AEM Holdings Faces Earnings Hit From Inventory Shortfall -- Market Talk

Dow Jones01-19

0238 GMT - AEM Holdings faces an earnings hit from the inventory shortfall uncovered during its year-end internal stock-taking exercise, UOB Kay Hian analyst John Cheong says in a research report. This shortfall is likely to have a negative earnings impact of around S$22 million for 4Q owing to understated cost of sales, the analyst says. Hence, the Singapore-listed semiconductor and electronics test solutions company is now expected to post a S$6 million loss in 2023 versus earlier estimates for a S$14 million profit, the analyst says. The brokerage cuts the stock's rating to hold from buy and lowers its target price by 16% to S$3.06. Shares are 0.3% lower at S$3.03. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

January 18, 2024 21:38 ET (02:38 GMT)

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