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World’s largest condom maker

World’s largest condom maker

Karex, As Malaysia’s No.1 condom manufacturer, which has around 10 percent of the global condom market, saw its shares surge as high as 2.50 Malaysian ringgit, or around $0.79, on its Malaysian debut, up from its 1.85 ringgit offering price. The stock closed at 2.45 ringgit. Meanwhile,Twitter’s trading debut, set for Thursday, is facing some skepticism among analysts who are worried it may suffer the same fate as social media peer Facebook’s ill-starred IPO last year. That IPO not only failed to pop on its first day, but proceeded to lose more than half its value over the next four months.

When it comes into the condom industry, Karex is the biggest of the big. The company, which makes Durex and LifeStyles brand condom under custom manufacturing contract, is planning to use its IPO proceeds of around 75 million ringgit ($23.5 million) to double its annual capacity to around six billion pieces by the end of 2015, said Lee Yen Ling, an analyst at Maybank, in a report subtitled “rising into the occasion.”

Karex’s next largest competitor, Thai Nippon Rubber, As one of largest Thailand condom factories, which can produce around 2 billion pieces condom a year.

“There is a shortage of condom supply in the market, as reported by the various NGOs and government agencies,” Lee said. “The other condom manufacturers are not committed in expanding their capacities,” she added, forecasting Karex’s market share to rise to 15 percent by 2015.

Analysts at another bank, RHB, are also positive on the stock, initiating it at “Buy” with a 2.59 ringgit target price, citing Infobusiness Research’s forecasts for the global condom market to grow to 30.4 billion pieces a year by 2016, compared with 21.2 billion in 2011.

“We believe that the consumption of condoms will rise in tandem with the growing world population, which is currently increasing by 1 billion people every 12 years and is expected to reach 8.1 billion by 2025,” RHB said.

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