ASX share prices are always changing, giving investors the chance to invest at compelling value.
The recent reporting season provided deep insights into business profitability, allowing investors to judge whether ASX shares are overvalued or undervalued.
The below two ASX shares are some of the most backed ideas by analysts right now.
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PLS Group Ltd (ASX: PLS)
PLS Group is one of the world's largest lithium miners. It owns 100% of the world's largest independent hard-rock lithium operation, the Pilgangoora operation in Australia and the Colina lithium project in Brazil. It's also integrated into the lithium value chain with its joint venture with POSCO in South Korea, which manufactures battery-grade lithium hydroxide.
According to Commsec, the company currently has 19 analyst ratings. Of those ratings, 10 are a buy, five are a hold, and four are a sell. While that's a mixed bag, the majority are positive ratings.
FY26 saw the company come roaring back as the lithium price bounced back following difficulties in FY25, which then huge flow-on impacts to the financials.
The ASX share's realised (sold) price for its lithium soared 121% to US$1,488 per tonne, which combined with a 17% rise in the volume of lithium sold to 891.6kt. This led to revenue jumping 152% to $1.9 billion.
Underlying operating profit (EBITDA) rocketed higher by 1,067% to $1.14 billion and net profit after tax (NPAT) grew 369% to $526 million. It also reported that its cash margin from operations improved 608% to $1.36 billion.
Not only is the company capitalising on the current strength of the lithium price, but the P2000 and Colina projects are progressing, which could unlock the next level of production.
Ongoing demand for lithium amid electric vehicles and other battery requirements could help drive the lithium price higher, or at least absorb the higher supply without detrimental impacts.
AMP Ltd (ASX: AMP)
AMP is another ASX-listed company with broad expert backing. The ASX financial share offers several services, including banking, investments, and superannuation. It also has increasingly important Chinese partnerships.
According to Commsec, there are currently nine analyst ratings on the business, with seven of those being buy.
The FY26 half-year result was another impressive result for a business that's steadily turning things around after a difficult several years.
It said that in the six months to 30 June 2026, underlying net profit grew 33% to $174 million, with statutory net profit after tax (NPAT) rising 57% to $154 million.
Assets under management (AUM) increased to $167.6 billion, reflecting growth in AMP's wealth and retirement business.
The platforms' net cash flows increased 33% to $3.1 billion for the half, and superannuation and investments delivered its first positive half-year net cash flow result since 2017.
Perhaps most importantly, the contribution from AMP's China partnerships more than doubled to $56 million, supported by CLPC AUM growth to approximately RMD 2.6 trillion.
With that result, the ASX financial share announced an additional $150 million share buyback and an interim dividend of 3 cents per share.
According to the projection on Commsec, the AMP share price is valued at 19x FY26's estimated earnings.
