Financials AEM Holdings Ltd.

Equities

XWA

SG1BA1000003

Semiconductors

Market Closed - Singapore S.E. 05:09:19 2024-04-26 am EDT 5-day change 1st Jan Change
2.37 SGD +1.28% Intraday chart for AEM Holdings Ltd. +3.49% -31.50%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 544.9 950.7 1,629 1,056 1,069 732.7 - -
Enterprise Value (EV) 1 439.5 827.2 1,413 928.2 966.9 599.7 554 551.6
P/E ratio 10.4 x 9.82 x 16.7 x 8.4 x -865 x 16.9 x 8.78 x 9.05 x
Yield 2.52% 2.61% 1.44% 3.42% 1.04% 1.49% 3.09% 2.85%
Capitalization / Revenue 1.69 x 1.83 x 2.88 x 1.21 x 2.22 x 1.56 x 1.16 x 1.14 x
EV / Revenue 1.36 x 1.59 x 2.5 x 1.07 x 2.01 x 1.28 x 0.87 x 0.86 x
EV / EBITDA 6.32 x 6.77 x 11.2 x 5.05 x 24.5 x 7.24 x 4.17 x 4.72 x
EV / FCF 6.55 x 9.96 x 29.5 x -20.7 x 29.4 x 4.81 x 19.7 x 4.03 x
FCF Yield 15.3% 10% 3.39% -4.84% 3.41% 20.8% 5.07% 24.8%
Price to Book 4.06 x 4.5 x 4.05 x 2.18 x 2.29 x 1.45 x 1.27 x 1.22 x
Nbr of stocks (in thousands) 269,766 275,558 309,649 308,752 308,901 309,174 - -
Reference price 2 2.020 3.450 5.260 3.420 3.460 2.370 2.370 2.370
Announcement Date 2/25/20 2/25/21 2/24/22 2/24/23 2/28/24 - - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 323.1 519 565.5 870.5 481.3 469.8 634 642.9
EBITDA 1 69.51 122.2 126.3 183.8 39.48 82.8 132.7 116.8
EBIT 1 63.43 113.2 111.8 160.3 13.75 58.5 106.9 92.5
Operating Margin 19.63% 21.8% 19.78% 18.41% 2.86% 12.45% 16.86% 14.39%
Earnings before Tax (EBT) 1 63.74 113.8 111.1 158.7 7.586 44.15 93.15 95.73
Net income 1 52.76 97.59 91.95 126.8 -1.237 38.11 80.18 80.83
Net margin 16.33% 18.8% 16.26% 14.57% -0.26% 8.11% 12.65% 12.57%
EPS 2 0.1935 0.3512 0.3159 0.4072 -0.004000 0.1405 0.2698 0.2620
Free Cash Flow 1 67.11 83.04 47.84 -44.91 32.94 124.6 28.07 137
FCF margin 20.77% 16% 8.46% -5.16% 6.84% 26.52% 4.43% 21.31%
FCF Conversion (EBITDA) 96.55% 67.93% 37.87% - 83.45% 150.43% 21.15% 117.26%
FCF Conversion (Net income) 127.2% 85.1% 52.02% - - 326.82% 35% 169.48%
Dividend per Share 2 0.0510 0.0900 0.0760 0.1170 0.0360 0.0353 0.0732 0.0675
Announcement Date 2/25/20 2/25/21 2/24/22 2/24/23 2/28/24 - - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3
Net sales - 227 - 278.6 540.5 206.1 123.9 152.7 - - -
EBITDA - - - - - - - - - - -
EBIT - - - - - - - - - - -
Operating Margin - - - - - - - - - - -
Earnings before Tax (EBT) - - - - - - - - - - -
Net income 1 23.3 38.96 40.77 - - - - 15.56 4.098 19.66 -16.13
Net margin - 17.16% - - - - - 10.19% - - -
EPS - - 0.1310 - - - - - - - -
Dividend per Share - - - - - - - - - - -
Announcement Date 11/10/21 2/24/22 5/5/22 8/12/22 8/12/22 11/4/22 2/24/23 5/11/23 8/11/23 8/11/23 11/9/23
1SGD in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 105 123 216 128 102 133 179 181
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 67.1 83 47.8 -44.9 32.9 125 28.1 137
ROE (net income / shareholders' equity) 47.1% 56.4% 30% 28.6% -0.26% 8.83% 15.1% 14.1%
ROA (Net income/ Total Assets) 29% 34.6% 17.6% 16.7% -0.16% 5.13% 8.8% 9.47%
Assets 1 182.2 281.7 523 758.1 757.5 743.7 911.2 853.9
Book Value Per Share 2 0.5000 0.7700 1.300 1.570 1.510 1.630 1.860 1.950
Cash Flow per Share 2 0.2600 0.3100 0.1800 -0.1000 0.1300 0.2200 0.3300 -
Capex 1 2.44 3.24 4.28 12.8 7.87 13 13.9 20
Capex / Sales 0.75% 0.62% 0.76% 1.47% 1.64% 2.76% 2.19% 3.11%
Announcement Date 2/25/20 2/25/21 2/24/22 2/24/23 2/28/24 - - -
1SGD in Million2SGD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
C
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
7
Last Close Price
2.37 SGD
Average target price
2.719 SGD
Spread / Average Target
+14.71%
Consensus

Quarterly revenue - Rate of surprise

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