买进karex

Average price :RM 3.20 

Target Price: RM 5.+

Four new production lines

World’s largest maker of condoms, with capacity of 4 billion pieces, and about 10% of market shares. Its products are exported to over 110 countries across Asia, Africa, Europe, America. 

Only 4 per cent of its revenues come from its own-brands, with 60 per cent derived from condoms that Karex makes for other brands such as Durex, owned by Reckitt Benckiser of the UK.

The rest of Karex’s condom revenues come from bulk sales to government-funded HIV/Aids prevention and family planning programmes. The rest of group revenues come from making catheters and lubricating jelly.

Global demand for condoms is expected to remain resilient at 7.5 per cent growth a year.

Karex plans to double its capacity to 6bn pieces by the end of 2015.

Goh Miah Kiat, is the third generation in the Goh family which, together with the Lam family, own 63.3 per cent of Karex shares. They remain the largest shareholders after the flotation.

Karex was advised by RHB Investment Bank and CIMB, two Malaysian banks, and ZJ Advisory, a corporate finance firm in Kuala Lumpur.

46.5million net cash 

Main products :

• Lubricants
• Condom
• Probe cover