571
Revenue TTM = 399.3m SGD
EBIT TTM = 26.0m SGD
EBITDA TTM = 50.6m SGD
Long Term Debt = 22.0k SGD (from longTermDebt, last quarter)
Short Term Debt = 3.04m SGD (from shortLongTermDebt, last quarter)
Debt = 13.3m SGD (Leases only: 13.3m)
Net Debt = -64.0m SGD (calculated: Debt 13.3m - CCE 77.3m)
Enterprise Value = 3.15b SGD (3.22b + Debt 13.3m - CCE 77.3m)
Interest Coverage Ratio = 10.50 (Ebit TTM 26.0m / Interest Expense TTM 2.48m)
EV/FCF = 27.46x (Enterprise Value 3.15b / FCF TTM 114.8m)
FCF Yield = 3.64% (FCF TTM 114.8m / Enterprise Value 3.15b)
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 = 5.07 (Enterprise Value 3.15b / Total Assets 621.6m)
Interest Expense / Debt = 18.60% (Interest Expense 2.48m / Debt 13.3m)
Taxrate = 19.61% (4.18m / 21.3m)
NOPAT = 20.9m (EBIT 26.0m * (1 - 19.61%))
Current Ratio = 4.55 (Total Current Assets 425.5m / Total Current Liabilities 93.5m)
Debt / Equity = 0.03 (Debt 13.3m / totalStockholderEquity, last quarter 492.8m)
Debt / EBITDA = -1.27 (Net Debt -64.0m / EBITDA 50.6m)
Debt / FCF = -0.56 (Net Debt -64.0m / FCF TTM 114.8m)
Total Stockholder Equity = 482.0m (last 4 quarters mean from totalStockholderEquity)
RoA = 2.62% (Net Income 17.0m / Total Assets 621.6m)
RoE = 3.52% (Net Income TTM 17.0m / Total Stockholder Equity 482.0m)
RoCE = 5.39% (EBIT 26.0m / Capital Employed (Equity 482.0m + L.T.Debt 22.0k))
RoIC = 4.11% (NOPAT 20.9m / Invested Capital 508.1m)
WACC = 9.31% (E(3.22b)/V(3.23b) * Re(9.29%) + D(13.3m)/V(3.23b) * Rd(18.60%) * (1-Tc(0.20)))
Discount Rate = 9.29% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 64.44 | Cagr: 5.63%
[DCF] Terminal Value 72.13% ; FCFF base≈114.8m ; Y1≈115.3m ; Y5≈122.1m
[DCF] Fair Price = 5.31 (EV 1.63b - Net Debt -64.0m = Equity 1.70b / Shares 319.5m; r=9.31% [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=0.21 | Chg30d=+76.06% | Revisions=+50% | GrowthEPS=+156.8% | GrowthRev=+47.3%
EPS next Year (2027-12-31): EPS=0.29 | Chg30d=+45.93% | Revisions=+50% | GrowthEPS=+41.0% | GrowthRev=+26.1%
[Analyst] Revisions Ratio: +50%