---
title: "William Tng Raises AEM Price Target to S$10.15 and Reiterates Buy on Strong Earnings Upcycle and AI-Driven Growth"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/284379259.md"
description: "Analyst William Tng from CGS International has raised the price target for AEM Holdings Ltd. to S$10.15 from S$4.86, maintaining a Buy rating. This adjustment is based on a strong earnings upcycle and a diverse customer base, including partnerships with ASE Technology and new AI clients. Tng anticipates an 83% EPS CAGR from FY25-28, justifying the stock's re-rating. He notes potential risks such as order delays and macroeconomic challenges. DBS also maintains a Buy rating with a S$4.60 target."
datetime: "2026-04-28T11:45:33.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/284379259.md)
  - [en](https://longbridge.com/en/news/284379259.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/284379259.md)
---

# William Tng Raises AEM Price Target to S$10.15 and Reiterates Buy on Strong Earnings Upcycle and AI-Driven Growth

Analyst William Tng from CGS International reiterated a Buy rating on AEM Holdings Ltd. and increased the price target to S$10.15 from S$4.86.

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William Tng has given his Buy rating due to a combination of factors, chiefly the onset of a strong earnings upcycle supported by a broader and higher-quality customer mix. He highlights that partnerships such as the one with ASE Technology, together with new AI/HPC and memory clients, should drive AEM toward the upper end of its revenue guidance and support meaningful margin expansion through FY28.

Tng also argues that AEM’s earnings growth profile, with an expected FY25–28 EPS compound annual growth rate of 83%, justifies a re-rating of the stock’s valuation multiple to be in line with sector peers. On this basis, he lifts his target price to S$10.15, seeing further upside if major customers accelerate equipment orders, while acknowledging risks from potential order delays, macroeconomic weakness, and ongoing litigation.

In another report released on April 24, DBS also maintained a Buy rating on the stock with a S$4.60 price target.

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