Karex (5247) 昨天收市涨了 14.47%, 到底发生了什么事呢?

🔽🔽🔽 English version included~ 🔽🔽🔽

首先,先介绍一下这家公司的业务:-

🙋‍♂️🙋‍♂️”Karex 不就是卖condom 的咯!帮Durex做 OEM mah“

是的,他们主要业务真的是卖Condom,但是他们其实开始了自己的品牌 – ONE® 。 这个品牌其实是Karex 重金从UK 经过购买另一家公司而得来的,目的是看重ONE® 他们年轻的客户群 (condom 都是年轻人用比较多嘛,你懂的)。

除了condom 以外,Karex 其实还有卖润滑油。不要问我润滑油拿来干嘛,我不知道。我只是知道这个segment 是叫做 ”Sexual Wellness“。

开玩笑以外,润滑油在去年 FY2018 上涨了 50% 的销售额,可以说是越来越越重要了。

除此之外,公司还有卖一些医药用品,比如说医药用的导管,探针”套“,跟test kits。

公司业务分布 :-

Sexual Wellness : 92%
Medical : 6%
Others : 2%

而这加公司对于MYR 汇率是十分敏感的,因为大部分公司的销售都是出口的,以下可以看看公司的分布。(FY2018)

Africa : 24%
America : 29%
Asia : 29%
Europe : 18%

公司有提到,在Africa 保险套的需求量跟供应量相差了 3 Billion 🌚 这也为他们这家全球第一大的保险套供应商带来了商业机会。话虽如此,但是在近年来Africa 提供的销售总体上反而下跌了。

至于下个季度Karex 会不会继续下跌?我们觉得是会的,但是下滑幅度可能会减少。目前来说,公司还是有现金(大约MYR 20mil 左右)来继续发展的。

我们也注意到了Karex 的债务分布其实会被汇率大大的影响。因此投资者必须注意这一点。

回到主题,这个突然性的跳跃很大可能是有人发现了这个季度的下滑程度会比较低,所以在下半场大幅扫货,当然也不排除推高价钱,然后自己出货的可能性。但是看情况前者可能性比较大,你们看着办吧 🌚

好了,今天介绍这家”套套“股就先到这里了。有什么问题的朋友不要害怕发问。
*P/S 不要问我榴莲味condom 🥒哪里买 我不知道

Karex (5247) closed 14.47% higher yesterday, what actually happened?

First of all, allow us to share with you a bit about the company’s background.

🙋‍♂️🙋‍♂️”Karex, sell condom one mah! They help Durex do OEM one!”

Yes, that is correct, their main business is selling condoms. However, they also ventured into OBM. Which Karex started to promote their own brand – ONE®. The brand originated from another company in UK. Karex eyed on them mainly because of ONE® younger customer base. (Well, guess which customer range use the most condom)

Besides, Karex also sells so called “Lube”. Personal lubricant. Please don’t ask us what is the function of Lube, we don’t know. All we know that this segment is categorized under “Sexual Wellness”.

All jokes aside, sales in Lube products actually jumped by 50% YoY in FY2018. This segment is weighting more and more importantly in the group’s revenue segment.

Apart from it, the company also produces probe cover, catheters and test kits.

Karex’s revenue segment :-

Sexual Wellness : 92%
Medical : 6%
Others : 2%

Actually, Karex is very sensitive towards currency exchange rate. The reason for it is because of it’s diversified customer base over the world, which are exported to the foreign countries. (FY2018)

Africa : 24%
America : 29%
Asia : 29%
Europe : 18%

The management mentioned in the Annual Report that the demand gap and actual supply gap for condom in Africa is estimated to be more than 3 billion. 🌚 It provides a huge opportunity to the biggest condom manufacturer in the world, however, recent results proves otherwise. The segmented revenue from Africa is decreasing.

Would Karex’s next quarter result continue to be devastating? We would say yes, but much lesser devastating. The company is still holding approximately MYR 20mil net cash for their expansion.

Karex’s debt would get affected hugely by the fluctuation of currency. So investors or traders might want to be careful of this factor.

Back to the main topic, the sudden surge of Karex’s stock price might be caused by someone realized the next quarter report could be better, therefore buying in a huge amount of share in the second half of Friday’s market. Of course, it could also be another pump and dump scheme, who knows? But for now, we think it is more likely the first reason that caused the spike in stock price.

That’s all for the introduction for Karex. Don’t be shy if you have any questions, let us know!
*P/S Don’t ask us where to buy Durian flavor condom 🥒, we don’t know

#CONDOM
#DUREX
#DURIANFLAVOR
#12INVEST

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