Nuffnang

Monday, 28 December 2015

[0155] MGRC


公司背景

人类都会经过生,老,病,死的阶段。每个人的差异都会跟基因和生活素质息息相关。除了人类以外,与整个大环境有关联的生物也不例外。要深入了解如此复杂的关系可算是不简单的任务。在大马的股市里,正有一家把如此复杂的东西作为其业务。

跟基因学有关联的业务,其实并不容易了解。对一般大众而言,属于一个非常陌生的生意。基因,也许大家都有听闻过,但是有深入了解的人可不多,包括笔者。身为一名保守的投资者,如果对公司的业务不了解,都应该尽量避免去投资。因为笔者对如此不平凡的业务充满好奇心和感兴趣,所以决心下足功夫一步一步深入了解,而不是排个马屁不了了之。以下的文章,可以让大家比较了解关于基因背后的咨询。

Ø  一个跟A-C-G-T有关联的业务。


Ø  企业宣传片


公司的业务

以下是公司的业务分布。笔者以一位普通投资者的简单方式来大概讲解。
Ø  基因组测序
o    从零开始的某些基因研究工作。
Ø  基因组分析
o    已经有了基因组测序咨询,但是要了解某些基因深入的分析。
Ø  基因检查
o    了解个人对某种疾病的风险程度。
Ø  病理学实验室
o    病理学是研究引起疾病或由疾病造成的机体器官和组织的结构和功能变化
Ø  诊断服务
o    鉴定某些疾病。

基因组测序和基因组分析,属于合约性业务。基因检查,病理学实验室和诊断服务,属于经常性收入业务。过去几年的时间,公司正积极把业务转型,从2010年上市时完全依赖合约性的收入,渐渐地增加经常性的收入。


基因组测序和分析,都是属于大型工程的来源。主要跟大机构和医学院相关的对象合作。合约都是需要长时间更近才能得到手,大概812月。一旦合约到手,都会让公司忙上更长的时间。

其中比较大型的合约包括与森那美(Sime Darby)合作的工程。在2009年,该公司已经成功破译油棕遗传学,使之成为世界上第一家实现这一科学突破。公司也在201411月从FELDA WELLNESS得到19百万的合约,预测将会在2017年才完工。公司最近期的杰作就是与Monash University Malaysia大学研究小组成功研究首宗鱼类(亚洲龙鱼)的基因组测序。

基因组测序和分析业务,专家预测全球现状到2018年的年复合增长率是21%,也代表2018年将会达到80120亿美元的销售值。除此之外,外包的趋势正在增加,主要从美国和欧盟去到亚洲。
公司在此业务的贡献可以讲是非常多元化。还有很多让大家难以想象的工程。


基因检查,是近期公司得到快速成长的其中一个业务。Dtect是公司所创办的一系列的基因筛检服务,主要通过基因检查让大众提前预防个人有可能遇到的高风险疾病。它根据已确认的基因标记为顾客进行DNA筛检。这些标记也称为基因变异,与疾病风险息息相关。每项Dtect测试是专为一组特定的疾病而设,如心血管疾病、代谢性疾病和​​儿科疾病。Dtect检验报告能帮助检查者管理自己及亲人的健康。暂时Dtect测试的系列有以下五款。如无意外,公司将在2016年推出多一款新测试系列。详情就让公司在适当的时间才公布吧!


笔者本身曾经尝试Dtect Metabolic的测试,可以大概了解其中的过程。他们将会给你一个DNA口腔抹拭采集工具包,里面主要包括一根棉签,一个管子和一粒硅胶。然后跟着以下简单的步骤就完成收集测试者的样本。


分析报告大概会在2个星期出炉。过后就跟基因顾问见面了解详情。


更多的详情可以参考网站的咨询:http://dtect.com/dtect-tests-2/dtect-metabolic/


每款Dtect测试,一生人只需做一次,因为分析出来的个人基因资料将不会在未来而改变。每款Dtect测试价钱大概是1千到2千马币的范围。

大家可以看以下的短片来了解关于Dtect的功能。


病理学实验室,简单的讲解就是实验我们的器官,组织和体液(比如血液和尿液)来检查疾病的可能性。其实,病理学的服务是非常广阔。其中的服务就如大众所做的年度身体检查服务。比较常见的竞争对手有如BP Labs。但是公司主要跟医生和医院以合伙的方式合作,而不像BP Labs那样直接做门面的生意。其中的原因是与MGRC的创办人(Robert George Hercus)有关联。因为他是澳洲人,所以公司的生意会比较接近澳洲人的模式,特别专注自己的专长给与客户最专业的服务。公司相信通过人脉和专注的服务将会带来更好的效果。

20127月,公司公布通过其子公司MPath Sdn Bhd,收购Clinipath (Malaysia)Clinipath CapitalMedical Scan70%100%100%的股份。这也让公司正式添加了病理学的业务。在201312月和20156月,公司也继续把CM的股权提升到95%100%MPath Sdn BhdMGRCAJMAKS各自拥有50%股权的子公司。以2014年估计,CM持有6%的大马私营部门病理市场。整个大马市场的价值大概是4.28亿马币。此市值,预测2019年将会达到7.54亿马币,公司也放眼希望到时能够占有10%的市场率。

什么是病理学?
http://www.news-medical.net/health/What-is-Pathology-(Simplified-Chinese).aspx


诊断服务,属于病理学的一部分,主要是鉴定某些疾病。北美洲和澳洲属于这个行业的发达国,医生所做出的70%医疗决定,都是依赖诊断服务。福布斯的预测,此行业在2020年的未来,全球的销售值将会达到800亿美元。诊断服务里,分子诊断是增长最快的一环。它有望成为公司在未来另一个增长的业务领域。

以上的分享只属于笔者个人的了解程度,其中通过自行阅读和与专业人士交谈中得到的信息。笔者不是该行业的专家,资料也许会有差异。
接下来的文章,笔者将会继续谈到公司业务关联的咨询和个人对它的看法,比如其中的风险,转型中的变化与一些隐形的思考。

注:此文章只是纯属公司分享,并非买卖的建议。笔者认为,短期内的股价已经合理化。加上公司还有不明朗的状况。过后会慢慢继续谈。


【继续】


Company Background

Humanity will go through birth, aging, sickness and death phases. Differences in each person will be closely linked with genes and quality of life. In addition to humans, the entire creature associated with our environment is no exception. It is not an easy task to understand such a complex relationship. In the Malaysian stock market, there is a company involving in such complicated task as their business.

DNA is not an easy term to understand. Generally, it is not a common business to public. You may have heard the word of DNA, but may not have deep knowledge in it. So do I. As a conservative investor, you should avoid to invest in a company which you can’t understand its business. Its extraordinary business made me full of curiosity and interest, so I’m determined to work hard to understand it step by step, rather than an exclusive to skip it. With the following articles, we can understand more about DNA.

Ø  A business related to A-C-G-T


Ø  CORPORATE VIDEO


公司的业务 | Company Services

Below are the company business segments. Author as an ordinary investor to explains it in simple way.
Ø  Genome Sequencing
o    Perform a totally new genomics research.
Ø  Genome Analysis
o     To accelerate genomics research according to project goals.
Ø  Genetic Screening
o    To understand the risk for certain diseases
Ø  Pathology Lab
o    Pathology is the study of the way diseases and illnesses develop.
Ø  Diagnostic Services
o    To identify certain diseases

Contract base services are Genome Sequencing & Genome Analysis (Analytical Services). Recurring base services are Genetic Screening, Pathology Lab & Diagnostic Services. In the past few years, company is making effort in business transformation from contract base revenue to recurring base revenue.


Analytical Services is the large-scale project sources to the company. Their customers are those institution and medical field related parties. Normally, company takes a long time to secure a substantial project which may take about 8-12 months. But it takes a long time to complete the contract.

One of the substantial contracts completed is in year 2009. Sime Darby Bhd has successfully deciphered the genetics of the oil palm, making it the world’s first company to achieve this scientific breakthrough. Also in November 2014, the company has secured RM19 million contracts awarded from FELDA WELLNESS and expect to be completed in 2017. For the most recent news, MGRC is involved with Monash University Malaysia University research team and successful research first Malaysian fish (Asian arowana) genome sequencing. (For details, see Appendix News)
Experts predict that by 2018, the global revenue from analytical services will hit USD 8 – 12 billion at 21% CAGR. In addition, also see increasing trend in outsourcing to Asia from US and EU.

There is a lot of efforts can be offer by the company in this segment. As a layman, you will hardly to imagine it.


Genetic Screening is the one of the company’s segments seeing a rapid growth in recent time. The company has used genomic technologies to create "Dtect", which can help screen human DNA for genetic variations, thus enabling humans to empower and better manage their health. Dtect offers a series of genetic screening services. It is a preventive test to help someone to understand their risk in certain diseases according to their own genetic. Dtect is designed to screen someone’s DNA for known genetic markers. These markers, also known as variants, are associated with risks for diseases, disorders, conditions or traits. The results from the Dtect tests can help them manage their health, and the health of their loved ones. All tests are accurate for known genetic markers. Complex diseases may require comprehensive tests that utilize a wider range of markers, or DNA sequencing. Barring unforeseen circumstances, the company will launch an interesting new test in 2016. Let’s wait for it!


I have experience in the Dtect test as I have took Dtect Metabolic before. They will give you a DNA Buccal Swab Kit and it comes with a swab, a tube and a silica gel in capsule shape. Then, just follow below simples steps in order to retrieval of DNA from mouth.


Reports will be released in about two weeks. Then you should arrange a schedule with Genomics Consultant for advice.
             

Pls refer to the link for more detailshttp://dtect.com/dtect-tests/dtect-metabolic/


For each test, only need to do once in lifetime as our genetic will not change in life. The cost for each Dtect test is range is about RM1k to RM2k.

Check out the following video clip to learn more about Dtect.


Pathology lab is a simple vehicle to exam our organs, tissues, and body fluids (eg blood and urine) to examine the possibility of certain diseases. In fact, the pathology service is very broad and our annual medical check is part of it. BP Labs is the more well-known competitor that we can notice easily. Anyway, the company mainly carrying partnership with doctors and hospitals rather than direct facing with public likes BP Labs. Part of the reason for this is related to the MGRC founder (Robert George Hercus). As he is Australian, the company's business will be relatively close to the Australian model, particularly focus on their expertise to give customers the most professional service. Company believes it will work well through partnership and professional focus.

In July 2012, the company announced through its associate MPath Sdn Bhd, acquired Clinipath (Malaysia), Clinipath Captail and Medical Scan at 70%, 100% and 100% of the shares respectively. Officially, company has entered into pathology business. In December 2013 and June 2015, the company also continued to raise their stake in CM to 95% and 100% respectively. MPath Sdn Bhd is a 50:50 Joint-Venture company for MGRC and AJMAKS. In 2014, CM holds 6% of Malaysia’s private sector pathology market share which valued at RM428 million. Beyond to 2019, CM is targeting to reach 10% of market share which could value at RM754mil.


Diagnostic services, part of pathology, is use to identify certain diseases. North America and Australia are the very well developed countries in this field and 70% of healthcare decisions made by doctors are very depending on diagnostic test. According to Forbes’s forecast, global market revenue will hit USD 80 billion by 2020. Fastest growing segment is molecular diagnostics. It is expected to be another growing business segment for the company in the future.


Above share belongs only to the extent of my personal understanding, which through own reading and conversation with professionals. I’m not the industry experts, the information may vary.

In coming articles, I will talk more about business related information and some personal views on the company, such as the risks, changes seen from the company’s transformation and some wild guess through certain information.

Attn: This is only a sharing on the company business, not buy/sell recommendation. In my opinion, the share price has reflected its short term value and it still come with some uncertainty conditions. I shall share it later.



To be continue