AEM HOLDINGS LTD (AWX) fair value: what the stock is really worth
As of Oct 30, 2026: fair value (intrinsic value) of AEM HOLDINGS LTD stock S$3.56, price S$7.45, that is 52.2% below the price, quality 72 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 1, 2026.
How to read this chart
60‑month range 1.02 SGD – 11.18 SGD · fair‑value band 2.68 SGD – 4.45 SGD · the 7.45 SGD price screens above the 3.56 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 1, 2026.
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AEM Holdings Ltd. offers semiconductor and electronics test solutions worldwide. It operates through Test Cell Solutions, Instrumentation, Contract Manufacturing, and Others segments.
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The company provides handling solutions, such as burn-in, system, wafer, and packaged-level tests; test hardware, software, and support services; test interface solutions consisting of manual actuators, receptacles, load board storage, docking, and custom test fixtures; engineering, rapid part prototyping, and testing services.
It manufactures and repairs semiconductor assembly and testing equipment; installs industrial machinery and equipment; manufactures automated machines and related parts; research, develops, and integrates advance machine vision solutions; research and experimental development on electronics; manufacture and repair of engineering and scientific instruments; and designs, develops, produces, and markets electronic instrumentation devices, and physical and electrical measurement devices, as well as offers electronic engineering services.
In addition, the company offers assembles printed circuit boards; design and manufactures proprietary equipment; and 3D modules for optimized thermal control applications, as well as manufactures handler change kits, tester interfaces, test handlers, thermal solutions, and other related tooling parts.
Further, it engages in processing and plating of parts of semiconductor components and electronic goods; production, processing, and assembly of equipment for connection and semiconductor components; and marketing and sale of test solutions and peripheral tools/equipment.
It serves Singapore, China, Costa Rica, Finland, France, Germany, Ireland, Malaysia, the Republic of Korea, the United Kingdom, the United States, Vietnam, and internationally. The company was formerly known as AEM-Evertech Holdings Ltd. and changed its name to AEM Holdings Ltd. in May 2007.
The company was incorporated in 2000 and is headquartered in Singapore.
Stock analysis
AEM HOLDINGS LTD (AWX) currently trades at 7.45 SGD, while our model-based Fair Value estimate is 3.56 SGD, 52.2% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 4.03 SGD per share, and 2 of the 26 models we run sit above the 7.45 SGD price.
Bear case: the Dividend Discount group reads lowest at 0.5200 SGD, and 24 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 2.68 SGD (bear) to 4.45 SGD (bull), the price of 7.45 SGD sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 72/100 (solid quality), in the Technology sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
AEM HOLDINGS LTD reported revenue of 399M SGD in FY2025 versus 565M SGD in FY2021, a compound −8.3%/yr. Reported net income was 17.0M SGD in FY2025, compounding −34.5%/yr from FY2021.
Key figures
Market cap 2.4B SGD (≈ $1.9B) Small · P/E ratio 53.2 · P/S ratio 5.21 · EPS (TTM) 0.1400 SGD · Dividend yield 0.5% · Net margin 9.8% · Return on equity 8.7% · Return on assets (EBIT) 8.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 33% below its 52-week high and 371% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −14% fair-value upside, at −52%, AWX screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (0.5200 SGD to 8.03 SGD). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear2.68 SGDFair Value 3.56 SGDBull4.45 SGD
Price 7.45 SGD · Downside -52.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.0864 SGD per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+5.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−22.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−5.1%
Start year 2020 (pandemic). Over 10 years: +23.7% a year
Revenue growth 23 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.9%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−28.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−28.9%
Dividend (yield on the price)0.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−28.9% vs 10.6%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.22% → 7%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes more growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+8.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+28.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (Singapore: IMF forecast 2.0% a year to 2030, 1.7% from 2016 to 2025) that is about +6.4% a year for the price and +26.2% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Semiconductor Equipment & Materials · 237 stocks
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is AEM HOLDINGS LTD (AWX) overvalued or undervalued?
As of Nov 1, 2026, our model estimates a fair value of 3.56 SGD versus a price of 7.45 SGD, about 52% lower (overvalued).
What is the fair value of AWX?
Our model-based fair value for AEM HOLDINGS LTD is 3.56 SGD (as of Nov 1, 2026), built from audited fundamentals. The current price: 7.45 SGD.
What is the quality score of AWX?
AEM HOLDINGS LTD has a Quality Score of 72/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for AEM HOLDINGS LTD (AWX)?
Our model-based price target is the fair value of 3.56 SGD (as of Nov 1, 2026) from 26 valuation models. Cautious scenario 2.68 SGD, optimistic scenario 4.45 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the AEM HOLDINGS LTD stock forecast for 2026?
Our models put fair value at 3.56 SGD, about 52% lower versus a price of 7.45 SGD (overvalued). Cautious scenario 2.68 SGD, optimistic scenario 4.45 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of AEM HOLDINGS LTD (AWX)?
AEM HOLDINGS LTD reported trailing-twelve-month revenue of about 456M SGD (latest available figure, as of Nov 1, 2026).
Does AEM HOLDINGS LTD pay a dividend?
AEM HOLDINGS LTD currently shows a dividend yield of 0.50% relative to its recent price (as of Nov 1, 2026).
What growth is priced into AEM HOLDINGS LTD (AWX)?
For today's price to be fair in a discounted-cash-flow model, AEM HOLDINGS LTD would have to grow free cash flow by +8.6 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -5.1 % per year. As of Nov 1, 2026.
What discount rate (WACC) does the fair value of AWX use?
Our models discount AEM HOLDINGS LTD at 9.6 %: a base by market capitalisation (small), damped by beta 0.39, country premium for Singapore. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For AEM HOLDINGS LTD that is +8.6 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has AEM HOLDINGS LTD (AWX) delivered so far?
Over the past 5 years revenue at AEM HOLDINGS LTD grew -5.1 % a year. The price currently implies +8.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of AEM HOLDINGS LTD (AWX) growing?
The median revenue growth in the sector is +11.0 % a year. That is the yardstick for the growth priced into AEM HOLDINGS LTD (+8.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of AEM HOLDINGS LTD (AWX)?
The free-cash-flow yield on the price is 4.91 %: that much free cash flow AEM HOLDINGS LTD produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of AEM HOLDINGS LTD (AWX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For AEM HOLDINGS LTD it is 3.56 SGD per share (as of Nov 1, 2026), against a price of 7.45 SGD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is AEM HOLDINGS LTD stock overvalued or undervalued in 2026?
As of Nov 1, 2026, AWX trades above its calculated fair value: price 7.45 SGD, fair value 3.56 SGD, a gap of about −52% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of AWX?
No. The price is what the market pays today (7.45 SGD); the fair value is what the company's own numbers justify (3.56 SGD). For AEM HOLDINGS LTD the two are 3.89 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is AEM HOLDINGS LTD worth?
The market values AEM HOLDINGS LTD at about 2.4B SGD (market capitalisation, as of Nov 1, 2026). Per share that is 7.45 SGD; our models calculate a fair value of 3.56 SGD per share.
What do the bullish and bearish scenarios say about AWX?
Our models span a range for AEM HOLDINGS LTD: cautious scenario 2.68 SGD, base 3.56 SGD, optimistic 4.45 SGD per share (as of Nov 1, 2026, price 7.45 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AWX?
AEM HOLDINGS LTD trades at a price-to-earnings ratio of 53.2 (as of Nov 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 3.56 SGD is built from several models across several years. Other multiples: PEG 0.4, P/B 4.8, P/S 5.2, EV/EBITDA 41.2.
What is the PEG ratio of AWX?
The PEG ratio of AEM HOLDINGS LTD is 0.44 (P/E divided by earnings growth, as of Nov 1, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of AEM HOLDINGS LTD (AWX)?
Balance-sheet figures for AEM HOLDINGS LTD (as of Nov 1, 2026): return on equity 8.7%, debt of 0.00 per unit of equity. They feed the Quality Score of 72/100, which measures business quality independently of the share price.
How far is AWX from its 52-week high?
AEM HOLDINGS LTD trades at 7.45 SGD, about 33% below its 52-week high of 11.18 SGD and 371% above the low of 1.58 SGD (as of Oct 30, 2026). Distance from the high says nothing about value: that is what the fair value of 3.56 SGD is for.
Which stocks are comparable to AEM HOLDINGS LTD?
From the same area (Technology) we also value ASML Holding, Applied Materials, Inc, Lam Research Corporation, KLA Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is AEM HOLDINGS LTD stock attractive at the current price?
The data as of Nov 1, 2026: price 7.45 SGD, calculated fair value 3.56 SGD (−52%), Quality Score 72/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of AWX calculated?
We run AEM HOLDINGS LTD through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 3.56 SGD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.9 % above its aggregate fair value. AEM HOLDINGS LTD itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of AEM HOLDINGS LTD (AWX)?
The closing price on Oct 30, 2026 was 7.45 SGD. Our model-based fair value is 3.56 SGD, about 52% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with AEM HOLDINGS LTD right now?
The price sits above even our optimistic bull case (4.45 SGD). The favourable scenario is already priced in. Solid but not exceptional quality (72/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of AEM HOLDINGS LTD
How large is the market capitalisation of AEM HOLDINGS LTD (AWX)?
The market capitalisation of AEM HOLDINGS LTD is 2.4B SGD (≈ $1.9B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of AEM HOLDINGS LTD (AWX)?
The price-to-sales ratio of AEM HOLDINGS LTD is 5.21 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of AEM HOLDINGS LTD (AWX)?
Earnings per share at AEM HOLDINGS LTD are 0.1400 SGD (price ÷ EPS = P/E 53.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of AEM HOLDINGS LTD (AWX)?
The dividend yield of AEM HOLDINGS LTD is 0.5% (payout 26.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of AEM HOLDINGS LTD (AWX)?
The net margin of AEM HOLDINGS LTD is 9.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of AEM HOLDINGS LTD (AWX)?
The return on equity (ROE) of AEM HOLDINGS LTD is 8.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of AEM HOLDINGS LTD (AWX)?
On an EBIT basis the return on assets of AEM HOLDINGS LTD is 8.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of AEM HOLDINGS LTD (AWX)?
The operating margin of AEM HOLDINGS LTD is 14.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at AEM HOLDINGS LTD (AWX)?
Revenue at AEM HOLDINGS LTD is growing +25.1% versus a year earlier (3y avg −22.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at AEM HOLDINGS LTD (AWX)?
Earnings per share at AEM HOLDINGS LTD are growing +11.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does AEM HOLDINGS LTD (AWX) carry?
The net debt of AEM HOLDINGS LTD is 29.0M SGD (fiscal year 2024, ≈ 0.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 1, 2026