Reward 500 Tiger-coinsMarch has been rough for the Singapore market. Banks, gaming, and consumer stocks have all taken turns getting hit.
But what’s interesting is this: while many stocks are falling, a few are quietly climbing.
Among SGX blue chips and mainboard names, these three not only avoided the selloff but posted eye-catching gains:
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$AEM SGD(AWX.SI)$: +151% YTD
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$ST Engineering(S63.SI)$: hit a record high in mid-March (+31% YTD)
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$Keppel(BN4.SI)$ +15% YTD
What’s behind their resilience? And are they still worth chasing?
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1. $AEM SGD(AWX.SI)$: From “Intel Proxy” to AI Beneficiary, +90% in 90 Days
This might be the most surprising dark horse on SGX this year.
AEM is a semiconductor testing equipment company that has long been heavily tied to Intel. But the story has changed dramatically.
FY2025 marked a clear turnaround:
Revenue: SGD 399M (+5% YoY), Net profit: SGD 17.15M (+48%); Free cash flow flipped from -SGD 41.7M (2024) to +SGD 111.5M
More importantly, a new AI/HPC client is ramping up quickly. Management expects this customer to surpass Intel by 2026, becoming AEM’s largest revenue contributor.
AEM also resumed dividends (SGD 0.013/share) — a strong signal of recovery in the market’s eyes.
2. $ST Engineering(S63.SI)$: Defense Orders Surge, Stock Hits Record High
ST Engineering is arguably the most fundamentally stable of the three.
On March 13, the stock hit a record SGD 11.30. Analyst consensus target price stands at SGD 12.18, implying ~10% upside.
The key driver:
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A record order backlog of SGD 33.2B, with SGD 9.9B to be recognized in 2026
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Management aims to double international defense orders by 2026
In the AI era, sectors like defense tech, smart cities, and aviation MRO are all benefiting from pricing power — and ST Engineering has exposure to all three.
It’s almost like a “Singapore version of Palantir.”
⚠️ Valuation note: Current forward P/E: ~28x VS. Historical average: ~19.5x
3. $Keppel(BN4.SI)$: Data Centers + Asset Management, +15% YTD
Keppel hit a record SGD 13.25 on Feb 25 and is trading around SGD 12.27 by end-March.
Its transformation story is key:
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Expanding data center capacity from 650MW (end-2024) to 1.2GW
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Footprint across Singapore, Taiwan, Melbourne, with Taiwan’s first project expected online in 2026
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Total APAC pipeline now exceeds 1GW
Meanwhile, asset management is scaling rapidly: Fees up 68% YoY to SGD 299M (first 3 quarters of 2024). Target: SGD 100B FUM by 2026; SGD 200B by 2030
Keppel has already completed SGD 14B in asset monetization, exceeding its original SGD 10–12B target.
💬 Discussion
Is AEM’s 90% rally a fair reflection of its earnings turnaround — or just short-term hype?
At 28x P/E, is ST Engineering expensive? How should defense stocks be valued?
Is Keppel’s data center story a true transformation, or just riding the AI hype?
👉 Are you holding any of these names? What’s your take?
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Comments
For me, AEM is the most interesting but also the most speculative. The AI/HPC shift and cash flow recovery are real positives, but the sharp rally already prices in a lot, so I’d be cautious chasing here.
ST Engineering (S63.SI) and Keppel Corporation (BN4.SI) feel more stable. ST Engineering has strong order visibility but looks fully valued, while Keppel’s data center and asset management story makes it a longer-term play — I’d lean toward gradual accumulation rather than chasing.
@Tiger_SG @TigerStars @Tiger_comments @TigerClub
AEM is having a party, surging over 90% because it finally realised that AI is the magic word that makes investors excited and throw money at it.
ST Engineering is sitting on a SGD 32 billion order book, which is more security than my front door lock.
Keppel is a sleek new infrastructure machine that forgot it used to be an oil rig company.
I am lucky to be invested in ST Engineering and AEM. It is a great feeling to know that they are doing well and has helped me to balance out the other non performing stocks in my portfolio.
May April be the month where the Peace Rally becomes a permanent residency & a market that shines brightly.
@Tiger_SG @Tiger_comments @TigerStars @TigerClub @CaptainTiger
Defense stocks aren't best judged on trailing P/E alone. Key factors include:Order backlog & book-to-bill ratio — Visibility into multi-year revenue (ST Eng has a healthy one).
Growth profile — Especially in high-margin areas like electronics, cyber, and smart defence systems.
EV/EBIT or forward P/E — These better capture the business quality than trailing earnings, which can be lumpy.
Contract stability — Government-backed revenue often justifies a premium.
Many quality defence names trade at elevated multiples today due to geopolitical spending, but always cross-check with EV/EBITDA, free cash flow conversion, and peer comps (e.g., some pure-play defence peers sit lower, while growth-oriented ones command 30x+ forward). At current levels, ST Eng prices in a lot of optimism — fine if growth delivers, but leaves limited margin of safety.
Keppel Limited Data Center Story: Keppel’s move into data centers appears to be a genuine transformation, as they are leveraging their expertise in infrastructure, private funds, and REITs to own and operate, not just invest. It is a long-term strategy rather than mere riding of short-term AI hype.