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Adrad Holdings Ltd ASX:AHL

0 opened or increased0 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 1 managers in total.

Position history by manager 1 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

20252026

31 May 2024 to today

Commentary 1 comments

DateManagerActionSummary

31 May 2024Asymmetric Asset ManagementHeldAsymmetric Asset Management continues to hold Adrad Holdings Ltd because the fund remains constructive on the business despite a softer result from the Heat Transfer Solutions (HTS) division. Asymmetric Asset Management notes that the distribution business — representing approximately half of revenue — is performing well, with sales up 5% and earnings up 10% on FY23. The HTS division experienced a 1% decline in sales due to project deferrals and a one-off upgrade program costing approximately $1.5–$2 million to meet the needs of a key customer, which accounts for over half of the 20% profit decline expected for the division. The fund expects the majority of deferred projects to shift into FY25.

Monthly Report, price recorded $0.82

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 1 managers first commented on AHL.

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About Adrad Holdings Ltd

Industrials, Auto Components

Adrad Holdings (ASX:AHL), a manufacturer of radiators and heat transfer products, has been followed by Asymmetric Asset Management for its steady distribution business. In May 2024, Asymmetric noted Adrad's distribution business, about half of revenue, was performing well, with sales up 5% and earnings up 10% on FY23, while its Heat Transfer Solutions division, which supplies custom cooling products, delivered an unexpected result. Adrad Holdings operates in the Consumer Discretionary sector within the Auto Components industry, and Thesis Tracker has captured 1 comment from 1 fund manager, Asymmetric Asset Management. Founded in 1985 and headquartered in Beverley, Adelaide, Adrad manufactures and supplies radiators, heat exchangers and cooling products for the automotive aftermarket, as well as engineered heat transfer solutions for mining, power generation, rail and industrial customers in Australia and internationally, operating through automotive aftermarket and heat transfer solutions segments with manufacturing facilities in Australia and Thailand.

Market cap: $125m
Price to earnings: 15.1x
Return on equity: 5.3%
Dividend yield: 3.3%
Price to book: 0.78x
Net margin: 4.2%
52-week range: $0.75 to $1.62

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Adrad Holdings Ltd (ASX:AHL)?

Fund managers including Asymmetric Asset Management have invested in Adrad Holdings Ltd (ASX:AHL).

What opportunities or catalysts do fund managers highlight for Adrad Holdings Ltd?

Asymmetric highlights steady growth in Adrad's distribution business, with sales up 5% and earnings up 10%, providing a stable earnings base.

What are the key risks to the Adrad Holdings Ltd investment thesis, according to fund managers?

Asymmetric's commentary suggests the Heat Transfer Solutions division delivered an unexpected outcome, indicating less predictable earnings from its custom industrial cooling business.

What does Adrad Holdings Ltd (ASX:AHL) do?

Adrad Holdings Ltd. is an Australian-based manufacturer and supplier of radiators and heat exchange products. Founded in 1985 and headquartered in Beverley, the company operates via two primary segments: Automotive Aftermarket and Heat Transfer Solutions. The Automotive Aftermarket segment designs industrial cooling solutions for mining, rail, power generation, data centers, and heavy transport. The Heat Transfer Solutions segment manufactures, imports, and distributes radiators and automotive parts across the Australian and New Zealand markets. Adrad serves both industrial applications and the automotive sector by providing specialized thermal management technologies.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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