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Will we see a repeat?.....
Former AEM-Evertech CEO charged with corruption
The former chief executive officer of AEM-Evertech, the Singapore-listed micro-electronics company, has been charged with four counts of bribery and corruption. Ang Seng Thor, who was also the managing director of AEM-Evertech, is accused of paying bribes amounting to over S$200,000 to staff at Seagate Technology International and Infineon Technologies Malaysia between 2004 &ndash 2005, in order to gain business advantages for AEM.
Ang is also accused of two counts of making false declarations to the Immigration and Checkpoints Authority (" ICA" ) in August 2000 to assist two members of staff obtain permanent resident status in Singapore.
The Corrupt Practices Investigation Bureau (" CPIB" ), the main body charged with investigating corruption-related offences under the Prevention of Corruption Act (" PCA" ), started its investigation into AEM-Evertech' s affairs in 2007. This investigation revealed that the company had been paying commissions to representatives of client companies. The Chief Financial Officer of AEM-Evertech, Kammy Choo, was the first to be charged for corruption offences. During the trial, the Public Prosecutors expressly informed the court that prosecution of other officers of AEM-Evertech involved in corrupt activities would follow Ms. Choo' s. In April 2010, Ms. Choo was sentenced to three months in jail because the court took the view that a fine would be insufficient punishment.
A pre-trial conference for Mr Ang' s case will be held on 10 June 2010. Under Singapore' s PCA, if convicted of corruption offences he faces a fine of up to S$100,000, plus a jail term of up to five years. If he is found guilty of giving false information to the ICA, he could face jail time of up to one year and a fine of up to S$4,000.
FATABA ( Date: 15-Jan-2024 10:53) Posted:
This is terrible ....some one ( Including senior management MUST be responsible for this....definately sleeping .
Internal stock taking can cause 5/7% diff ?? wow ....Not a small figure whatever the human error they claim to be .
Serious investigation into this is needed and show a major lack of proper mgt of inventory .
Dyodd
Joelton ( Date: 15-Jan-2024 10:01) Posted:
AEM uncovers inventory shortfall expects deficit to negatively impact group&rsquo s FY2023 profitability
As at end-September 2023, AEM' s inventories were stated to be worth S$358.6 million.
SEMICONDUCTOR equipment maker AEM Holdings : AWX 0% said on Sunday (Jan 14) that it has found a shortfall in the group&rsquo s inventories following an internal stock-taking exercise, which it expects to negatively impact the group&rsquo s profitability for FY2023.
As at end-September last year, the group&rsquo s inventories were stated to be worth S$358.6 million. This was shared in an investor update released on Nov 9, 2023.
However, a preliminary estimate suggests that the group&rsquo s inventories are anticipated to be 5 to 7 per cent lower than this figure, said AEM. It noted that the internal stock-taking exercise is still ongoing, and that it had taken into account &ldquo the ordinary and usual course of inventory movement&rdquo .
Based on an initial investigation into this issue, the group attributed the shortfall to &ldquo human error in transactions&rdquo with its enterprise resource planning system, which had occurred during the migration of production to the group&rsquo s Penang facility from Singapore.
These errors were not detected by the existing controls and processes that were in place, it added. As a result of its initial findings, it has begun a process to review its inventory and stock monitoring, as well as tracking processes and systems.
AEM expects the shortfall to have a negative impact on the group&rsquo s profitability for the financial year ended Dec 31, 2023. It will issue its unaudited condensed interim financial statements for the full year on or before Feb 29, 2024.
It also clarified that its internal stock-taking exercise was an internal exercise undertaken by the group, and is not part of the audit of the company&rsquo s accounts by external auditors.
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Our vision for the future
A Zero Failure World
They should change not only the CEO but the vision
FATABA ( Date: 15-Jan-2024 10:53) Posted:
This is terrible ....some one ( Including senior management MUST be responsible for this....definately sleeping .
Internal stock taking can cause 5/7% diff ?? wow ....Not a small figure whatever the human error they claim to be .
Serious investigation into this is needed and show a major lack of proper mgt of inventory .
Dyodd
Joelton ( Date: 15-Jan-2024 10:01) Posted:
AEM uncovers inventory shortfall expects deficit to negatively impact group&rsquo s FY2023 profitability
As at end-September 2023, AEM' s inventories were stated to be worth S$358.6 million.
SEMICONDUCTOR equipment maker AEM Holdings : AWX 0% said on Sunday (Jan 14) that it has found a shortfall in the group&rsquo s inventories following an internal stock-taking exercise, which it expects to negatively impact the group&rsquo s profitability for FY2023.
As at end-September last year, the group&rsquo s inventories were stated to be worth S$358.6 million. This was shared in an investor update released on Nov 9, 2023.
However, a preliminary estimate suggests that the group&rsquo s inventories are anticipated to be 5 to 7 per cent lower than this figure, said AEM. It noted that the internal stock-taking exercise is still ongoing, and that it had taken into account &ldquo the ordinary and usual course of inventory movement&rdquo .
Based on an initial investigation into this issue, the group attributed the shortfall to &ldquo human error in transactions&rdquo with its enterprise resource planning system, which had occurred during the migration of production to the group&rsquo s Penang facility from Singapore.
These errors were not detected by the existing controls and processes that were in place, it added. As a result of its initial findings, it has begun a process to review its inventory and stock monitoring, as well as tracking processes and systems.
AEM expects the shortfall to have a negative impact on the group&rsquo s profitability for the financial year ended Dec 31, 2023. It will issue its unaudited condensed interim financial statements for the full year on or before Feb 29, 2024.
It also clarified that its internal stock-taking exercise was an internal exercise undertaken by the group, and is not part of the audit of the company&rsquo s accounts by external auditors.
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Exactly! Let' s call for the CEO to step down! Nonsense!
112233 ( Date: 15-Jan-2024 11:45) Posted:
| Run while u still can. How can such a major blunder happend ? |
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will also damage the reputation of SGX...where' s the corporate governance?
Joelton ( Date: 15-Jan-2024 10:01) Posted:
AEM uncovers inventory shortfall expects deficit to negatively impact group&rsquo s FY2023 profitability
As at end-September 2023, AEM' s inventories were stated to be worth S$358.6 million.
SEMICONDUCTOR equipment maker AEM Holdings : AWX 0% said on Sunday (Jan 14) that it has found a shortfall in the group&rsquo s inventories following an internal stock-taking exercise, which it expects to negatively impact the group&rsquo s profitability for FY2023.
As at end-September last year, the group&rsquo s inventories were stated to be worth S$358.6 million. This was shared in an investor update released on Nov 9, 2023.
However, a preliminary estimate suggests that the group&rsquo s inventories are anticipated to be 5 to 7 per cent lower than this figure, said AEM. It noted that the internal stock-taking exercise is still ongoing, and that it had taken into account &ldquo the ordinary and usual course of inventory movement&rdquo .
Based on an initial investigation into this issue, the group attributed the shortfall to &ldquo human error in transactions&rdquo with its enterprise resource planning system, which had occurred during the migration of production to the group&rsquo s Penang facility from Singapore.
These errors were not detected by the existing controls and processes that were in place, it added. As a result of its initial findings, it has begun a process to review its inventory and stock monitoring, as well as tracking processes and systems.
AEM expects the shortfall to have a negative impact on the group&rsquo s profitability for the financial year ended Dec 31, 2023. It will issue its unaudited condensed interim financial statements for the full year on or before Feb 29, 2024.
It also clarified that its internal stock-taking exercise was an internal exercise undertaken by the group, and is not part of the audit of the company&rsquo s accounts by external auditors.
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Loke said before he departed - Dont' ' Loke' Back..
chiachiawee ( Date: 15-Jan-2024 11:26) Posted:
| AEM needs to get Loke Back. Looks like it has lost its helm since his departure. A possibility of slowly heading 2ish. cheers. |
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absolutely.....trading halt soon?
FATABA ( Date: 15-Jan-2024 10:53) Posted:
This is terrible ....some one ( Including senior management MUST be responsible for this....definately sleeping .
Internal stock taking can cause 5/7% diff ?? wow ....Not a small figure whatever the human error they claim to be .
Serious investigation into this is needed and show a major lack of proper mgt of inventory .
Dyodd
Joelton ( Date: 15-Jan-2024 10:01) Posted:
AEM uncovers inventory shortfall expects deficit to negatively impact group&rsquo s FY2023 profitability
As at end-September 2023, AEM' s inventories were stated to be worth S$358.6 million.
SEMICONDUCTOR equipment maker AEM Holdings : AWX 0% said on Sunday (Jan 14) that it has found a shortfall in the group&rsquo s inventories following an internal stock-taking exercise, which it expects to negatively impact the group&rsquo s profitability for FY2023.
As at end-September last year, the group&rsquo s inventories were stated to be worth S$358.6 million. This was shared in an investor update released on Nov 9, 2023.
However, a preliminary estimate suggests that the group&rsquo s inventories are anticipated to be 5 to 7 per cent lower than this figure, said AEM. It noted that the internal stock-taking exercise is still ongoing, and that it had taken into account &ldquo the ordinary and usual course of inventory movement&rdquo .
Based on an initial investigation into this issue, the group attributed the shortfall to &ldquo human error in transactions&rdquo with its enterprise resource planning system, which had occurred during the migration of production to the group&rsquo s Penang facility from Singapore.
These errors were not detected by the existing controls and processes that were in place, it added. As a result of its initial findings, it has begun a process to review its inventory and stock monitoring, as well as tracking processes and systems.
AEM expects the shortfall to have a negative impact on the group&rsquo s profitability for the financial year ended Dec 31, 2023. It will issue its unaudited condensed interim financial statements for the full year on or before Feb 29, 2024.
It also clarified that its internal stock-taking exercise was an internal exercise undertaken by the group, and is not part of the audit of the company&rsquo s accounts by external auditors.
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the sky is falling...
Temasek has shares in AEM so there should be a probe into wrong doing (if any)...loss in investors' confidence in this mickey mouse stock
MambaFinancial89 ( Date: 15-Jan-2024 10:42) Posted:
CGSCIMB: AEM (Add, TP S$3.76) - What happened?
What happened?
AEM just announced that a shortfall in the Group&rsquo s inventories has been uncovered as a result of its year-end 2023 internal stock-taking exercise.
Preliminary estimate suggests that the Group&rsquo s inventories are anticipated to be between 5% to 7% lower than the September 2023 figure of S$358.6m. The stock take is still on-going.
AEM has attributed the shortfall to human error in transactions with the Group&rsquo s ERP system during the migration of production to the Group&rsquo s Penang facility from Singapore. These errors were not detected by the existing controls and processes that are in place.
AEM anticipates that the shortfall will have a negative impact on the Group&rsquo s profitability for FY23F.
What we think?
Assuming a 7% lower inventory level, a downward S$25.1m adjustment could possibly be made to FY23F net profit, turning our headline S$8.6m net profit expectation for FY23F into a possible S$16.5m loss instead.
What to do?
Short-term (1H24F)
Share price impact will be negative when market opens on Monday. We see possibly -12% downside to the technical support at S$3.00.
Long-term (FY25F)
Long-term recommendation based on FY25F outlook remains an Add assuming that orders from key customer returns and AEM is able to convert engagements with other customers that it is developing into positive net profit. |
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Hot stock: AEM shares down 7.1% at Monday&rsquo s open on inventory shortfall
Published Mon, Jan 15, 2024 · 10:20 am Updated Mon, Jan 15, 2024 ·
WATCH OUT!
spore1 ( Date: 15-Jan-2024 10:46) Posted:
I think $3.00 soon!
MambaFinancial89 ( Date: 15-Jan-2024 10:42) Posted:
CGSCIMB: AEM (Add, TP S$3.76) - What happened?
What happened?
AEM just announced that a shortfall in the Group&rsquo s inventories has been uncovered as a result of its year-end 2023 internal stock-taking exercise.
Preliminary estimate suggests that the Group&rsquo s inventories are anticipated to be between 5% to 7% lower than the September 2023 figure of S$358.6m. The stock take is still on-going.
AEM has attributed the shortfall to human error in transactions with the Group&rsquo s ERP system during the migration of production to the Group&rsquo s Penang facility from Singapore. These errors were not detected by the existing controls and processes that are in place.
AEM anticipates that the shortfall will have a negative impact on the Group&rsquo s profitability for FY23F.
What we think?
Assuming a 7% lower inventory level, a downward S$25.1m adjustment could possibly be made to FY23F net profit, turning our headline S$8.6m net profit expectation for FY23F into a possible S$16.5m loss instead.
What to do?
Short-term (1H24F)
Share price impact will be negative when market opens on Monday. We see possibly -12% downside to the technical support at S$3.00.
Long-term (FY25F)
Long-term recommendation based on FY25F outlook remains an Add assuming that orders from key customer returns and AEM is able to convert engagements with other customers that it is developing into positive net profit. |
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what next? nothing new...projected sales n revenue also not on target during reporting and it took a massive dive remember? someone ought to be shot..
uiop1223 ( Date: 14-Jan-2024 20:48) Posted:
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fly by night company?
massive selling tbc after lunch...run
hokpin ( Date: 15-Jan-2024 09:05) Posted:
| Inventory overstated. A listed company like this also can? |
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CPIB case soon? Mati...
hokpin ( Date: 15-Jan-2024 09:05) Posted:
| Inventory overstated. A listed company like this also can? |
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numbers can be fake....
worst 2 come..
penny stock in the making..
WBdisciple ( Date: 15-Jan-2024 09:08) Posted:
| wonder why suddently do stock take if not required..whistle blower? |
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FIRE the CEO!!!!
How would he not know?
ABSURD!
WBdisciple ( Date: 15-Jan-2024 09:08) Posted:
| wonder why suddently do stock take if not required..whistle blower? |
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May the HUAT be with you!
wavehunter ( Date: 02-Jan-2024 09:02) Posted:
Good Morning everyone and a Happy New Year to all.
May we all stay as young and as beautiful as we are and may we all chiak beh lau one and chiak ka pa pa. 
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dont wait too long....sweet could have become sour...
bishan22 ( Date: 19-Dec-2023 15:02) Posted:
Hahaha...it's also wait long long sweetie....🤣 🤣 🤣
sweet639 ( Date: 19-Dec-2023 12:29) Posted:
year 2030, six years from now, how can you predicte such a unrealistic thinking?
are you ok? |
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@alwayshopeful...We r always hopeful :)
alwayshopeful ( Date: 19-Dec-2023 15:36) Posted:
Up 0.9% today now.
While UOB is unchanged.
Maybe some rotation from UOB. |
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good one...I am optimistic...one year...haha
bishan22 ( Date: 19-Dec-2023 09:43) Posted:
4.05 in the year 2030....
tongphlp ( Date: 19-Dec-2023 08:36) Posted:
one month now...not even close to the TP of 4.05
i think anyone and everyone can be an analyst....predict weather even better y |
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one month now...not even close to the TP of 4.05
i think anyone and everyone can be an analyst....predict weather even better ya
rlong8288 ( Date: 17-Nov-2023 09:36) Posted:
There goes the bunch of ...... can it be trusted
focusy ( Date: 17-Nov-2023 08:31) Posted:
AEM: Highest target price $4.05 (JP Morgan), lowest $3.00 (DBS)
https://www.nextinsight.net/story-archive-mainmenu-60/946-2023/15449-aem-highest-target-price-4-05-jp-morgan-lowest-3-00-dbs
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anyone' s guess
Startsmm ( Date: 18-Dec-2023 17:07) Posted:
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aggressive sold down to 31.50 when last transacted 31.59
obvious..
DYODD
tongphlp ( Date: 18-Dec-2023 15:18) Posted:
not that I have no faith in the ' world' s strongest bank'
but take a look at how the price can be so easily manipulated..
should that be a ' strength' or ' weakness' ?
alwayshopeful ( Date: 18-Dec-2023 13:53) Posted:
Rebounded today. Finally.
Up 1.5% now.
While UOB is down 0.5%. |
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