Shares of AEM Holdings (SGX: AWX) closed at S$10.40 last Friday, up by over 6x year to date. While the increase is exciting, investors should not take their eyes off its business. That’s because AEM just turned in a strong first quarter. Revenue climbed almost 36% year on year to S$116.9 million in the first quarter of 2026 (1Q2026), and net profit more than quadrupled as net margins jumped to 12.3% from 3.9% a year ago. But here’s the more interesting question for anyone holding the stock: where does AEM go from here? There are three roads ahead of the company. Some are further along than others. Let’s walk each one and see how far the business has actually travelled.

Road #1: The New Major Customer 

The clearest road is the one AEM is already on. For years, the knock on AEM was customer concentration. A major customer, presumably Intel (NASDAQ: INTC), accounted for over 85% of AEM’s trade receivables as recently as 2020. One customer, one set of fortunes....