External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

Equity Bottom-Up

Glenmark Pharmaceuticals / Equity Bottom-Up

<p>What should investors do? Glenmark's share price has de-grown by ~0.7x over the past five years (from ~Rs 856 in July 2016 to ~Rs 607 levels in July 2021). In India, it is the market leader in dermatology and improving its presence in respiratory, CVS, anti-infectives and anti-diabetics, in particular. It has also forayed into consumer health segment focusing on Rx-OTC switch products...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

What should investors do? Glenmark's share price has de-grown by ~0.7x over the past five years (from ~Rs 856 in July 2016 to ~Rs 607 levels in July 2021). In India, it is the market leader in dermatology and improving its presence in respiratory, CVS, anti-infectives and anti-diabetics, in particular. It has also forayed into consumer health segment focusing on Rx-OTC switch products...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Glenmark Pharmaceuticals: Q1 Growth Driven by India Business

<p>Leadership in select APIs, strong relation with large companies GLS is a leading developer, manufacturer of select high value, noncommoditised APIs in chronic therapeutic areas, including CVS, CNS &amp; pain management, diabetes and continue to branch into other APIs. It has strong market share in select specialised APIs like Telmisartan (anti-hypertensive), Atovaquone (anti-parasitic), Perindopril (anti-hypertensive), Teneligliptin (diabetes), Zonisamide (CNS) and Adapalene (dermatology).</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Leadership in select APIs, strong relation with large companies GLS is a leading developer, manufacturer of select high value, noncommoditised APIs in chronic therapeutic areas, including CVS, CNS &amp; pain management, diabetes and continue to branch into other APIs. It has strong market share in select specialised APIs like Telmisartan (anti-hypertensive), Atovaquone (anti-parasitic), Perindopril (anti-hypertensive), Teneligliptin (diabetes), Zonisamide (CNS) and Adapalene (dermatology).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Glenmark Life Sciences IPO: Leadership in Select APIs, Strong Relation with Large Companies

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

<p>We recently had an interaction with Glenmark Pharmaceuticals management to understand the business as it stands in an evolving market environment. The key takeaway is that the company is poised for free cash flow generation as the key business segments (US and domestic formulations) are expected to deliver strong growth in FY22. Successful listing of Life Sciences business and potential fund raise in Ichnos Sciences would be sweeteners. Indian Branded Formulation Business (ex-COVID products) is off to a strong start.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We recently had an interaction with Glenmark Pharmaceuticals management to understand the business as it stands in an evolving market environment. The key takeaway is that the company is poised for free cash flow generation as the key business segments (US and domestic formulations) are expected to deliver strong growth in FY22. Successful listing of Life Sciences business and potential fund raise in Ichnos Sciences would be sweeteners. Indian Branded Formulation Business (ex-COVID products) is off to a strong start.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Glenmark Pharmaceuticals- Management Meet Update- Glenmark Pharma management meet update

External broker reports(aggregated public sources), Geojit BNP Paribas

Geojit

<p>Glenmark Pharma Ltd (GNP) is an India-based pharmaceutical company with commercial presence in more than 80 countries across the globe. GNP is primarily focused on generics, specialty and OTC businesses. The company has strong regional/country-specific presence in diabetes,...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Glenmark Pharma Ltd (GNP) is an India-based pharmaceutical company with commercial presence in more than 80 countries across the globe. GNP is primarily focused on generics, specialty and OTC businesses. The company has strong regional/country-specific presence in diabetes,...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GLENMARK: Glenmark Pharma Ltd (GNP) is an India-based pharmaceutical company with commercial pres...

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

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<p><br />  In this month’s "In-Focus" section, we provide an update on Chinese developers’ JV exposure, including typical structures and the JV exposure of the companies under our coverage.<br /><br />  The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the "In-Focus" section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.<br /></p>

   In this month’s "In-Focus" section, we provide an update on Chinese developers’ JV exposure, including typical structures and the JV exposure of the companies under our coverage.    The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the "In-Focus" section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - Chinese Developers' JV Exposure - Lucror Analytics

India

Glenmark Pharmaceuticals Ltd., is a pharmaceutical company. The Company develops generic drugs for inflammation, metabolic disorders, and pain.

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Glenmark Pharmaceuticals (GNP IN)

Glenmark Pharmaceuticals: Q1 Growth Driven by India Business

Glenmark's share price has de-grown by ~0.7x over the past five years (from ~Rs 856 in July 2016 to ~Rs 607 levels in July 2021). In India, it is...

ICICI Securities Limited

Glenmark Life Sciences IPO: Leadership in Select APIs, Strong Relation with Large Companies

Leadership in select APIs, strong relation with large companies GLS is a leading developer, manufacturer of select high value, noncommoditised APIs...

ICICI Securities Limited

Glenmark Pharmaceuticals- Management Meet Update- Glenmark Pharma management meet update

We recently had an interaction with Glenmark Pharmaceuticals management to understand the business as it stands in an evolving market environment....

Nirmal Bang

GLENMARK: Glenmark Pharma Ltd (GNP) is an India-based pharmaceutical company with commercial pres...

Glenmark Pharma Ltd (GNP) is an India-based pharmaceutical company with commercial presence in more than 80 countries across the globe. GNP is...

Geojit

Asia HY Monthly - Chinese Developers' JV Exposure - Lucror Analytics

In this month’s "In-Focus" section, we provide an update on Chinese developers’ JV exposure, including typical structures and the JV exposure of...

Lucror Analytics

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