【康乐 KAREX】- 带你了解全球最大的避孕套制造厂公司

Author: Skylight Chong   |   Publish date: Wed, 23 Dec 2015, 08:07 PM 

今天，战略特工将带领各位看官们了解一家主要生产避孕套的上市公司。

 

 

它就是全球最大的避孕套制造厂公司 - 【康乐 KAREX】。

不说也许大部分人都不知道，其实马来西亚从2009年开始，就已经成为了全球最大的避孕套出口国。

 

部分原因也是因为马来西亚是生产橡胶的主要出口国之一。

 

【康乐 KAREX】成立于1988年，主要生产避孕套Condom（占业务比重91%），医疗导管Catheter与润滑剂Lubricating Jelly（占业务比重5%）以及探头罩Probe Cover（占业务比重4%）。

 

【康乐 KAREX】每年生产约40亿只避孕套，共雇佣了约2000名工人；在笨珍（Pontian）、柔佛（Johor）、巴生港（Port Klang ）以及泰国的合艾（Hat Yai）均设有生产线，充分利用当地橡胶资源进行生产。

 

该公司也是安思尔(Ansell)和杜蕾斯(Durex)的代工，帮忙两位前者公司大量生产该品牌避孕套。

 

除此之外，该公司也有生产自己的品牌，如“Carex”及“Inno”。

 

由于美金兑换马币高居不下，以及原物料价格持续走低，这些都对主要以出口的【康乐 KAREX】带来了不错的盈利表现。

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

目前，全球对避孕套的需求正在持续增加。

 

人们使用的避孕套增加，主要是受一些重要的趋势影响。首先，全球人口不断增加，使用避孕套的人自然也会增多。另外，由于人们对性病有所警惕，同时也有更多安全性行为的宣导活动，使更多人使用避孕套。

 

随着新兴市场持续发展，人们的教育水平和收入提高，避孕套的使用量因此增加。

 

 

以下是公司最新近期业绩：

 

 

以下是公司各个区域盈利百分比：

 

 

 

目前【康乐 KAREX】正展开洽谈，在先进国收购几家小型公司，扩大品牌网络。

 

康乐总执行长吴铭杰接受彭博社电访时表示，公司瞄准的包括美国的小型公司。

 

基于稳健的资产负债表，他说，公司有充足的“银弹”可以展开收购。

 

截至9月30日，康乐的现金企于2亿770万令吉。

 

吴铭杰称，政府和诊所是避孕套的主要采购商，避孕套可被视为是医疗用品，市场上也缺乏高档的牌子。

 

“公司产品的需求不断走高，因人们在更年轻的时候接触性生活，也比上一代更容易得到避孕套。”

 

康乐明年计划拨出8000万令吉的资本开销，主要用来兴建新厂房，旨在把产量从现有的50亿个避孕套，在明年杪推高至60亿个。

 

《股市资讯》专访内容 - 摘自《股市资讯》

公司于2013年11月6日上市，其股价至今已从1.85令吉的招股价大幅上涨。公司的总裁Goh Miah Kiat和其管理团队在“聚焦大马(Spotlight on Malaysia) ”活动上接受了《股市资讯》的访问，令我们对避孕套制造业有更深入的了解。

康乐公司的总裁Goh Miah Kiat

《股市资讯》：你认为业内有哪些企业是你们的主要竞争对手？

Goh：对我们来说，要明确定义谁是我们的竞争对手并不容易，因为我们为超过200个品牌代工生产避孕套，因此它们也是我们的客户。我们主要在其他客户没有涉足的市场售卖自家品牌的避孕套，如中东和北非国家。

《股》：康乐公司如何应对业内的竞争？

Goh：避孕套制造业是一个十分特别的领域，其市场相当大，但业者却不多。目前，我们是最大的避孕套生产商，每年可生产40亿个避孕套。第二大业者和的年产能约为20亿个避孕套。因此，我们的规模比对手大得多。

如今，业者除了标榜安全性之外，还强调它们的避孕套能为使用者增添情趣。为了保持竞争力，我们在创新方面投入了不少资金。我们有各种不同颜色和质地的避孕套，包括会发光、以纹身图案作为设计和不同口味的避孕套。除此之外，我们也斥资打造特别的机器，以灵活地生产各类型产品，同时符合客户的特别要求。此外，避孕套是受严格监管的产品，必须提供许多文件和支付相关费用。

因此，规模与我们相近的业者并不多。

《股》：代工生产的产品和自家品牌的避孕套在赚头方面是否有差异？

Goh：自家品牌的赚头较高，但两者的差异并不大。我们没有大力宣传自己的品牌，因为我们认为要建立品牌并深入民心需要一段时间。我们的长期目标是逐步打响Carex这个品牌，但现阶段代工生产仍是我们的主力。

机构买家如政府通常都会批量采购。虽然赚头的差别可能不大，但只有较大型的企业能满足它们的需求。由于我们是最大的生产商，因此具有一定的优势，能成为这些买家的理想选择。

《股》：公司目前有特别看好哪一个市场吗？

Goh：我们会研究东盟市场的商机，这个地区有多达6亿人口，市场相当大。随着这些国家持续发展，收入和生活成本提高，计划生育的概念也变得普遍。由于使用避孕套是一种没有副作用的避孕方法，我们认为它在计划生育方面将起到重要作用。

 

http://invest-tactics141.blogspot.my/2015/12/karex.html

Tuesday, 1 December 2015

Condom maker expands capacity

Goh (right): ‘I am very confident on the outlook of our business. We are also very confident the industry will continue to grow. We are on a growth trajectory and expect this to continue.’ With him are senior officials of Karex.

Karex bullish on outlook, expects double-digit profit growth to continue

SHAH ALAM: World’s largest condom maker Karex Bhd is very bullish on its outlook and is planning on further capacity expansion over the next two years.

Chief executive officer Goh Mah Kiat expects the double-digit profit growth of the last few years to continue.

“I am very confident on the outlook of our business. We are also very confident the industry will continue to grow. We are on a growth trajectory and expect this to continue,” he said following a shareholders’ meeting.

“We are now reaching our fifth billion capacity. When we did our initial public offering we were only at three billion capacity. We still have expansion plans to expand it to six billion by Dec 2016 and we will also like to increase it to seven billion by Dec 2017,” Goh said.

The company recently expanded its capacity with the acquisition of another condom manufacturer, Medical-Latex (Dua) Sdn Bhd, which also came with land for possible future expansion.

“We are on the six acres land and the utilisation of space there is only about 30%.

“So that balance of the other 70% land is vacant, which gives us a lot of room to grow there as well,” Goh said.

Besides adding to capacity, Medical-Latex contributed to 8% of revenue last year.

“Our capacity utilisation as a whole has always been 70% to 75%.

“We don’t want to go too high because once we go too high it will affect our flexibility to our customers as we cannot deliver products fast enough to them,” Goh said.

“In the last quarter, our total capacity was four billion and we are running at 72% utilisation of 4 billion which is close to 3 billion pieces produced,” he added.

Karex is also continuing to look for possible acquisitions, with Goh prefering to also invest into acquiring other brand names to extend downstream.

“We have over RM200mil cash and we think that there are a lot of opportunities to buy some brands globally.

“Condoms must carry some sort of label, so branding in this area is very important,” he said.

Goh pointed out that building Karex as a brand would take a “very long time”, while acquiring other brands would be a more feasible move.

“Shareholders have asked me why don’t we sell our own Karex-branded products, but the mentality of people here, they may think that local products are not good enough, that’s why we prefer to acquire brands,” he said.

Packaging incurs the most cost to Karex, at close to 30% while raw latex made up another 23% and labour, 19%.

Karex Berhad - Eyeing two plots of land

Date: 01/04/2015

Source	:	CIMB
Stock	:	KAREX		Price Target	:	4.57	|	Price Call	:	HOLD
				Last Price	:	4.48	|	Upside/Downside	:	+0.09 (2.01%)

Karex Bhd - Visit note

Date: 17/03/2015

Source	:	HLG
Stock	:	KAREX		Price Target	:	4.14	|	Price Call	:	HOLD
				Last Price	:	4.15	|	Upside/Downside	:	-0.01 (0.24%)

Highlights

• We visited Karex’s plant in Pontian, Johor and we met with the group’s CEO together with Karex’s financial advisor, ZJ Advisory to get some updates about the company.

• Currently, Pontian is Karex’s largest plant with capacity to produce 2bn pieces of condom per annum, followed by their plant in Hat Yai, Thailand (1.2bn pcs) and Klang, Selangor (0.8bn pcs). By 2016, Karex will have enlarged production capacity of 6bn pcs of condom per annum with 3bn pcs from Pontian, 2.2bn pcs from Hat Yai and 0.8bn pcs from Klang.

• Unlike rubber glove where only sample get tested, we learnt that every single condom produced is tested electronically in a high voltage pin-hole testing machine. Condoms with pinholes will allow electricity to pass from the rubber brush to the mandrel and this will divert the condoms to the reject bin.

• Karex has the capacity to design, develop, re-engineer and customize its key technologies, such as dipping machine, electronic testing machine and foiling machine. This gives Karex flexibility to cater its customer’s varying demands and also results in cost savings and improved efficiency.

• Management shared that about 90% of sales and 30% of costs are dominated by USD; and Karex hedge between 70- 80% of the currency rates at point of invoice. We reiterate that Karex will continue to benefit from favourable currency condition.

• Placement exercise has been completed and our projection of cash balance now stands at RM244.9m for FY15. Approximately 73% of the proceeds will be used for development and business expansion, which in our opinion most likely will be M&A for overseas brand.

• We continue to like Karex’s strategy to grow by acquiring renowned brand(s) and also strategic partnership whereby Karex is in-charge of manufacturing while the other partner taking care of marketing and distribution works.

Risks

• Surge in raw material prices, forex risks, revision on foreign labour policy, successful invention of HIV/AIDS cure, product substitutions for condoms.

Forecasts

• We trimmed our production capacity from 4.50bn pcs to 4.25bn pcs in FY15 as per management guidance.
• We also impute in additional 40.5m new placement shares at RM3.90 per share. As a result, EPS for FY15 – FY17 is diluted between 5% - 13%.

Rating

HOLD , TP: RM4.14

Positives

• World’s largest condom manufacturer; everincreasingglobal condom demand; strong in-house R&D; licensed to export to major part of the world; and successful acquisition of Global Protection Corp.

Negatives

• High dependency on foreign labour and lack oflong-term contracts with customers.

Valuation

• We raised our TP to RM4.14 as we lift our target P/E from 19x to 21x CY16 EPS to reflect the latest figure of its international peers (see Figure #2).

We maintain HOLD recommendation as we believe further upside is capped by its rich valuations (FY16 P/E of 22.5x) after the recent share price run-up (share price advanced by 37.5% since we initiate the coverage in Dec 2014).

Source: Hong Leong Investment Bank Research - 17 Mar 2015

Karex - The Next Level

Source	:	RHB-OSK
Stock	:	KAREX		Price Target	:	3.89	|	Price Call	:	BUY
				Last Price	:	3.41	|	Upside/Downside	:	+0.48 (14.08%)