有古城美誉的马六甲州一直都是国内外游客必到的地方。当中少不了鸡场街文化坊以及远近驰名的椰子冰沙、鸡饭粒、娘惹餐以及各样反映当地风土人情的美食。
其实，马六甲也汇聚了不少著名的食品生产商，本文要介绍的就是在7月25日创业板（ACE Market）挂牌上市的，专注于出口可食用毛燕（raw unclean edible bird's nest，RUCEBN）的公司——MYMBN。作为首家获得中国海关总署（GACC）准证的大马燕窝企业，其上市标志著燕窝加工业的一个里程碑。
尤其，马来西亚得天独厚的地理位置，气候也适合燕窝产业的发展。根据马来西亚兽医局和独立市场调查公司的数据显示，马来西亚的燕窝出口市场将在未来四年以年均35%的增长，在2027年可达到62.47亿令吉的规模，这是一个庞大的市场。
因此，MYMBN作为首家获得中国海关总署准证的大马燕窝企业，意义深重。这意味著其产品符合中国海关的严格标准和要求，也表明其产品质量、生产过程和供应链管理等方面达到了高标准，并能满足中国高品质产品的市场要求。
凭借这项认证，企业已经建立了其他竞争对手难以复制的优势地位。这种护城河效应在一定程度上将保护企业的市场份额，提高后来者的进入难度，为企业提供更长久的竞争优势。投资者可以看到企业在未来能够稳固地掌握中国市场份额，增加盈利和回报。
在产品上，MYMBN的燕窝来源遍布全马各地，属于从燕屋采集的，而非洞燕。其收集的毛燕需向兽医局注册和获得马来西亚良好农业规范（MyGAP）的认证。过后，所收集到的毛燕需经过严格的生物安全（biosecurity）措施加工处理。
该公司为食品安全严密把关，确保在生产过程中不受污染。从最高到最低级别排列，该公司的产品可以分为：官、天、般和翠四个系列。越高级别的毛燕的杂物就越少，盏形更加漂亮。譬如，官燕可以追溯到古代给达官贵人或皇帝进贡而得名。换句话说，官燕是送给官家的燕窝，也是燕窝类别中品质上好的。
为特殊人士提供就业机会
环境、社会和治理（ESG）也是当今投资者尤其是基金经理关注的主题。因此，除了从财务数字衡量一家公司是否适合投资，投资者也会聚焦于定性因素（qualitative factor）。我曾在《长期投资锦囊》 一文中鼓励投资者必须对公司进行尽职调查，不要忽略了定性资料。
在ESG方面，MYMBN与其产品一样令人注目的是，该公司坚守社会责任的承诺，为特殊需要人士提供就业机会。该公司目前共有52位员工，九成以上是本地员工外，其中有5位是特殊需要人士，包括聋人和学习障碍者。
这一举措展示了该公司致力于包容性雇佣和机会均等的价值观。通过提供平等的就业机会，为特殊需要人士创造了一个包容和支持的工作环境，让他们能够充分发挥自己的潜力，也可以自力更生。
另一个值得关注的是该公司于2023年获得大马清真认证，这一认证为其在2022年达到1.64兆美元／7.5兆令吉的穆斯林市场中进一步扩展提供了机会。清真认证是指产品符合伊斯兰教法规的要求，适合穆斯林食用。
对于燕窝出口企业而言，获得清真认证将带来多方面的好处。首先，清真认证是进入穆斯林市场的敲门砖。穆斯林是全球人口庞大的宗教群体，拥有强大的购买力和消费需求。获得清真认证意味著燕窝产品可以被穆斯林消费者所接受，这将为企业打开广阔的市场机遇。
清真认证也有助于提升企业的品牌价值和声誉。获得清真认证意味著企业对于践行伊斯兰教规、尊重宗教信仰和文化的承诺。这种社会责任和文化尊重将为企业赢得良好的公众形象，增强品牌忠诚度，并吸引更多的潜在客户和合作伙伴。
投资风险
无论如何，风险和机会是并存的，燕窝企业也可能面对著各种潜在风险。首先，市场风险可能对燕窝产业造成影响，因为消费者的偏好和时尚趋势可能波动，从而影响需求。其次，燕窝产业受生产和供应链风险的威胁，天气、疾病和环境因素等不确定性可能导致产量减少或质量下降。第三，国际贸易风险也需要予以重视，政策变化、关税和贸易限制可能对燕窝的进出口造成影响，从而影响企业的盈利能力。
品质风险是另一个潜在问题，市场上存在伪劣产品，这可能影响企业的声誉和品牌价值。外汇风险也不能忽视，燕窝出口企业涉及跨国交易，汇率波动可能影响企业的收入和利润。最后，法律和合规风险也需要引起投资者的关注，企业需要遵守不同国家的法律法规和认证要求，如清真认证等，不合规可能导致经营受到限制。
因此，投资者在考虑投资燕窝企业时，务必充分了解和评估这些风险，并进行全面的尽职调查，以做出明智的投资决策。
郑荣信《大马燕窝企业：在ESG实践中塑造卓越品牌》英文版：Malaysian Bird's Nest Industry: Shaping an Outstanding Brand through ESG Practices
Melaka has been renowned for its historical charm. It has always been a must-visit destination for both domestic and international tourists. Among its attractions are the Jonker Street cultural precinct and the famous delicacies like coconut ice, chicken rice balls, Nyonya cuisine, and various local delicacies reflecting the rich culture and heritage.
However, Melaka is also home to several renowned food producers, and this article introduces MYMBN, a company specializing in exporting raw unclean edible bird's nest（RUCEBN）, which will be listed on the ACE Market on July 25th. As the first Malaysian bird's nest company to receive certification from China's General Administration of Customs (GACC), its listing marks a significant milestone in the bird's nest processing industry.
Malaysia's favorable geographical location and climate provide ideal conditions for the development of the bird's nest industry. According to data from the Malaysian Veterinary Services Department and an independent market research firm, Malaysia's bird's nest export market is projected to grow at an average annual rate of 35% over the next four years, reaching RM 6.247 billion by 2027. This represents a substantial market opportunity.
MYMBN's achievement as the first Malaysian bird's nest company to obtain GACC certification holds great significance. It indicates that its products meet China's stringent standards and requirements, ensuring high-quality products that cater to the demands of the Chinese market.
This certification has established a competitive advantage for MYMBN that is difficult for other competitors to replicate. Such a moat will protect the company's market share and make it challenging for new entrants to compete, providing investors with confidence in the company's ability to maintain a strong foothold in the Chinese market and increase profitability and returns.
On the product front, MYMBN sources its bird's nests from various locations throughout Malaysia, collected from swiftlet houses rather than caves. The collected raw nests must be registered with the Veterinary Services Department and receive certification from the Malaysian Good Agricultural Practices (MyGAP) program. They then undergo stringent biosecurity measures for processing, ensuring food safety and avoiding contamination throughout production.
Moreover, environmental, social, and governance (ESG) factors are currently a focal point for investors, particularly fund managers. Therefore, beyond financial metrics, investors also consider qualitative factors when evaluating a company. As I've previously highlighted in "Long-Term Investment Insights," thorough due diligence should include qualitative data.
In terms of ESG, MYMBN stands out for its commitment to social responsibility by providing employment opportunities for individuals with special needs. The company employs a total of 52 staff members, with over 90% being locals, including five individuals with disabilities, such as hearing impairment and learning disabilities.
This initiative reflects the company's commitment to inclusive hiring and equal opportunities. By providing equal employment chances, MYMBN creates an inclusive and supportive work environment for individuals with special needs, enabling them to unleash their full potential and achieve self-sufficiency.
Another noteworthy accomplishment is MYMBN's Halal certification, obtained in 2023. This certification opens doors to further expansion in the Muslim market, which reached 1.64 trillion USD (7.5 trillion MYR) in 2022. Halal certification indicates that the product complies with Islamic dietary laws and is suitable for Muslim consumption.
For bird's nest export companies, obtaining Halal certification brings several benefits. Firstly, it serves as a gateway to the vast Muslim market, which represents a significant religious group with substantial purchasing power and consumption demand. Secondly, the certification enhances the company's brand value and reputation, showcasing its commitment to adhering to Islamic regulations and respecting religious beliefs and culture. This socially responsible and culturally respectful approach boosts public perception, increases brand loyalty, and attracts more potential customers and partners.
However, risks and opportunities coexist, and investors considering investing in the bird's nest industry should be aware of potential risks. Market risks may impact the industry due to fluctuating consumer preferences and fashion trends, affecting demand. Additionally, production and supply chain risks, such as weather, diseases, and environmental factors, may lead to reduced yields or compromised quality. International trade risks, including policy changes, tariffs, and trade restrictions, may affect bird's nest imports and exports, thus impacting the company's profitability.
Quality risks are another potential concern, as the market may be susceptible to counterfeit products, which could harm the company's reputation and brand value. Foreign currency risk should not be neglected, as bird's nest export companies are involved in cross-border transactions, and exchange rate fluctuations may affect revenue and profits. Finally, legal and compliance risks require investors' attention, as companies must adhere to various countries' laws, regulations, and certifications, such as Halal certification. Non-compliance could lead to business restrictions.
Therefore, investors must thoroughly understand and assess these risks and conduct comprehensive due diligence to make informed investment decisions when considering investments in the bird's nest industry.
