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Hot stock: AEM shares down 7.1% at Monday’s open on inventory shortfall

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Mia Pei

Mia Pei

Published Mon, Jan 15, 2024 · 10:20 AM
    • Citi Research estimates AEM's inventory deficit would represent a shortfall of 46 to 65 per cent of its current FY2023 profit forecasts.
    • Citi Research estimates AEM's inventory deficit would represent a shortfall of 46 to 65 per cent of its current FY2023 profit forecasts. PHOTO: REUTERS

    SHARES of AEM Holdings dropped 7.1 per cent to S$3.16 as at 9.14 am on Monday (Jan 15) with 1.5 million shares transacted, after the semiconductor equipment maker disclosed on Sunday a 5 to 7 per cent shortfall in its last reported inventories.

    The last time when the counter closed at this level was on May 23, 2023.

    The shortfall was detected during an internal stock-taking exercise, and was due to “human error in transactions” with its enterprise resource planning system, according to the company’s initial investigation.

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