Singapore Stock Market News

AEM Holdings Ltd - Poor visibility for 2019

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Publish date: Wed, 01 Aug 2018, 01:41 PM
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■ 2Q18 net profit was in line with expectations at 25% of our full-year forecast. 1H18 formed 47% of our full-year forecast.

■ AEM has maintained its guidance for FY18. It expects its revenue/PBT to be at least S$255m/S$42m.

■ AEM has also guided for headwinds and significant volatility in earnings for FY19. As such we slash our FY19-20F EPS forecasts by 61-64%.

■ Interim DPS of 1.5Scts was declared. Net cash per share at end Jun-18 was S$0.17.

We downgrade our rating from Add to Reduce. Our TP is cut to S$0.69, still based on 10x FY19F EPS. Read More
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