AEM Holdings
24-01-2018, 01:32 AM
Think NPAT for FY2017 should be closer to 45/46 cents.
And NPAT for FY2018 is 53 cents per share. But this is likely to be revised higher as per their usual practice. So maybe closer to 60/65 cents per share.
24-01-2018, 08:04 AM
One thing is more or less certain, assuming that the PBT guidance of S$42 million will be reached, taxes of 17%, and P/E of 10, AEM should be worth at least S$5.20.
Although management has been conservative in their earnings guidance, their fate ultimately lies in the hands of Intel. Things could get even interesting if AEM could develop their own testers and acquire new customers for their test handlers. 
26-01-2018, 10:02 PM
AEM ($4.70) - Cohu Inc, it’s closest competitor or rather company in the same segment, is trading at around PE 22 times in US Nasdaq but margin half of AEM. Supposing AEM is trading at PE 20 times it means that the share price may climb to as high as $11.00 - $14.00 (of course
it is of anybody guess now). But based on the prospect, the likelihood of an $8.00 stock is achievable.
02-02-2018, 08:48 PM
AEM ($5.50) - After these announcements made, is the current share already overpriced or will there be more room for price appreciation?
 http://infopub.sgx.com/FileOpen/AEM-Prof...eID=486035 http://infopub.sgx.com/FileOpen/AEM%20Af...eID=487377 http://infopub.sgx.com/FileOpen/AEM%20Ac...eID=487396 https://www.aem.com.sg/press-release-1/2...feb-1-2018 
03-02-2018, 08:59 AM
(02-02-2018, 08:48 PM)crabcrab Wrote: AEM ($5.50) - After these announcements made, is the current share already overpriced or will there be more room for price appreciation? Really depends on investor sentiment. Intel share price just crashed from $50 to $45 over the past couple days. AEM share price likely to track that at least a bit in response. Monday markets will be quite chui, AEM unlikely to be spared. Its also probably the peak/end of this current semicon cycle, dram index I am tracking is already on slow downward trend past couple months.
Virtual currencies are worth virtually nothing.
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04-02-2018, 01:43 PM
(03-02-2018, 08:59 AM)BlueKelah Wrote:$50 to $45 is a correction, not a crash.(02-02-2018, 08:48 PM)crabcrab Wrote: AEM ($5.50) - After these announcements made, is the current share already overpriced or will there be more room for price appreciation? Valuations are still reasonable for AEM. My only concern would be the CEO's sudden retirement. Sent from my ASUS_Z012D using Tapatalk
04-02-2018, 07:24 PM
AEM ($5.50) - Target price upgrade to S$6.62 by CIMB, according to article as below:
https://www.theedgesingapore.com/stars-a...-says-cimb
15-09-2018, 08:18 PM
How was it possible for AEM to increase revenue and profit (150 mil and 30 mil respectively) with such a small amount and small increase in PP&E? They had 3.6 million in PP&E in 2017. That's a return on capital of hundreds of percent! And even in percentage terms - PP&E increased by 63%, revenue and profits by hundreds of percent!
15-09-2018, 11:00 PM
Hi Kaimin,
The answer is simple, they struck gold in their new product. Secondly the semi conductor industry they are in grew a lot over the past 2 years due to the demand of chips as well as the cryptocurrency boom that created demand for mining rigs, which needed "heavy duty" graphics card.
16-09-2018, 07:27 AM
(15-09-2018, 08:18 PM)Kaimin Wrote: How was it possible for AEM to increase revenue and profit (150 mil and 30 mil respectively) with such a small amount and small increase in PP&E? They had 3.6 million in PP&E in 2017. That's a return on capital of hundreds of percent! And even in percentage terms - PP&E increased by 63%, revenue and profits by hundreds of percent! AEM's main customer is Intel, whose sales are mainly from PC and Data Center chips. AEM co-developed a new test handler with Intel that is superior than existing market products, resulting in AEM being the sole supplier for Intel's test handlers. This explains AEM revenue growth from its trough. As for being asset-light, this is a characteristic of semicon capital equipment OEMs. They rely more on manpower than that of PP&E. If you noticed, AEM's staff costs doubled from 2016 to 2017 (although 25% of staff costs is due to bonus). My guess is, AEM outsource more parts and rely more on their proprietary technology to generate sales. |
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