@terence775 Since you mentioned $PA / 7225 (P.A. RESOURCES BERHAD), I feel the need to highlight a very real risk to the company from a macroeconomics point of view, especially related to the US election and their direction of bringing manufacturing on shore. While I'm at it, I will just share a little bit about PA and why I think a big risk is not yet been priced in, considering they are up around 40% since early this year.

As everyone should know, PA is involved in the fabrication and extrusion of aluminum products with a big focus on the solar panel industry. They mainly buy their raw materials (aluminium billets) from Australia and Dubai.

Recently, they had reported their highest ever revenue largely due to increasing sales to USA, and we all know their big customer here is First Solar. Many analysts say it's a good thing, and I beg to differ. For the record, FS is about 90% of PA's business. On a running basis FS has an annual contract with PA, to purchase the frames for the PV modules.

FS is on a rapid expansion mode to capture the solar panel market in the world, and in the same line, PA plans to double their capacity in stages to meet the high demand from FS.

All sounds good, yes?

It does until you read what First Solar has been proposing and advocating: building a domestic manufacturing base in US. This is very in line with Trump's idea of MAGA and bringing global supply chains back into US soil while subsidizing them to make them competitive. It is also not too far off from US parties' populist policies-- so I would expect this to be more of an eventuality rather than a possibility.

What happens when your biggest customer decides they don't need you anymore? Cue $ATAIMS / 8176 (ATA IMS BERHAD).

With such a big risk always looming in the background, PA provides a very lopsided risk:reward offering, skewing very heavily into high risk and low rewards territory.