Amplitude Energy Limited

Kalkine’s Global Tariff Report delivers objective, data-driven insights into key global sectors impacted by tariff fluctuations. It assesses how these changes influence equity valuations across affected industries, with a focus on trade-sensitive sectors that often attract increased investor attention during times of tariff-related uncertainty. The report also highlights defensive and countercyclical segments that tend to show resilience—or even outperformance—amid disruptions in global trade dynamics.

As illustrated in the table below, several key sectors in different countries are directly impacted by the recent tariff announcement from President Trump.

Key Highlights

Latest Key Developments (as of 9 March 2026) 

Australia

1. Imposition of 10% Temporary Import Surcharge: Following a US Supreme Court ruling on February 20, 2026, that invalidated prior reciprocal tariffs, the US implemented a 10% global Temporary Import Surcharge on most imported goods, effective immediately, applying to the majority of Australian exports such as wine and machinery.
2. Retention of 10% Rate Amid 15% Threats: Despite President Trump's February 2026 announcement to raise the global rate to 15%—the maximum allowed—the US Trade Representative confirmed on February 25, 2026, that Australia's tariff remains at 10% under the 150-day temporary scheme, though future adjustments based on trade practices remain possible, prompting Australian diplomatic efforts to maintain the lower rate.
3. Exemptions and Sector-Specific Tariffs: As of the March 4, 2026, update, key Australian exports like beef, gold, and certain agricultural products (e.g., coffee, tropical fruits) are exempt from the 10% surcharge, while higher rates persist under Section 232 for steel/aluminum (50%), automobiles (25%), and advanced chips (25%); investigations into pharmaceuticals and other sectors could introduce 100% tariffs if US manufacturing incentives aren't met.

Canada

1. Emergency Tariffs Struck Down, Temporary Introduced: The U.S. Supreme Court ruled the original 25% IEEPA tariffs (and 10% on energy) unconstitutional on Feb 20, prompting potential refunds of billions in collected duties. The administration subsequently reintroduced tariffs through a temporary 10% global import surcharge under Section 122 (effective Feb 24), though USMCA/CUSMA-compliant goods—covering ~85% of U.S.–Canada trade—remain exempt.

1. Sector-Specific Duties and New Global Tariff Continue to Pressure Canadian Exports: Heavy 25–50% duties continue on steel, aluminum, autos, lumber, copper, and kitchen cabinets, causing order cancellations and slowed Canadian exports. Additionally, the U.S. has introduced a temporary global import surcharge (around 10–15%) under Section 122, which could further raise costs for non-exempt Canadian shipments and prolong trade uncertainty.
2. Ongoing negotiations ahead of USMCA review: Canada and the U.S. held recent trade talks (6 March 2026) as part of the upcoming review of the USMCA/CUSMA trade pact, with Canada seeking removal or easing of tariffs in key sectors.

India

1. Earlier Country-Specific Tariffs Replaced by a Global Levy: After the S. Supreme Court struck down earlier emergency tariffs, the U.S. introduced a temporary 10% global import tariff under Section 122 (effective Feb 24), which now applies to India along with other trading partners.
2. India–U.S. Trade Deal Discussions Still Shaping Final Tariff Levels: A proposed interim trade arrangement aimed to reduce U.S. tariffs on Indian goods to around 18%, but the new global tariff regime has created uncertainty over how the agreement will ultimately be implemented.
3. High U.S. Tariffs Weigh on India’s Labour-Intensive Export Sectors: Earlier S. duties of up to ~50% on Indian goods significantly reduced exports to the U.S., particularly in sectors such as textiles, gems, leather, and other labour-intensive industries.

China

1. After the U.S. Supreme Court struck down the earlier emergency tariff regime, the administration introduced a temporary global import tariff of ~10% (expected to rise to ~15%) under Section 122, which continues to apply to Chinese goods and keeps trade tensions elevated.
2. Separate tariffs of 25% or more on strategic sectors such as steel, aluminum, electric vehicles, batteries, and certain technology products remain in place, as these measures were introduced under different trade laws and were not affected by the court ruling.
3. Continued tariff pressure and trade policy uncertainty are pushing U.S. companies to diversify supply chains toward countries such as Vietnam, India, and Mexico, reducing reliance on Chinese manufacturing in several export categories.

European Union

2. The U.S.-EU tariff framework remains intact, effectively capping most EU-origin goods at roughly a ~15% maximum combined tariff under the negotiated structure.
3. The U.S. continues to maintain separate tariffs on strategic sectors such as steel, aluminum, and automobiles, imposed under different trade provisions, meaning European exporters still face elevated duties in these industries.
4. Negotiations between the U.S. and the European Union on steel, aluminium, semiconductors, and other strategic sectors remain unresolved, leaving the risk of selective tariffs in place through early-to-mid 2026, despite otherwise stable transatlantic trade relations. Amid the evolving U.S. tariff framework and policy uncertainty, the EU has also paused progress on certain elements of the EU–U.S. trade framework while it evaluates potential responses and next steps.

Australia’s external sector indicators present a mixed picture. The trade balance remained in surplus at AUD 2,631 million in January 2026, though it narrowed from AUD 3,373 million previously, reflecting slightly softer exports. Exports declined marginally to AUD 44,059 million, while imports increased to AUD 41,428 million during the same period. Meanwhile, the current account deficit widened to AUD 21,093 million in December 2025, with the current account-to-GDP ratio at -2.9%, compared with -2.6% previously. Australia’s external debt rose to AUD 2.75 trillion, while the terms of trade improved to 116 points, indicating relatively favourable export prices versus imports. In capital flows, net inflows moderated to AUD 8,027 million, down from AUD 35,974 million previously. Tourist arrivals increased to 1.04 million in December 2025, highlighting recovery in the travel sector.

Amid elevated Market Volatility and Tariff pressures, Amplitude Energy Limited (ASX: AEL) stands out as a defensive pick within the Energy sector, supported by rigorous fundamental and technical research.

Section 1: Company Overview and Fundamentals Insights

Company Overview: Amplitude Energy Limited (ASX: AEL), formerly Cooper Energy, is an exploration and production company focused on supplying gas to the southeast Australian market. It also engages in low-cost oil production in the Cooper Basin. Kalkine’s Global Tariff Report covers the Investment Highlights, Management Insights, Key Financial Metrics, Risks, and Technical Analysis along with the Valuation, Target Price, and Recommendation on the stock.

1.2 The Key Positives, Negatives, Investment Highlights, and Risks

1.3 Top 10 Shareholders:

The top 10 shareholders together form ~44.77% of the total shareholding. Australian Retirement Trust, and Challenger Managed Investments Ltd. hold maximum stakes of 6.26% and 5.83%, respectively. 

1.4 Key Metrics: AEL’s operating margin improved to 27.7% in H1FY26, up from 15.3% in H1FY25. Below are the other captured metrics.:

Section 2: Business Updates, Financial and Operational Highlights

2.1 Recent Business Updates:

2.2 H1FY26 Results Highlights (for the 06 months ended 31 December 2025): Below mentioned are some key financial highlights:  

2.3 Historical Financial Trend

Section 3: Key Risks and Outlook:

Section 4: Stock Recommendation Summary

4.1 Price Performance and Technical Summary

The stock has decreased by ~9.40% in the last three months, and over the past six months, stock has decreased by ~4.15%. The stock has a 52-week low and 52-week high of AUD 1.650 and AUD 3.300, respectively. The stock is currently trading above the midpoint of its 52-week trading range. AEL was last covered in a report dated ‘30 October 2025’.

4.2 Fundamental Valuation and Stock Recommendation

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 09 March 2026. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided have been achieved and is subject to the factors discussed above.

Note 4: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.