ADF Group: Upgrading After The Backlog Reset

2026-05-14 09:10:15 ET

Me and this stock have love and hate relationship. I always bought with bad timing and sold it with even worse one. When I last covered ADF Group ( ADFJF ) I downgraded it to hold rating. At the time the problem was nor really with the quality of the company. ADF was still profitable and managed well, it had clear niche advantage in steel construction projects. The problem was that order backlog decreased, tariff risk pressured visibility and macro environment was slowing down. To be fair this was the point where I was down with my personal account and after selling it I wrote hold rating. It was not a bad story, but I believed that growth story was exhausted at the time. ...

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