AEM Holdings

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#22
(19-03-2017, 11:41 AM)Boon Wrote: Looking backwards:
 
Fundamental of AEM has certainly improved over the last few quarters.
 
Share price of AEM has certainly increased significantly over the same period.
 
Historical PE based on FY2016 EPS of SGD 0.1088 and share price of SGD 1.885 = 17
 
For those who have managed to buy in earlier at lower price (say below 0.50 a share), AEM is already a few-bagger to them.
 
Looking forward into FY2017 and beyond:

Based on order book and management guidance, 1H2017 revenue and PBT is going to surpass that for the entire FY2016.
 
If FY2017 EPS = 1.5 x FY2016 EPS, => Forward PE = 11
If FY2017 EPS = 2.0 x FY2016 EPS, => Forward PE = 8
 
This is still considered cheap, if growth potential is going to be significant, going forward.
 
If AEM’s “handlers” really has what it takes to reduce test costs significantly for the market players, questions remain:
 
1) How big a market is it for AEM’s handlers, if Intel is its only customer?  Bear in mind that Intel is still the number 1 chipmaker in the world - lots of chips to be tested.
2) How big a market would it be if Intel’s foundry customers were to be included?
3) How big a market would it be if other customers were to be included, assuming AEM holds the IP rights of the “handlers?
4) Does AEM hold the IP rights of the “handlers”?
____________________________________________________________________________________________

According to CIMB analysis report dated 8 Mar 2017,
AEM’s current major competitor is Cohu. AEM and Cohu share the same major customer; should this customer decide to switch all its future needs to the
current test handler being produced by AEM, there could be a case for Cohu to consider an acquisition of AEM to keep its test handler business with the same customer.

CIMB analyst assumes that the current addressable market for AEM’s Test Handlers with its major customer is approximately 180 units. This is based only
on the customer’s server chip and Silicon on chip business. We note that its major customer has other business segments such as IoT, modems, memory
etc that could represent business opportunities for AEM. CIMB analyst assumes that the Average Selling Price (ASP) is S$3.0m per Test Handler.

My understanding is that AEM holds the IP rights of the "handlers" and it can be used with other customers' testers. However, AEM is too busy serving its major customer with a backlog to look into this at the moment. 
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Messages In This Thread
AEM Holdings - by BlueKelah - 03-01-2017, 06:02 PM
RE: AEM Holdings - by holymage - 04-01-2017, 07:42 AM
RE: AEM Holdings - by crabcrab - 04-01-2017, 07:08 PM
RE: AEM Holdings - by BlueKelah - 05-01-2017, 07:40 AM
RE: AEM Holdings - by crabcrab - 05-01-2017, 12:36 AM
RE: AEM Holdings - by BlueKelah - 14-03-2017, 10:40 AM
RE: AEM Holdings - by Boon - 14-03-2017, 06:07 PM
RE: AEM Holdings - by holymage - 14-03-2017, 06:45 PM
RE: AEM Holdings - by Boon - 15-03-2017, 11:22 AM
RE: AEM Holdings - by Jacmar - 15-03-2017, 11:48 AM
RE: AEM Holdings - by Boon - 15-03-2017, 02:27 PM
RE: AEM Holdings - by Boon - 17-03-2017, 01:53 PM
RE: AEM Holdings - by BlueKelah - 17-03-2017, 03:10 PM
RE: AEM Holdings - by Boon - 17-03-2017, 06:47 PM
RE: AEM Holdings - by BlueKelah - 17-03-2017, 08:14 PM
RE: AEM Holdings - by Boon - 17-03-2017, 09:32 PM
RE: AEM Holdings - by Boon - 19-03-2017, 11:41 AM
RE: AEM Holdings - by b0ssY - 19-03-2017, 12:40 PM
RE: AEM Holdings - by Boon - 19-03-2017, 03:06 PM
RE: AEM Holdings - by b0ssY - 19-03-2017, 04:27 PM
RE: AEM Holdings - by weii - 20-03-2017, 10:00 PM
RE: AEM Holdings - by Boon - 19-03-2017, 11:17 PM
RE: AEM Holdings - by Boon - 21-03-2017, 10:44 AM
RE: AEM Holdings - by holymage - 23-03-2017, 11:23 PM
RE: AEM Holdings - by amperex - 23-03-2017, 11:44 PM
RE: AEM Holdings - by white collar - 07-04-2017, 11:05 AM
RE: AEM Holdings - by amperex - 07-04-2017, 11:20 PM
RE: AEM Holdings - by laowangnextdoor - 09-04-2017, 05:37 PM
RE: AEM Holdings - by zz... - 25-04-2017, 11:32 AM
RE: AEM Holdings - by barneyonline - 02-06-2017, 09:49 AM
RE: AEM Holdings - by barneyonline - 05-06-2017, 11:53 AM
AEM Holdings - by vingaard - 25-06-2017, 11:38 PM
RE: AEM Holdings - by barneyonline - 26-06-2017, 05:37 PM
RE: AEM Holdings - by weii - 26-06-2017, 07:26 AM
RE: AEM Holdings - by barneyonline - 26-06-2017, 05:31 PM
AEM Holdings - by vingaard - 26-06-2017, 10:00 PM
RE: AEM Holdings - by barneyonline - 26-06-2017, 10:51 PM
AEM Holdings - by vingaard - 27-06-2017, 10:09 PM
AEM Holdings - by vingaard - 29-06-2017, 07:12 AM
RE: AEM Holdings - by barneyonline - 29-06-2017, 07:31 PM
AEM Holdings - by vingaard - 29-06-2017, 09:56 PM
RE: AEM Holdings - by barneyonline - 01-07-2017, 12:45 AM
RE: AEM Holdings - by amperex - 01-07-2017, 02:46 AM
RE: AEM Holdings - by barneyonline - 01-07-2017, 08:10 AM
RE: AEM Holdings - by vingaard - 15-08-2017, 06:49 PM
RE: AEM Holdings - by Yoyo - 15-08-2017, 08:23 PM
AEM Holdings - by vingaard - 15-08-2017, 11:16 PM
RE: AEM Holdings - by crabcrab - 02-11-2017, 10:43 PM
RE: AEM Holdings - by cyclone - 22-01-2018, 02:28 PM
RE: AEM Holdings - by crabcrab - 23-01-2018, 10:58 PM
RE: AEM Holdings - by amperex - 24-01-2018, 01:32 AM
RE: AEM Holdings - by holymage - 24-01-2018, 08:04 AM
RE: AEM Holdings - by crabcrab - 26-01-2018, 10:02 PM
RE: AEM Holdings - by crabcrab - 02-02-2018, 08:48 PM
RE: AEM Holdings - by BlueKelah - 03-02-2018, 08:59 AM
RE: AEM Holdings - by vingaard - 04-02-2018, 01:43 PM
RE: AEM Holdings - by crabcrab - 04-02-2018, 07:24 PM
RE: AEM Holdings - by Kaimin - 15-09-2018, 08:18 PM
RE: AEM Holdings - by holymage - 16-09-2018, 07:27 AM
RE: AEM Holdings - by CY09 - 15-09-2018, 11:00 PM
RE: AEM Holdings - by cyclone - 25-07-2019, 07:51 PM
RE: AEM Holdings - by LionFlyer - 06-11-2019, 10:19 PM
RE: AEM Holdings - by cyclone - 08-01-2020, 07:49 PM
RE: AEM Holdings - by ¯|_(ツ)_/¯ - 06-08-2021, 08:53 AM
RE: AEM Holdings - by ¯|_(ツ)_/¯ - 06-08-2021, 08:59 AM
RE: AEM Holdings - by weijian - 03-01-2022, 09:54 AM
RE: AEM Holdings - by weijian - 15-10-2022, 09:04 AM
RE: AEM Holdings - by smallcaps - 15-01-2024, 09:48 AM
RE: AEM Holdings - by weijian - 23-01-2024, 01:16 PM
RE: AEM Holdings - by smallcaps - 23-01-2024, 09:04 PM
RE: AEM Holdings - by weijian - 03-08-2024, 11:28 AM

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