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KUALA LUMPUR (July 27): CGS-CIMB Research has upgraded Aemulus Holdings Bhd to “Add” at 30 sen with a higher target price (TP) of 39 sen (from 10 sen) and said after four successive quarters of losses, Aemulus returned to profitability in 3QFY9/20, driven by maiden contribution from new RF and CIS tester sales.

In a note July 24, the research house said it expects stronger earnings from 4QFY20F onwards, driven by higher tester shipment, IP monetisation, and maiden contribution from its new JV in China.

CGS-CIMB pegged its valuation to CY21F P/E of 24x (semiconductor equipment sector's 3-year mean).

“Higher-than-expected tester shipment volume and new IP transfers are potential re-rating catalysts. Delay in semiconductor demand recovery is a potential downside risk to our call.

“Upgrade to Add with a higher 39 sen TP, based on 24x CY21F P/E,” it said.

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