Sector Sweep – AI capex cycle drives institutional inflows and gains for Singapore’s listed tech manufacturers

sgx.com06-22

Actively Traded SMIDs with Tech Hardware exposureNamePrice (S$)Market Cap(S$B)YTD Price Change(%)P/E RatioYTD NIF(S$M)AEM Holdings10.583.4515%196.3379.3UMS Integration2.772.5144%47.356.6Frencken ...

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manufacturers\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-06-22 00:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.sgx.com/research-education/market-updates/20260622-sector-sweep-ai-capex-cycle-drives-institutional-inflows><strong>sgx.com</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Actively Traded SMIDs with Tech Hardware exposureNamePrice (S$)Market Cap(S$B)YTD Price Change(%)P/E RatioYTD NIF(S$M)AEM Holdings10.583.4515%196.3379.3UMS Integration2.772.5144%47.356.6Frencken ...</p>\n\n<a href=\"https://www.sgx.com/research-education/market-updates/20260622-sector-sweep-ai-capex-cycle-drives-institutional-inflows\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SG9999002414.USD","symbol_name":"LIONGLOBAL SINGAPORE TRUST (USD) 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globally, and Singapore’s listed technology manufacturers have also been a beneficiary.Data from Enterprise Singapore on June 17 showed Singapore’s electronic non-oil domestic export (NODX) rose 94.8 per cent year on year in May, supported by robust AI-related demand, driven mainly by integrated circuits, disk media products and PCs.For 2026 year-to-date, stocks within the local Technology sector that focus on semiconductor equipment and testing, or AI-driven hardware have mostly seen valuation expansions and net institutional inflows.Hardware-focused Technology SMIDs with over S$1 million in average daily turnover have attracted more than S$680 million in net institutional inflows year-to-date.This includes iEdge Singapore Next50 Index constituents UMS Integration, AEM Holdings, and Frencken Group. Singapore-listed exposure to AI hardware is largely concentrated in precision components, systems integration, and semiconductor equipment manufacturing.UMS Integration benefitted from “unprecedented AI-driven chip demand globally”, supporting orders for deposition, etch and advanced packaging tools across memory and foundry chipmakers. In its 1Q2026 business update, the group reported net profit of S$14 million, up 43 per cent on year, amid 21 per cent revenue growth for its Semiconductor business.Similarly, AEM Holdings recorded a strong start to 1Q2026, with revenue rising 35.8 per cent to S$116.9 million, with growth driven by a continued high-volume production ramp from its fabless AI/ High-Performance Computing (HPC) customer and improving order activity from its PC/ Foundry customer. The group also announced a strategic partnership with ASE, the world’s largest Outsourced Semiconductor Assembly and Test (OSAT) player, to deliver next-generation AI/ HPC test solutions and unlocking access to hyperscaler customers. AEM , which enters the iEdge Singapore Next50 index on June 22, also raised its revenue guidance for FY2026 to between S$550 million to S$600 million, representing a 38 to 50 per cent increase from the previous year.Meanwhile, Frencken Group’s Mechatronics Asia segment recorded continued revenue growth in 1Q2026, driven by sustained demand from key front and back-end semiconductor equipment customers. The group expects this positive momentum to continue, supported by active production programmes and new project wins, while Mechatronics Europe is positioning for a recovery in order flow from the second half of FY2026.As of June 18, consensus estimates on Bloomberg show that the analysts covering UMS, AEM and Frencken all have “Buy” calls with no “Hold” or “Sell” calls and an average target prices of S$3.55, S$13.16 and S$3.33 respectively. Beyond the Next50 constituents, other actively traded counters that have also benefitted from the AI cycle include Micro-Mechanics and InnoTek.Micro-Mechanics, which manufactures high-precision tools and parts for the semiconductor industry, reported an 18.8 per cent year on year rise in net profit to S$3.8 million for its 3Q2026 ended 31 March 2026.  RHB Research analyst Alfie Yeo noted last month that Micro-Mechanics’ growth outlook is positive, as most of its memory and chipmaker customers have orders extending into next year. Higher global semiconductor production would also lead to greater overall demand for parts and consumables, which should benefit the company.Elsewhere, InnoTek obtained the “recommended vendor” status from NVIDIA and IEIT Systems in 2025, and it is accelerating its foray into GPU server-related products for the AI sector.The precision metal components manufacturer commenced mass production for GPU server components in Q4 2025, with segment revenue contribution rising to S$43.2 million in FY2025, up from S$35.6 million in FY2024, although this was offset by lower contributions from other business segments. It is expanding its product pipeline, including exploring collaborations in liquid cooling systems, and expects the broadened pipeline to contribute positively to financial performance. SAC Capital analyst Matthias Chan noted in an April 28 report that AI-optimized hardware requires a more robust mechanical design to support the weight and thermal outputs. This presents a significant margin expansion opportunity for manufacturers who can produce high-precision thermal components and systems.Beyond the AI thematic, Space has been another sector on investors’ radar and satellite communications player Addvalue Technologies ranks among the top picks for Maybank Research among small-cap tech stocks.Addvalue’s revenue grew 59.9 per cent to US$24.8 million in its FY ended 31 March 2026, driven by demand for space connectivity and advance digital radio solutions. Maybank Research analyst Jarick Seet noted earlier this month that Addvalue’s Inter-Satellite Data Relay System (IDRS) has secured orders of US$15.2 million YTD in 2026 compared to only US$4.2m in 1H25 and US$3.8m in 1H24. “Besides AI, Addvalue is benefiting from two of the most exciting and highest growth themes in the investment world: drones and space. We expect a rapid growth phase in the next few years after Addvalue’s turnaround in FY25,” he said.For more research on Singapore stocks, visit: https://www.sgx.com/research-education/analyst-research.Sector Sweep is a regular column on The Business Times, read the original version.Enjoying this read?Subscribe now to our SGX My Gateway newsletter for a compilation of latest market news, sector performances, new product release updates, and research reports on SGX-listed companies.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.45.0","shortVersion":"4.45.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2645057690","isCrawlerRequest":true}