AEM Holdings (SGX: AWX) delivered a total return of over 443% year to date as of last Friday (18 September 2026), according to Fiscal.ai. AEM makes test handlers and systems for the semiconductor industry. A return of 443% in under nine months is eye-catching. The company’s first-half results provide reasons why the stock is gaining.

What drove AEM’s first-half performance?

Revenue rose 29.9% year on year to S$247.2 million for the first half of 2026 (1H 2026). Net profit hit S$31 million, a 10-fold increase from S$3.1 million a year ago. The margin expansion is worth highlighting. Gross margin rose from 25.4% to 33.1% on a better segment mix, leading to net margin reaching 12.5%, up from 1.6% in 1H 2025. Test Cell Solutions drove the results. Revenue from this segment grew 52.5% year on year to S$180.9 million, around 73% of group revenue. A single fabless AI and high-performance computing (HPC) customer became AEM’s top revenue contributor for the half. This is a meaningful shift. The message?...