Introduction AEM has risen 164% in less than 4 months since “My Bull Case For AEM Holdings (AWX)” was published. I have to admit that the rate and extent of the rally exceeded my expectations; which nonetheless is a good thing. I was fortunate in the sense that the general market (STI) started to rally strongly at the start of the year till early April and that the semiconductor industry industry as a whole grew much stronger than many had expected. At S$1.495 per share, AEM has a market cap S$97.2m. With a ttm P/E of 20.9x, does AEM have further upside? That’s what I’d like to find out in this article. What has transpired since?

• Sales order book grew 127% from S$66.7m in Dec-16 to S$152m in Apr-17.
• More company buybacks (last purchase on 24th Feb 2017) and insider purchases
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