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Initial success in customer diversification

■ AEM announced that it has been selected to be the System Level Test (SLT)
solution provider for an undisclosed memory device customer.
■ While no financial impact guidance was provided, the announcement
demonstrates that AEM has the technical solutions to win new customers.
■ Reiterate our Add call with a higher S$4.78 TP. We no longer peg a valuation
discount to AEM as it proves that customer diversification is achievable.