Adampak

[dydx]

The tablet PC is just yet another type of PC, just like the desktop, laptop, palmtop - all still in demand and volume production - which came before it. Whether flash drives can completely replace HDDs will depend on whether flash drives are able to prevail over HDDs in all key technical aspects, and also in economics - i.e. cost per GB - and prices. What is quiet certain is that both flash drives and HDDs will continue to evolve and advance technically, and as demand for digital data storage continues to grow globally and diversify into more and new areas of usage and in our modern society, the battle between the 2 will continue. What is also quite certain is that the IT revolution will continue to spread globally, and eventually even poor countries will be buying more and more low-price PCs and other gadgets, and that simply means HDDs as the lowest-cost digital data storage devices will be in demand for a long time, even if flash derives succeed in prevailing over HDDs in certain techical aspects.

I think it is also relevant and important to bear in mind that Adampak's business has proven resilience - i.e. it can continue to operate profitably even under very tough economic/market conditions or even after a sudden external shock. Q1-FY09 - after a global financial crisis which started in Q3-08 leading to a short global recession which lasted till end Q2-09 - which was the worst quarter ever and the bottom of the last crisis, is a great proof of Adampak's resilience.....
http://info.sgx.com/webcoranncatth.nsf/V...60025C684/$file/AdampakLimited_Results1Q2009.pdf?openelement
In Q1-FY09, Adampak's revenue fell a sharp 31.2% yoy to only USD9.651m, and NP fell a sharper 62% yoy to USD624k, but the business continued and managed to generate solid FCF to the tune of USD1.1m.

Of course, Adampak's business and profit have since rebounded strongly and smartly.