Stock Upgraded: Adamapk Ltd price target to 0.33 sgd by Westcomb Financial Group!

Westcomb Financial Group has raised its target price for Adampak Ltd to 0.33 sgd from 0.31 on expectations of strong earnings growth driven by bright prospects in the hard disk drive industry. Aident manufactures and supplies labels and precision die-cut components for the telecommunications and electronics industries. In a client note, Westcomb also maintained its "buy" rating on the stock and cited its proposed acquisition of the Aident group which will be earnings accretive for the company. "We have increased our earnings forecasts to include the positive impact expected from the additional 50 pct stake in Aident," Westcomb said. "We expect revenue and net profit to grow at double digit levels in both 2006 and 2007, driven by continued optimism in the HDD industry and the group's new production facilities in Suzhou that gives them access to the vast China market." Adampak was up 0.005 sgd at 0.205 on volume of 799,000 shares.