AEM Holdings raises revenue guidance for full year

AEM Holdings announced in a bourse filing on Friday (Oct 14) that it has raised its revenue guidance for the full year ending Dec 31 upwards to between S$820 million and S$850 million.

This is up from its previous FY2022 revenue guidance of between S$750 million and S$800 million as part of its investor presentation for the half year ended Jun 30 this year.

It attributed the revised revenue guidance to increased demand from new and existing companies.

The announcement comes after AEM saw huge sell-offs over the last week as a result of fears over tapering semiconductor demand.

Notably, DBS Group Research downgraded the counter to “hold” from “buy” and nearly halved its target price to S$3.19 from S$5.88 on expectations of prolonged weakness from key customer Intel.

AEM shares closed 2.2 per cent or S$0.07 lower at S$3.18 on Friday, before the announcement was made.