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AEM (+Venture, UMS) the most AI-relevant SGX stock
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JurongW
Elite |
22-Mar-2026 14:40
Yells: "Earnings give weight, Chart give wings" |
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Good point, but has AEM reached maximum optimism before the selling appears, or Does it still have the legs to chiong further ? All will find out this week. 
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JurongW
Elite |
22-Mar-2026 14:36
Yells: "Earnings give weight, Chart give wings" |
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Analysis and Comparison of AEM and ST engineering valuations based on their forward earnings. Based on current analyst forecasts, ST Engineering (STE) looks more expensive than AEM on FY26&ndash FY27 earnings multiples, with STE trading at ~23x forward P/E versus AEM mid‑ teens valuation range. AEM growth is expected to accelerate from FY26 onwards, while STE valuation premium reflects its diversified, resilient earnings base. 📊 Valuation Comparison: AEM vs ST Engineering (FY26&ndash FY27)
🔎 Key Insights
⚖ ️ Trade‑ Offs
👉 Bottom Line: If you&rsquo re looking for growth at a reasonable price, AEM is cheaper on FY26&ndash FY27 earnings forecasts. If you prefer defensive stability with dividends, ST Engineering justifies its higher valuation but is clearly more expensive relative to AEM. |
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sgtrader
Senior |
22-Mar-2026 14:34
Yells: " Earn the right to WITHDRAW consistently." |
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When everyone is too bullish, it' s time to take profits... | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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JurongW
Elite |
22-Mar-2026 14:27
Yells: "Earnings give weight, Chart give wings" |
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Recap: AEM has surged past the 61.8% Fibonacci retracement. If this bullish momentum continues unchecked, the next resistance lies at the 78.6% level around $4.40. Should the rally remain relentless, price could even retest its previous peak near $5.30. After reading Arogosta post, it is possible for AEM can climb the wall of Wars to $4.40, followed by $5 and then $5.30. Is this a joke, a dream or reality? Let' s see how the drama unfolds this week.
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JurongW
Elite |
22-Mar-2026 14:09
Yells: "Earnings give weight, Chart give wings" |
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AEM finally living up to its hype: Aggressively Expanding Margins, and this translates to Already Expecting Millions ! |
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aragosta
Supreme |
22-Mar-2026 14:07
Yells: "BBs never say why when they buy; never tell when they sell" |
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FROM THE BLACK MARKET' S NOTICE BOARD There&rsquo s a famous saying in the Black Market: It isn' t just in WHO is buying, but WHAT they are buying. " A Generational Pivot: The TCS Evolution. While AEM' s expanding clientele portfolio of Big Tech partnerships in well-documented, the true transformation lies deeper. The segment shift isn' t merely in WHO is buying, but in the fundamental nature of WHAT they are buying: moving from standalone hardware to mission-critical, integrated Test Cell Solutions (TCS)." The Test Cell Solutions (TCS) segment isn' t just a business unit for AEM it' s their " generational pivot." It marks the transition from being a provider of standalone machines to becoming the indispensable architect of the entire semiconductor testing environment. Here is the breakdown of why TCS is the secret (magic) sauce defining AEM' s future: 1. What exactly is TCS? a) TCS is an integrated cell that combines three critical components into one automated process: Active Thermal Control (ATC), System Level Test (SLT), High Parallelism Automation. a) Think of a " Test Cell" as a complete, integrated ecosystem. Instead of just selling a handler (the robot that moves chips), TCS provides the full stack: the thermal control systems, the high-speed electronics, the contactors (sockets), and the software that manages the " handshake" between the chip and the tester. It' s a turnkey laboratory-in-a-box. 2. Is it AEM' s forte and niche? a) Absolutely. AEM is considered one generation ahead of its competitors in the SLT space. Their specific niche is solving the thermal challenge of AI chips. b) While competitors often specialize in just one component (like only sockets or only testers), AEM' s forte is System Level Test (SLT) integration. They own the niche of " Massively Parallel Testing," where hundreds of complex chips are tested simultaneously under extreme thermal conditions. No one else integrates these moving parts as seamlessly at scale. 3. The Margin Secret from the Magic Sauce a) AEM' s value proposition is shifting. By 2026, the Test Cell Solutions (TCS) segment is expected to represent 70% of total revenue (up from 63% in 2025), effectively transitioning the company from a hardware builder to a high-margin tech partner. This segment leverages proprietary PiXL thermal technology, an essential requirement for testing the next generation of high-power AI chips. b) The Recurring Revenue Model: The magic sauce is the shift from one-time machine sales to a high-margin consumables model. Every chip design change requires new, specialized contactors and change-over kits. AEM isn' t just selling the " printer" they have become the exclusive provider of the " high-precision ink" required for the life of the machine. 4. How important is it to current and future clients? a) As chips get smaller and more powerful (think AI and 5G), they generate immense heat and are prone to infant mortality (failing early). Clients can no longer rely on simple tests they need the deep, environmental stress testing that TCS provides. For a client like Intel or next-gen AI chipmakers, TCS is the insurance policy that their $1,000 chips won' t fail in a server farm. b) Future Necessity: As chips move toward 2.5D/3D packaging (stacking multiple chips on top of each other), the chance of a hidden defect increases. Testing each layer individually is too expensive. Big tech companies must move to System Level Testing (SLT) to catch these defects, and AEM currently owns the most advanced automated factory-ready version of this tech. 5. Why it is difficult to copycat? a) You can' t the just copy a test cell. It requires a rare marriage of mechanical engineering, thermal science, and high-speed signal integrity. AEM has decades of proprietary data on how materials behave at -40° C to +150° C while carrying massive electrical loads. That institutional knowledge is a massive barrier to entry. b) AEM holds a deep portfolio of patents protecting their thermal control and handler designs. Even if a competitor builds a similar machine, AEM' s software and hardware are already baked into the manufacturing lines of its biggest customers, making it very expensive and risky for a client to switch 6. Keeping the Magic Sauce secret a) What is a Plan of Record (POR)?: It means the customer has designed their entire manufacturing floor around AEM' s machines. Once AEM is written into a customer' s Plan of Record, they are locked in for the entire lifecycle of chip generation (usually years). Switching vendors would require re-validating the entire testing process, costing millions in delays. b) The AI Anchor Lock-in: As AI chips become more complex, AEM' s software becomes the brain of the factory floor. This creates a digital lock-in the more data the TCS collects, the better it gets at predicting failures, making AEM' s ecosystem impossible to rip out without blinding the manufacturer. Sticking with AEM: Brewing Long-Term Gains that keep flowing a) In short, TCS transforms AEM' s revenue from a lumpy hardware business into a sticky, recurring stream. It' s the " Nespresso Model" of the semiconductor world: the world-class machine gets you through the door, but the high-margin, proprietary pods (the consumables and integration services) keep the revenue flowing for a generation. b) When analysts like JPMorgan or DBS look at a company, they love " sticky" revenue. ~ With 70% of revenue tie to TCS, AEM is no longer just selling a product they are selling an indispensable service. ~ As AI chips get more powerful (and hotter) in 2027 and 2028, the demand for this specific thermal niche will only intensify. Essentially, AEM has found the one thing AI chip makers must have to ensure their chips don' t fail, and they' ve patented it. |
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aragosta
Supreme |
22-Mar-2026 13:22
Yells: "BBs never say why when they buy; never tell when they sell" |
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WOW! didn' t see that coming! Welcome on board anyway, ah tong.... Even mini man is getting into the act https://www.minichart.com.sg/2026/03/20/aem-stock-analysis-ai-tailwinds-customer-growth-and-upside-potential-in-2024-2027-12/ https://simplywall.st/stocks/sg/semiconductors/sgx-awx/aem-holdings-shares https://sgwealthbuilder.com/category/stocks/ |
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tongphlp
Supreme |
22-Mar-2026 12:21
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AEM: Comeback is Real As It Sweeps Intel Award, Stock Skyrockets, DBS Raises Target Price Again22 March 2026
DBS Group Research published a bullish update on March 20, reinforcing the " Buy" case for the stock. DBS raised its target price to $4.60 (up from $3.30), citing a " valuation uplift" driven by AI tailwinds and successful customer diversification. That is now the most bullish target, while the targets of other analysts have been surpassed by the stock:
Key Takeaways From DBS Report:
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DBS forecasts a powerful earnings recovery, with net profit expected to jump from $17.1m in 2025 to $45.1m by 2027. While a residual legal overhang and relatively small market cap keep AEM at a slight discount to global peers like Advantest and Teradyne, DBS believes the risk-reward remains " skewed to the upside." Valuation of global test peers:
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Elite
Yells: "Earnings give weight, Chart give wings"
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https://www.tiktok.com/@ronan_wu/video/7094536478805560603?is_from_webapp=1& sender_device=pc& web_id=7506771443117721095
For who those miss the boat like me, this song will be more suitable.
https://www.tiktok.com/@yaki_ling/video/7512689778664459528?is_from_webapp=1& sender_device=pc& web_id=7506771443117721095
Elite
Yells: "Earnings give weight, Chart give wings"
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Supreme
Yells: "BBs never say why when they buy; never tell when they sell"
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I was observing my previous post (below) and in less than 2 hours, it garnered more than 200 views! My other threads couldn' t even get 200 views in one single day........
Which means there seems to be a lot of interest in this stock, so I have to be careful and responsible in what I post! Otherwise, a lot of newbies and less experienced investors might be misled, if they follow the wrong sentiments of the stock.
The true highlight of yesterday' s news developments was actually the confirmation of the Intel " Epic Supplier" award, a move previously speculated upon by the black market. However, retail sentiment was largely distracted by announcement of JPMorgan' s purchase of AEM' s shares and its subsequent emergence as a substantial shareholder. I was also caught up in this retail euphoria and made posts relating to it, but it is important to clarify that this could send the wrong signal.
JPMorgan' s purchase does not represent a proprietary trade using their own capital. Instead, they are facilitating trades on behalf of institutional clients, acting as a nominee and custodian ~ similar to other brokers like UOB Kay Hian, CGSI. Therefore, their " purchase" does not necessarily mean the bank is taking a larger directional stake conversely, a future " sale" may not indicate liquidation, though both are easily misinterpreted by new and seasoned traders alike. This shouldn' t be treated with great significance, but as normal transactions.
We should instead refocus on the Intel award as a primary catalyst. The resulting publicity and goodwill serve as a powerful testimony to attract other Big Tech firms. This could potentially transition companies like Meta and Nvidia from indirect beneficiaries into full-scale anchor clients for AEM. Also, we should be more excited with AEM' s capture of a second major AI/HPC client which is expected to contribute to the bottom line by the end of this fiscal year. These factors should bolster earnings over the next two quarters and provide upward momentum for the stock price. I would not be surprised to see a formal upward revision in revenue guidance, which could further act as the next major catalyst. Remember June last year, AEM experienced a 14.52% share price jump in a single day following the company' s announcement that it was raising its revenue guidance for the first half of FY2025? Imagine, if they do it again before the next half yearly results!
aragosta ( Date: 21-Mar-2026 11:32) Posted:
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Supreme
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Elite
Yells: "Earnings give weight, Chart give wings"
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aragosta ( Date: 21-Mar-2026 11:32) Posted:
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Supreme
Yells: "BBs never say why when they buy; never tell when they sell"
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JPMorgan Adjusted Transaction Log
REPORTED IN SGX FILING
Date of acquisition of or change in interest: 16 March 2026
Purchase 555,000 units at average price of SGD 3.35 per unit via market transaction.
Increase of 77,400 units pursuant to the Prime Brokerage Agreement
Final interest (Direct plus Deemed) 5.183% (up from 4.982%)
Date of acquisition of or change in interest: 17 March 2026
Sale of 910,200 units at average price of SGD 3.53 per unit via market transaction
Increase of 22,300 units pursuant to the Prime Brokerage Agreement
Final interest (Direct plus Deemed) 4.901% (down from 5.183%)
YET TO BE REPORTED IN SGX FILING
Date of acquisition of or change in interest: 18 March 2026
Purchase 1,225,400 units at average price of SGD 3.72 per unit via market transaction.
Decrease of 15,800 units pursuant to the Prime Brokerage Agreement
Final interest (Direct plus Deemed) 5.286% (up from 4.901%)
Note: Substantial shareholders have 2 business days to report changes therefore, a transaction occurring on 18 or 19 March
might not appear on the SGX central portal until the following Monday or Tuesday. The above UNDISCLOSED info came from
the coffee shop uncles, which I overheard while having my kopi-o sui tai. Please do not shoot me, if I overheard wrongly hor.......
IMPORTANT TO NOTE! The explicit mention of the Prime Brokerage Agreement in these filings confirms these are client-driven
activities and are not proprietary trades by JPMorgan (using their own cash). They are facilitating the trades of institutional clients,
likely hedge funds, or high-networth clients (I kept telling you this until I got no saliva! Yet gongkias newbies would panick when
they see a sales by JP Morgan). JPMorgan Chase & Co. typically files as a Substantial Shareholder because the aggregate of its clients' holdings (for which it acts
as a nominee/custodian) exceeds the 5% threshold.
Elite
Yells: "Earnings give weight, Chart give wings"
x 0
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JP Morgan - Sale of 910,200 shares at $3.53 on 17 Mar
https://links.sgx.com/1.0.0/corporate-announcements/2NY8C8LXMHPY7JH7/879026__eFORM3V2.pdf
Elite
Yells: "Earnings give weight, Chart give wings"
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For those who believe in AEM' s growth story and are already on board, this high-energy, high-tempo music could lift your spirits even further.
ENG SUB 動 畫 【 仙 逆 】 王 林 問 鼎 插 曲 《 何 惜 一 戰 》 完 整 版 - 張 申 騁 「 燃 」 ｜ Renegade Immortal OST (EP 121 ED)
Elite
Yells: "Earnings give weight, Chart give wings"
x 0
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If shares price is $8, forward PE will be approximately 55times base on FY27 projected earnings. This implies market is pricing aggressive growth expectations.
If earnings growth slows or results underperform, such a high multiple leaves little margin of safety.
Trade‑ offs
Bull case - Investors may justify the premium if they believe AEM technology edge (eg in test equipment for advanced chips) will deliver outsized growth.
Bear case - Valuation looks stretched, especially if Q1 results trigger sell on news behavior after a parabolic run.
Takeaway
A forward P/E of 55x is objectively high for AEM compared to UMS, Frencken, and global peers. It reflects strong optimism but also raises the risk of sharp corrections if growth expectations are not met.
https://www.dbs.com/insightsdirect/api/s3/dbs-buffer/article_attachment/20260320/07-35-27_SG%20Tech%20-%2020mar2026.pdf
Elite
Yells: "Earnings give weight, Chart give wings"
x 0
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AEM has surged past the 61.8% Fibonacci retracement. If this bullish momentum continues unchecked, the next resistance lies at the 78.6% level around $4.40. Should the rally remain relentless, price could even retest its previous peak near $5.30.
Such a move could unfold before Q1 results, setting up a potential double top formation. A double top is a classic reversal pattern, signaling that an uptrend may be exhausted and a downtrend could follow. Once results are released, the market may react with a &ldquo sell on news&rdquo response, especially if the stock has already run too far, too fast.
For those who missed the initial rally but believe in Arogosta&rsquo s story, patience is key. Wait for confirmation from a shooting star, evening star, or other bearish candlestick signals before considering entry.
Remember: no stock climbs forever. Overbought conditions eventually demand a pause. On the extreme side, the 161.8% Fibonacci extension projects a price close to $8.
This is purely a technical perspective treat it as coffeeshop talk, shared for entertainment rather than investment advice.
Member
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Supreme
Yells: "BBs never say why when they buy; never tell when they sell"
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yesterday price hit $3.84 intraday high...
so if you follow the logical money trail....
In 30 days, AEM' s price went from $1,84 to $2.84
In 20 days, AEM' s price went from $2.84 to $3.84
in 10 days?
whatever it' s in mind, don' t bet against it, now is $4 plus..... takes another 70c plus
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btw, I was trying to post my previous post BEFORE LUNCH' . ....and managed to go thru only a while ago, so the sting of the message was lost in the delay.....
Solubl ( Date: 27-Feb-2026 11:39) Posted:
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