参观AMS先进材料：对半导体-铝供应链动态的启示

研报英文原文证据摘录

Malaysia materials

Global Markets Research

19 August 2026

EQUITY: BASIC MATERIALS

Site visit to AMS Advanced Materials

Research Analysts

A read across to Semi-aluminium supply chain dynamics

Ahmad Maghfur Usman - NSM

We visited AMS Advanced Material's (AMS MK, Not rated) Penang operations on 10

August to discuss semi-finished aluminium supply chain dynamics which we see as an

insightful read-across for our Press Metal (PMAH MK, Buy) coverage. The company

specializes in semi-finished aluminum and copper products for semiconductor equipment

and aerospace markets, benefiting from trade diversion and foreign direct investment into

Penang.

Malaysia Basic Materials

Research Associates

Malaysia Basic Materials

Mishu Agarwal - NSFSPL

Current geopolitical supply chain dynamics

CEO Keith discussed operational expansion and raw material sourcing within the shifting

trade dynamics. A central focus was severe supply constraints in the global front-end

wafer fabrication equipment sector. US-based semiconductor OEMs prohibit Chineseorigin aluminium in vacuum chamber assemblies and high-vacuum valve components.

Tier-one machining houses across Southeast Asia must source certified thick plates

exclusively from approved North American and European semi-finished aluminium mills.

Management indicated the front-end equipment supply chain will remain constrained by

material availability rather than demand over the next two to three years. Procurement of

upstream mill quotas has become the critical operational priority. The group's direct

volume allocations from North American rolling mills positions it as an indispensable

regional supplier, shielding customers from shortages, according to management Pricing

operates via LME cost-plus pass-through protect operating margins against base metal

fluctuations and provide predictable customer pricing.

Site walkthrough

The Penang science park facility operates at an absolute maximum capacity, with storage

heavily stocked with high-tensile 5000-, 6000-, and 7000-series alloy plates ranging from

5mm to 250mm thickness. Processing lines utilize automated saws for structural parts

…