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Singapore semiconductor test-equipment maker providing system-level test handlers concentrated around a major chipmaker customer.
Singapore semiconductor test-equipment maker providing system-level test handlers concentrated around a major chipmaker customer.
Sells test handlers, machines that hold chips and cycle their temperature while they are tested, and one chipmaker, Intel, has historically taken most of its output. Orders therefore follow that customer's equipment budgets, and winning other chipmakers is the main way it has tried to reduce the dependence.
In one line: A Singapore semiconductor test-equipment maker (system-level test handlers).
Moat: narrow (IP / patents, customer qualification, process know-how). Proprietary SLT technology deeply integrated with a major semiconductor customer's test processes.
Headquarters: Singapore · Founded: 1994 · Employees: 2,288
Size AEM (AWX.SI) is a Singapore Industrials company (Miscellaneous Commercial Services) with a market value of $1.55B, the 55th largest of 186 Singapore companies the cockpit tracks. Shares closed at S$6.20 on 6 Nov 2026.
Performance Over six months the shares fell 18.4%, against -7.7% for the median peer and -1.2% for the Singapore market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 14.9% over the last twelve months (peer median +3.4%); the operating margin is 10.8% (peer median 8.4%).
Valuation It trades at 23.4× forward earnings against a peer median of 15.5× (6th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is -5%, so the hurdle is +21 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.9 points above its cost of capital (6.5% WACC).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | S$456M | S$399M | S$380M | S$481M | S$870M |
| Revenue growth | — | +5% | -21% | -45% | — |
| Gross profit | S$136M | S$102M | S$97.6M | S$129M | S$274M |
| EBITDA | S$73.7M | S$49.6M | S$47.1M | S$66.2M | S$181M |
| Net income | S$44.8M | S$17.0M | S$11.4M | -S$1.24M | S$127M |
| Free cash flow | S$91.7M | S$126M | -S$27.0M | S$26.9M | -S$45.4M |
| Capital expenditure | S$22.6M | S$21.2M | S$24.2M | S$25.8M | S$27.5M |
| Total debt | n/a | S$16.4M | S$94.4M | S$126M | S$143M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| AEM AWX.SI | $1.55B | -18% | +15% | 11% | 23.4× | 15.4% |
| Advantest 6857.T | $124B | -1% | +48% | 50% | 27.5× | 36.4% |
| Teradyne TER | $34.1B | -39% | +75% | 33% | 20.2× | 20.9% |
| Cohu COHU | $1.82B | -22% | +34% | -2% | 19.3× | 21.5% |
| Chroma Ate 2360.TW | $15.4B | -46% | +101% | 39% | 18.5× | 19.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AWX.SI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -42.3% | -4.3% | lowest of 21 |
| 6-month return | -18.4% | -7.7% | 7th lowest of 21 |
| Distance from 52-week high | -46.3% | -35.5% | 5th lowest of 21 |
| Revenue growth (TTM) | +14.9% | +3.4% | 5th highest of 21 |
| Operating margin | 10.8% | 8.4% | 8th highest of 21 |
| Forward P/E | 23.4× | 15.5× | 6th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 15.4% | 5.4% | 5th most demanding of 17 |
| Growth delivered (Del g) | -5.1% | +9.0% | 2nd lowest of 17 |
| Hurdle (Req g minus delivered) | +20.5 pp | -7.6 pp | 2nd most demanding of 17 |
| ROIC minus cost of capital | +1.9 pp | +1.0 pp | 7th highest of 19 |
| EV / EBITDA | 26.2× | 8.9× | most expensive of 10 |
| Net debt / EBITDA | -0.8× | 1.9× | 2nd least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| AEM AWX.SI | Singapore | $1.55B | -18% | +15% | 11% | 23.4× | 15.4% | -5.1% |
| Offcn Education Technology 002607.SZ | China | $1.56B | -36% | -2% | 13% | 38.8× | 17.7% | -27.6% |
| Yangzhou Tinfulong 603406.SS | China | $1.53B | -25% | -4% | 12% | n/a | 7.5% | +10.6% |
| MEITEC 9744.T | Japan | $1.57B | +3% | +2% | 14% | 18.7× | -4.6% | +7.3% |
| Moltiply MOL.MI | Italy | $1.53B | +6% | +32% | 15% | 14.6× | 10.8% | +21.0% |
| eClerx Services ECLERX.NS | India | $1.59B | 0% | +22% | 20% | 19.4× | 17.2% | +21.4% |
| AFRY AFRY.ST | Sweden | $1.50B | +17% | -4% | 7% | 12.7× | -2.2% | +6.3% |
| Foxtron Vehicle Technologies 2258.TW | Taiwan | $1.50B | +1% | -50% | -132% | n/a | n/a | n/a |
| Clarivate CLVT | United States | $1.50B | -16% | -9% | 8% | 3.8× | 13.4% | +14.4% |
| PharmaBlock Sciences (Nanjing) 300725.SZ | China | $1.61B | +16% | +11% | 11% | 44.6× | 27.8% | +14.1% |
| Shanghai Foreign Service 600662.SS | China | $1.49B | -14% | +1% | 2% | 13.8× | -20.6% | +1.9% |
| Shenzhen Ampron Technology 301413.SZ | China | $1.48B | -7% | +11% | 2% | 423.6× | n/a | n/a |
| Taiwan Secom 9917.TW | Taiwan | $1.47B | -8% | +3% | 16% | 14.2× | -2.3% | +6.7% |
| Shanghai Medicilon 688202.SS | China | $1.47B | +18% | +42% | -2% | 91.8× | n/a | n/a |
| Healthcare Services HCSG | United States | $1.64B | +5% | +4% | 6% | 20.6× | 3.4% | +0.9% |
| Suzhou Recodeal Interconnect System 688800.SS | China | $1.47B | -55% | +5% | 9% | 28.7× | 26.1% | +38.9% |
| Kruk KRU.WA | Poland | $1.65B | -22% | +8% | 77% | 6.9× | -2.1% | +16.8% |
| ICF International ICFI | United States | $1.43B | +14% | -8% | 8% | 10.8× | -2.2% | +4.4% |
| Guangdong Feinan Resources Recycling 301500.SZ | China | $1.68B | -31% | +42% | 7% | n/a | n/a | n/a |
| Derichebourg DBG.PA | France | $1.42B | -24% | -3% | 5% | 8.9× | 6.8% | +6.3% |
| China National Electric Apparatus Research Institute 688128.SS | China | $1.42B | -12% | +8% | 11% | 15.5× | 4.0% | +13.5% |