AEM Holdings' revenue is expected to grow further in 2024, UOB Kay Hian's John Cheong says in a research report. The provider of test solutions for the semiconductor industry has raised its 2H revenue guidance to S$190 million-S$210 million from S$160 million-S$180 million, due to its key customer bringing forward systems' orders into 4Q 2024 from 2025. This suggests a 2024 revenue range of S$364 million-S$384 million for the company, the analyst notes. However, the semiconductor industry's outlook appears mixed, with artificial-intelligence and high-performance computing maintaining positive momentum, while other segments face headwinds, according to the company. The brokerage raises its target price to S$1.10 from S$1.04 while maintaining a sell rating. Shares are unchanged at S$1.39. (ronnie.harui@wsj.com)
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