Broker: CGS International
Date of Report: May 4, 2026
Excerpt from CGS International report.
Report Summary
- Stock: AEM Holdings Ltd (AEM SP)
- Action: Add (Buy)
- Target Price: S\$10.15
- Current Price (at report date): S\$7.35
- Implied Upside: 38.1%
- Key Idea: Strong earnings growth outlook, with potential for new orders in FY28-29F driven by Intel’s expansion in test and assembly capacity and AEM’s partnership with Intel Foundry. AEM remains the sole supplier to Intel, with hopes to diversify revenue streams in the near term.
- Highlights:
- Intel’s supply-demand gap and external expansion could benefit AEM with new orders.
- AEM’s partnership with Intel Foundry enables advanced System-Level Test and Burn-In capabilities for next-generation devices.
- Projected FY26-28 EPS CAGR of 83% supports the high valuation.
- Risks: Customer concentration (Intel), potential order delays/cancellations, competitor lawsuit (minimal expected impact), and the ability to ramp up production if demand exceeds expectations.
- Ticker: AEM.SI
above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website : https://www.cgsi.com
