External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Samvardhana Motherson International: SAMIL’s Q4 revenue was marginally above our estimate, led by the modules and polymer products division</li><li>PAT at INR 13.7bn was higher than our estimates (INR 7.2bn) due to lower finance costs and ETR</li><li>Our faith in the company is undeterred given its well-diversified presence across components, geographies and customers</li></ul><p><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></p>

Samvardhana Motherson International: SAMIL’s Q4 revenue was marginally above our estimate, led by the modules and polymer products divisionPAT at INR 13.7bn was higher than our estimates (INR 7.2bn) due to lower finance costs and ETROur faith in the company is undeterred given its well-diversified presence across components, geographies and customersContent 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.

HSIE Results Daily: Samvardhana Motherson International

<ul><li>The India Pharma Market (IPM) has maintained a steady ~10% CAGR from FY12 to FY23, despite various disruptions, driven mainly by volume expansion ranging between 5-10% during FY12-18, which subsequently tapered to 2-3% from FY19-23, primarily due to generic competition (FY22 growth was on a low base due to the COVID-19 pandemic)</li><li>However, this deceleration in volume growth has been somewhat offset by 5-6% price growth annually, since FY19</li><li>We expect IPM growth to remain steady at 8-10% over the next few years, with companies boasting strong franchises and brands likely to see faster growth</li></ul><p><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></p>

The India Pharma Market (IPM) has maintained a steady ~10% CAGR from FY12 to FY23, despite various disruptions, driven mainly by volume expansion ranging between 5-10% during FY12-18, which subsequently tapered to 2-3% from FY19-23, primarily due to generic competition (FY22 growth was on a low base due to the COVID-19 pandemic)However, this deceleration in volume growth has been somewhat offset by 5-6% price growth annually, since FY19We expect IPM growth to remain steady at 8-10% over the next few years, with companies boasting strong franchises and brands likely to see faster growthContent 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.

Pharmaceuticals: Domestic formulations sector: secular growth stories

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>We met with the ALKEM management to gain a deeper understanding of the business outlook: With an established presence in the Domestic Formulation (DF) segment and exports, ALKEM is boosting its growth prospects in the bio-CDMO and med-tech segments.</li><li>The overall investment in the bio-CDMO segment is expected to be ~INR14b.</li><li>ALKEM’s revamped strategy for the DF segment is yielding improved results with potential for higher growth in the chronic space and reduction in MR attrition.</li></ul><p><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></p>

We met with the ALKEM management to gain a deeper understanding of the business outlook: With an established presence in the Domestic Formulation (DF) segment and exports, ALKEM is boosting its growth prospects in the bio-CDMO and med-tech segments.The overall investment in the bio-CDMO segment is expected to be ~INR14b.ALKEM’s revamped strategy for the DF segment is yielding improved results with potential for higher growth in the chronic space and reduction in MR attrition.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.

Alkem - Focusing on Profitable Growth Across Segments

<ul><li>After MNC Pharma and pure-play companies like ERIS, ALKEM has minimal exposure to the international business.</li><li>It has multiple growth drivers over the next 12-18 months, despite a high base in the past 12 months, due to: a revival in Non-COVID therapies and better MR productivity (14% net addition over the past two years), sustained outperformance in Chronic.</li><li>.</li></ul><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>

After MNC Pharma and pure-play companies like ERIS, ALKEM has minimal exposure to the international business.It has multiple growth drivers over the next 12-18 months, despite a high base in the past 12 months, due to: a revival in Non-COVID therapies and better MR productivity (14% net addition over the past two years), sustained outperformance in Chronic..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.

India focused play and encouraging outlook bodes well

<p>HG Infra: HG Infra (HG) reported revenue/EBITDA/APAT at INR 9.1/1.5/0.9bn, ahead of our estimates by 28/30/50%. The order book (OB) stands at INR 61bn (~2.4x FY21 revenue). Over the past few quarters, HG has delivered a strong execution outperformance, strengthened its balance sheet, started winning new orders, and showed strong recovery in NWC days. We believe HG deserves a multiple upgrade, backed by robust growth and solid financial discipline. We increase our P/E target multiple from 10x to 12x, upgrade our FY22/23 EPS by 5.8/6.3%, and roll forward our valuation to Jun-23E.</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>

HG Infra: HG Infra (HG) reported revenue/EBITDA/APAT at INR 9.1/1.5/0.9bn, ahead of our estimates by 28/30/50%. The order book (OB) stands at INR 61bn (~2.4x FY21 revenue). Over the past few quarters, HG has delivered a strong execution outperformance, strengthened its balance sheet, started winning new orders, and showed strong recovery in NWC days. We believe HG deserves a multiple upgrade, backed by robust growth and solid financial discipline. We increase our P/E target multiple from 10x to 12x, upgrade our FY22/23 EPS by 5.8/6.3%, and roll forward our valuation to Jun-23E.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.

HSIE Results Daily: Alkem Labs, Prince Pipes, BSE, HG Infra, Somany Ceramics, ITD Cementation

India

Alkem Laboratories Ltd. is an Indian multinational pharmaceutical company specializing in generics and specialty pharmaceuticals. It manufactures and markets pharmaceutical generics, formulations, and nutraceuticals across India and global markets. The company's product portfolio also includes active pharmaceutical ingredients, branded products, vitamins, minerals, and nutritional products. Alkem Laboratories is headquartered in Mumbai, India, and was founded in 1973.

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Alkem Laboratories (ALKEM IN)

HSIE Results Daily: Samvardhana Motherson International

Samvardhana Motherson International: SAMIL’s Q4 revenue was marginally above our estimate, led by the modules and polymer products division

HDFC Securities

Pharmaceuticals: Domestic formulations sector: secular growth stories

We expect IPM growth to remain steady at 8-10% over the next few years, with companies boasting strong franchises and brands likely to see faster...

HDFC Securities

Alkem - Focusing on Profitable Growth Across Segments

ALKEM’s revamped strategy for the DF segment is yielding improved results with potential for higher growth in the chronic space and reduction in MR...

Motilal Oswal

India focused play and encouraging outlook bodes well

After MNC Pharma and pure-play companies like ERIS, ALKEM has minimal exposure to the international business. It has multiple growth drivers over...

Motilal Oswal

HSIE Results Daily: Alkem Labs, Prince Pipes, BSE, HG Infra, Somany Ceramics, ITD Cementation

HG Infra: HG Infra (HG) reported revenue/EBITDA/APAT at INR 9.1/1.5/0.9bn, ahead of our estimates by 28/30/50%. The order book (OB) stands at INR...

HDFC Securities

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