I’ll keep this one short, given its simplicity. I recently tweeted about ADF Group, a company that has been performing very well, with the share price hitting multi-year highs. Despite that, I believe a LOT more is yet to come for ADF, and the shares continue to have multi-bagger potential over the next few years
many thanks for the write-up.
The only hair on the situation that I can find for now is the customer concentration risk. It seems (as per FY2023 1H report, the top customer accounted for > 50% of revenue, and "65% of the Corporation’s revenues was realized with three (3) clients". Do you have any thoughts / view on that aspect? Is it normal for them?