阿笔谈股系列20-浅谈CCM Duopharma’可负担’药物

This article first appeared in Investips.my Blog & Facebook, on Mac 21, 2018.

 

CCM Duopharma是一间制药公司。主要生产generic medicines.

什么是generic medicines?

Generic drugs are copies of brand-name drugs that have exactly the same dosage, intended use, effects, side effects, route of administration, risks, safety, and strength as the original drug. In other words, their pharmacological effects are exactly the same as those of their brand-name counterparts.

https://www.medicinenet.com/script/main/art.asp?articlekey=46204

 

该公司产品主要销售于国内(92%销售),出口大约(8%销售)。CCM Duopharma的产品销售非常依赖于国内政府医院等销售,而国内私人医药领域只占大约27%销售。

据行内人仕了解,政府医院主要购买药物于Pharmaniaga,其次是CCM Duopharma。

CCM Duopharma生意模式为:

  1. 进口 active pharmaceutical ingredient (原材料)
  2. 使用该公司生产机械,把原材料制成 finished product.
  3. 所有药物必需向卫生部注册之后才能销售。

至从2015年起,马币下跌,減少该公司profit margin 因进口active pharmaceutical ingredient是主要生产成本之一。

 

除此之外,国际油价也会影响药物生产成本.

https://www.investopedia.com/financial-edge/0311/6-surprising-ways-oil-prices-affect-you.aspx

 

TA Securities发表于November 6, 2017对CCM Duopharma的分析值得参考。

https://cdn1.i3investor.com/my/files/st88k/7148_CCMDBIO/pt/TA/7148_CCMDBIO_TA_2017-11-06_BUY_2.45_CCM%20Duopharma%20Biotech%20Berhad%20-%20A%20Leading%20and%20Growing%20Generic%20Drug%20Player_1766970438.pdf

CCM Duopharma有三个厂房:分别于klang, Bangi和Glenmarie。

 

该公司预计于2016至2019之间,会花费RM306M提升生产设备和货仓,这可提升大约50%生产能力来应付未来需求。

 

在2016年报里,该公司表示aspiring to become one of the top five generic pharmaceutical companies in ASEAN by 2020.

 

该公司和PanGen合作开发和生产的Erythropoietin巳经通过phase III clinical trial,正等待National Pharmaceutical Regulatory Agency (NPRA)通过,将会把此药品推出市场。

 

Epoetin alfa injection is used to treat anemia (a lower than normal number of red blood cells) in people with chronic kidney failure (condition in which the kidneys slowly and permanently stop working over a period of time). 

https://medlineplus.gov/druginfo/meds/a692034.html

 

同时,CCM Duopharma近期获得NPRA批准的药物是Renofer (IRON (III)-HYDROXIDE SUCROSE COMPLEX)。

https://quest3plus.bpfk.gov.my/PMO/detail.php?type=product&id=MAL18026002XZ

 

Iron sucrose injection is used to treat iron deficiency anemia in people with kidney disease. It is usually given with another medication to promote the growth of red blood cells (such as Aranesp, Epogen, or Procrit).

https://www.emedicinehealth.com/drug-iron_sucrose_injection/article_em.htm

 

CCM Duopharma也和Natco Pharma Limited合作推出generic oncology medicine.

 

风险

销售太过依赖政府医院等

 

催化:

马币强稳

增加新药批准

 

CCM Duopharma, RM2.84/share, 市值RM792M, p/e: 19, ROE 8% , NTA: RM1.72/share

 

注:阿笔个人持有该公司股份,但并非该公司董事,顾问或员工。以上投资分析,纯属阿笔个人意见和观点。任何人因看此文章而造成任何投资损失,阿笔恕不负责。

 

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