Broker: CGS International
Date of Report: November 13, 2025

Excerpt from CGS International report.

Report Summary

• AEM Holdings Ltd posted 3Q25 revenues up 31.1% year-on-year, but net profit was weak at S\$0.9m due to stock compensation expenses, and 9M25 net profit missed expectations.
• Management maintains positive guidance for stronger 2H25 and significant growth in FY26, driven by robust demand from a major AI/HPC customer and diversification efforts, but near-term risks include legal challenges and potential order delays.

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