Broker Name: Maybank Research Pte Ltd

Date of Report: February 26, 2026

Excerpt from Maybank Research Pte Ltd report.

• Report Summary:
• AEM Holdings is upgraded to BUY as management expects a major revenue ramp-up in FY26, driven by a new AI/HPC customer which is likely to become its largest client. FY26 revenue is guided at SGD460-510m (+15-28% YoY), with substantial margin expansion forecasted and efforts underway to secure more customers, positioning AEM as a key beneficiary of the AI capex cycle.
• Maybank raises its target price to SGD2.84 (from SGD1.49), based on 25x FY26/27E P/E, and significantly increases earnings forecasts for FY26/27. The report highlights AEM’s improving diversification, strong acquisition synergy, and above-average ESG profile, although risks remain from customer concentration and potential technology competition.

Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank website: https://www.maybank-keresearch.com