ADVANCED ENGINEERED MATERIALS LIMITED (AEM)
Share Price Analysis and Chart

25/08/2026

1

Speculative Buy

$0.90

143.24%

Advanced Engineered Materials' June-half sales were softer than Ord Minnett expected at 12.5t of high-purity alumina (HPA), generating US$0.3m of revenue.

Customer plant retooling delayed demand, although sales are expected to rise to 40-60t in the December half, the analyst details.

The company continues to target full 4N-plus capacity of 2,000tpa by end-2027, supported by growing commercial relationships and industrial trials, although sales from the 1,000tpa 3N-plus production line have been pushed out to mid-2028.

The broker highlights emerging semiconductor demand for HPA used in heat management for AI accelerators, with AEM's new low-alpha product undergoing qualification with the world's five major spherical HPA producers.

Speculative Buy and a 90c target price retained.

FORECAST
Ord Minnett forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -4.30 cents.
Ord Minnett forecasts a full year FY27 dividend of 0.00 cents and EPS of 3.20 cents.

27/08/2026

1

Speculative Buy

$1.15

210.81%

Canaccord Genuity maintains its Speculative Buy rating for Advanced Engineered Materials with its target price maintained at $1.15 following a commercial update covering first-half sales, order books, and tightening high-purity alumina market conditions.

Operational performance featured first-half sales of 12.5t of high-purity alumina generating revenue of $460k (US$317k), up 85% on the prior corresponding period.

The broker observes the unrisked customer pipeline reached US$190m at the end of July, supported by rising project counts and higher average pricing.

The analyst highlights that production of commercial quantities remains highly significant while shares trade at a material discount to replacement cost.