DBS Group Research has maintained its buy call on AEM and raised its target price to $6.04 on the back of “strong industry momentum”. 

Analysts Ling Lee Keng and Chung Wei Le explain that AEM’s share price has a strong positive correlation with US semiconductor equipment billings, which is one of the indicators of the industry’s strength. 

Despite 25 consecutive monthly (y-o-y) increases, preliminary estimates for October indicate a 41.3% y-o-y rise. 

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