Yunnan Ethnic Village

Old World, High Tech

While tourist were attracted to the ethnics and culture of the old world; the young in the 'old world' were attracted to high tech in the new world. There are 26 ethnic groups in Yunnan Province. Yunnan Ethnic Village is about 10 kilometres from downtown Kunming. While mega cities are great for shopping; villages are wonderful places for people watching, the muse and contrast.

You can only be truly accomplished at something you love.

Don't make money the goal. Instead pursue the things you love doing,

And do them so well that people can't take their eyes off you.

All the other tangible rewards will come as a result. 

Maya Angelou


A year has come to pass. Started working at age twelve and on his own few years later. Early recollection of his work place was a dusty alley between two buildings off Orchard Road. Repairing damaged cars for a living. Life slowly improves from alley to an open-air parking space off Leng Kee Road belonging to a car dealer. A decade later, his own workshop. Work starts early at 7:00 in the morning till sunset, seven days a week except for Lunar New Year. Changing to six-and-a-half work days in his 50s. And continue working for almost the rest of his days. Imparting to his children & grandchildren through example, the value of hard work, honesty and friendship. A life well lived. 

While tidying, my wife found an old essay by one of our daughters when in Shanghai American School, aptly describing a day in his life. 


Each of us can make a difference


Stop buying

plastic bottled drinks


No to plastic bags

Bring own shopping bag


Use tumbler or

thermal flask

AEM Holdings

Turnaround Story

Incorporated in 2000 as AEM-Evertech, the company changed its name to AEM in 2007. In 2002, the firm acquired Microcircuit Technology (MCT) , producing BGA / CSP (ball grid array / chip scale packaging). 

The group manufacturing facilities and field engineering services sites are located in: 

  • Singapore 

  • Malaysia - Penang

  • China - Chengdu, Suzhou

  • Finland - Lieto

  • France - Saint-Just Malmont

  • USA - Chandler, Oregon, California

  • Vietnam - Ho Chi Minh

Turning Point

2014 was  the turning point in the company history when AEM disposed of Microcircuit Technology for $14.7M to focus on newly developed system test and handling units for the semiconductor industry. The firm's single most important customer is INTEL. 


Since receiving her first initial order of $7.2M in 2014; sales to Intel have grown exponentially as the company continue to innovate products for her major customer.

In FY19, revenue grew 23% to $323M and net profit increased 58% to $53M with expenses firmed kept under control.

The spike in spending in 2014 was due to:

$14.7M loss on disposal of MCT, $6.2M write-off of slow moving inventory and couple of capex related expenses. 

Geographical Segment

South East Asia constitute 57% of total sales in 2019, where both Malaysia and Vietnam revenue grew substantially starting from 2016.

North Asia dominated by China which grew significantly in 2018 and shrinking in 2019, likely due to U.S. - China trade war.

Japan appear to be emerging as a possible growth market but this is still uncertain at this juncture.

The Americas also grew substantially, mostly in United States with Costa Rica emerging as a new market in 2019. 

Year of Covid-19

AEM 1Q20 sales grew 178% to $146M with profit quadrupling by 447% to $36M. 

Management revenue guide for FY20 is $360M to $380M and capex of $4M. The group is generally positive as she engages new customers for newly developed products. 

This translates to an average revenue of $71M to $78M per quarter for the rest of the year. 


The lower average revenue stream forecast imply weakness moving forward, at least for the short-term. 

Meanwhile analyst estimates for INTEL for 2Q20 is US$1.09 (trended lower) vs US$1.06 in 2Q19. 3Q20 estimate is US$1.13 vs US$1.42 in 3Q19 (WSJ). 

Businesses from new customers will play an important role in determining extend of growth against the Covid-19 headwind.


Velvet Moon

Live Your Life

A Swedish acoustic-pop duo comprising singer, songwriter Sandar Bjurman and producer Stefan Orn.

Their musical inspiration comes from biking or walking in the countryside; movies or books.

"Music is the universal language of mankind." 

Prof. Henry Wadsworth Longfellow

About Me

Admire interesting people and their story

Enjoy the investment journey

Love travelling, photography and music

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