AWX Stock Analysis: AEM HOLDINGS | SG
Semiconductor Equipment & Materials | SG, Singapore | Market Cap: 2.965m SGD | 12M Return: 421% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 45.2M
Warnings
Tailwinds
Seasonality 10.5 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. is a Singapore-based provider of semiconductor and electronics test solutions, operating through four segments: Test Cell Solutions, Instrumentation, Contract Manufacturing, and Others. The company is classified under the Semiconductor Materials & Equipment sub-industry, supplying back-end test and handling equipment used by chip manufacturers and OSAT (outsourced semiconductor assembly and test) providers to validate devices after wafer fabrication.
Its offerings span the full test cell workflow, including burn-in, wafer-level, system-level, and packaged-level handling solutions, as well as test interface products such as manual actuators, receptacles, load boards, and custom test fixtures. AEM also manufactures handler change kits, tester interfaces, thermal control modules, and related tooling, and provides engineering, rapid prototyping, and PCB assembly services. Semiconductor test handler systems typically integrate robotics, thermal control, and contactor interfaces to automate the movement of devices between test stations.
The company serves customers across Singapore, China, Costa Rica, Finland, France, Germany, Ireland, Malaysia, South Korea, the UK, the US, Vietnam, and other international markets. Originally incorporated in 2000 as AEM-Evertech Holdings Ltd., it was renamed AEM Holdings Ltd. in May 2007 and remains headquartered in Singapore.
- AI chip test demand drives Test Cell Solutions revenue growth
- Customer concentration with major chipmaker poses earnings risk
- New instrumentation product launches expand segment margins
| 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 July 28, 2026, the stock is trading at SGD 8.79 with a total of 4,024,800 shares traded. Over the past week, the price has changed by -0.68%, over one month by -12.54%, over three months by +30.45% and over the past year by +421.04%.
Current recommended Stop Loss: 8.00 (which is 9% or 1.5 ATR below the current price).
AEM HOLDINGS has no consensus analysts rating.
P/E Trailing = 185.6
P/E Forward = 40.8163
P/S = 6.8936
P/B = 5.739
P/EG = 0.4133
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 = 2.90b SGD (2.97b + Debt 13.3m - CCE 77.3m)
Interest Coverage Ratio = 10.50 (Ebit TTM 26.0m / Interest Expense TTM 2.48m)
EV/FCF = 25.27x (Enterprise Value 2.90b / FCF TTM 114.8m)
FCF Yield = 3.96% (FCF TTM 114.8m / Enterprise Value 2.90b)
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 = 4.67 (Enterprise Value 2.90b / 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 = 9.65% (E(2.97b)/V(2.98b) * Re(9.63%) + D(13.3m)/V(2.98b) * Rd(18.60%) * (1-Tc(0.20)))
Discount Rate = 9.63% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 90.26 | Cagr: 5.63%
[DCF] Terminal Value 71.00% ; FCFF base≈114.8m ; Y1≈115.3m ; Y5≈122.1m
[DCF] Fair Price = 5.07 (EV 1.55b - Net Debt -64.0m = Equity 1.62b / Shares 319.5m; r=9.65% [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=-0.19% | Revisions=-25% | GrowthEPS=+156.3% | GrowthRev=+46.5%
EPS next Year (2027-12-31): EPS=0.29 | Chg30d=-0.34% | Revisions=-25% | GrowthEPS=+40.7% | GrowthRev=+28.8%
[Analyst] Revisions Ratio: -40% (up=0, down=2)