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AEM holding (SGX:AWX) World class automated testing equipment supplier in Singapore. (English version)

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 Today I will take you to learn about AEM holding (SGX:AWX), a Singapore exchange listed technology company. I believe investors in Singapore must be familiar with this company. The company used to be an unknown company (my own impression) [but AEM was known for their high dividends. Have you ever seen high dividends paid by technology stocks? ]  The turning point of everything happened in 2017. YoY FY2017 net profit grew 560%, YoY FY 2018 net profit grew 3%, FY2019 net profit grew 56%, and 9MFY2020 net profit grew 121%. This also confirms that company growth is the core of value investment. Likewise, unsustainable and explosive profit growth happened in glove companies is a value trap. After all, everyone does not want to live with assets that are not productive. Only companies that continue to grow are valuable , this is what I believe. The exponential growth of AEM holding is mainly attributed to its main customer (INTEL corporation) increasing production and increasing reliance on

AEM (SGX:AWX)来自新加坡的世界级芯片自动化检测设备供应商 (中文版)

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  今天带大家来了解一家新加坡上市的科技公司— AEM holding ( SGX:AWX) 。相信新加坡的投资者一定对这家公司一点都不陌生。公司从以前是一家默默无闻的公司(我自己的 impression 啦)【不过人家当初是以股息高闻名的,科技股派高股息有没有看过?】到现在的家喻户晓,一切的转捩点是发生在 2017 年, YoY FY2017 净利成长 560% , YoY FY 2018 净利成长 3%, FY2019 净利成长 56%, 9MFY2020 净利成长 121% 。这也加以印证公司成长才是价值投资的核心,当然像手套公司那样的不持久爆炸的盈利增长就是价值陷阱,毕竟大家都不想抱着不事生产的资产过日子,只有持续成长的公司才有价值,这是我相信的。 AEM holding 的指数型成长主要归咎于其主要客户( INTEL corporation )增产和增加对 AEM 的依赖度。现在主要客户 9MFY2020 占了它营业额的 9X% 。 现在来看看公司的产品。公司主要的产品是运用于半导体的自动测试设备( ATE machine )。 ATE machine 可以分为两个部分一是 tester/probe 和 test handler 。 Probe 是自动测试设备里的 sensor ,他的功能是用来检测 wafer 或者已经封装的芯片,主要是把有问题的成品筛选出来。而 test handler 是执行测试的自动设备。公司 2018 年以前只涉足于 backend test handler 这一块,但收购 Finland 的 Afore ,公司就掌握了 tester(MEMS) 这方面的能力。这公司的能力在文章下方才展开,现在先说公司的 test handler 。公司的 test handler 有个专用名词 high density and modular test ( HDMT ) handler 。顾名思义, high density 意指高 volume 或能在短时间快速的处理检测, modular 意指模组化的设计。这样的设计大大的降低客户日后的升级成本。(不知大马的 ATE suppliers 有没有相同的设计,知道的读者公司的不妨在评论区留言让我知道。) HDMT 能应付 burn in , functional 和 system