Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

Adani Ports & Special Economic Zone / Equity Bottom-Up

Adani Ports & Special Economic Zone (ADSEZ IN)

<ul>
<li>India's spectacular underperformance over the past 12 months relative to Asia has been driven primarily by dismal earnings delivery by corporates, leading to persistent EPS estimate downgrades.</li>
<li>We identify stocks with strong earnings delivery, i.e. EPS estimate upgrades over past 1, 3 and 6 months, forecast EPS growth &gt;10%, net D/E &lt; 1 and PEG &lt; 1.4x.</li>
<li>We screen 11 stocks from industrials, healthcare, materials and property. Most have appreciated significantly over 6- and 12-month timeframes, establishing that the market tends to reward superior earnings delivery.</li>
</ul>


India's spectacular underperformance over the past 12 months relative to Asia has been driven primarily by dismal earnings delivery by corporates, leading to persistent EPS estimate downgrades.
We identify stocks with strong earnings delivery, i.e. EPS estimate upgrades over past 1, 3 and 6 months, forecast EPS growth &gt;10%, net D/E &lt; 1 and PEG &lt; 1.4x.
We screen 11 stocks from industrials, healthcare, materials and property. Most have appreciated significantly over 6- and 12-month timeframes, establishing that the market tends to reward superior earnings delivery.


Eleven Indian Stocks with Strong Earnings Delivery, Healthy Balance Sheet and Reasonable Valuations

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

<ul>
<li>BLUEJET is a pure-play API/CDMO with strong positioning in contrast media intermediates. Further, it has demonstrated R&amp;D and execution capabilities by commercialising 15+ molecules (oncology, CVS, CNS) under CDMO model.</li>
<li>Its share price has corrected by ~35% since July end, after below expectation June quarter results exacerbated by weak export data amid tariff concerns. However, August numbers alleviated some concerns.</li>
<li>Shares now trade at 30x FY26 PE, the lower end of 30-60x range where peers currently trade at. Company has high visibility for 20+% earnings growth for the medium term.</li>
</ul>


BLUEJET is a pure-play API/CDMO with strong positioning in contrast media intermediates. Further, it has demonstrated R&amp;D and execution capabilities by commercialising 15+ molecules (oncology, CVS, CNS) under CDMO model.
Its share price has corrected by ~35% since July end, after below expectation June quarter results exacerbated by weak export data amid tariff concerns. However, August numbers alleviated some concerns.
Shares now trade at 30x FY26 PE, the lower end of 30-60x range where peers currently trade at. Company has high visibility for 20+% earnings growth for the medium term.


Blue Jet Healthcare: Pureplay Intermediates CDMO. Recent Correction Overdone, Good for Fresh Bet

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Jubilant Pharmova is investing over USD 285 million to expand its PET radiopharmacy sites, CDMO Sterile Injectables, and CRDMO capacity (FTEs from 1,000 to 4,000 by FY27). </li>
<li>
These segments, contributing over 80% of FY25 EBITDA, are positioned for faster growth and margin expansion, with Line 3 in Spokane expected to reach peak utilization in 3 years.</li>
<li>A pivot towards higher-margin businesses with targeted RoCE above 20% enhances confidence in achieving Vision 2030 goals of doubling revenue and reaching 23–25% EBITDA margins.</li>
</ul>


Jubilant Pharmova is investing over USD 285 million to expand its PET radiopharmacy sites, CDMO Sterile Injectables, and CRDMO capacity (FTEs from 1,000 to 4,000 by FY27). 

These segments, contributing over 80% of FY25 EBITDA, are positioned for faster growth and margin expansion, with Line 3 in Spokane expected to reach peak utilization in 3 years.
A pivot towards higher-margin businesses with targeted RoCE above 20% enhances confidence in achieving Vision 2030 goals of doubling revenue and reaching 23–25% EBITDA margins.


The Beat Ideas: Jubilant Pharmova - Turning Capex Into Catalysts for Long-Term Value

<ul>
<li>
<a href="https://www.smartkarma.com/entities/blue-jet-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:36373:1" rel="noopener">Blue Jet Healthcare Ltd (BJHC IN)</a> is a science-led pharmaceutical company that has evolved into a strategic partner for the CDMO of advanced Pharmaceutical Intermediates and APIs.</li>
<li>Company gave a record breaking Q3FY25 primarily driven by capacity expansion in Contrast media and PI Segment. Strong demand for the cardiovascular product was also witnessed.</li>
<li>Company commissioned an additional manufacturing block during Q3 FY25 at Ambernath for manufacturing Advance Contrast Media with investment around Rs. 100Mn.</li>
</ul>



Blue Jet Healthcare Ltd (BJHC IN) is a science-led pharmaceutical company that has evolved into a strategic partner for the CDMO of advanced Pharmaceutical Intermediates and APIs.
Company gave a record breaking Q3FY25 primarily driven by capacity expansion in Contrast media and PI Segment. Strong demand for the cardiovascular product was also witnessed.
Company commissioned an additional manufacturing block during Q3 FY25 at Ambernath for manufacturing Advance Contrast Media with investment around Rs. 100Mn.


The Beat Ideas: Blue Jet Healthcare- Rising CDMO Player

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>
<a href="https://www.smartkarma.com/entities/j-t-global-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1519 HK)</a> launched its US$500m HK IPO earlier in the week, with more than half of the Offer Shares going to its pre-IPO shareholders.</li>
<li>It was a busy week for placements as well, with <a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a>'s stealing the spotlight with its equity/debt raising, after Albemarle withdrew its acquisition bid. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

J&amp;T Global Express (1519 HK) launched its US$500m HK IPO earlier in the week, with more than half of the Offer Shares going to its pre-IPO shareholders.
It was a busy week for placements as well, with Liontown Resources (LTR AU)'s stealing the spotlight with its equity/debt raising, after Albemarle withdrew its acquisition bid. 


ECM Weekly (22nd Oct 2023) - J&T, Cuscal, Liontown, Cainiao, ZJLD, Taiwan Cement, Zomato, Hana Micro

India

Blue Jet Healthcare is a specialty pharmaceutical and healthcare ingredients company that operates as an end-to-end integrated Contract Development and Manufacturing Organisation (CDMO). The company specializes in niche chemistry across three core verticals: contrast media intermediates, high-intensity sweeteners, and pharmaceutical intermediates and Active Pharmaceutical Ingredients (APIs). It was founded in 1968 and is headquartered in Mumbai, India.

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Blue Jet Healthcare (BLUEJET IN)

Eleven Indian Stocks with Strong Earnings Delivery, Healthy Balance Sheet and Reasonable Valuations

India has underperformed due to poor earnings delivery, but stocks with stable EPS est revision, strong EPS growth & healthy balance sheets are...

Manishi Raychaudhuri

Blue Jet Healthcare: Pureplay Intermediates CDMO. Recent Correction Overdone, Good for Fresh Bet

Bluejet Healthcare has visibility to deliver 20+% earnings growth in the medium term. Share price has corrected by 35% post 1Q results due to...

Himanshu Dugar

The Beat Ideas: Jubilant Pharmova - Turning Capex Into Catalysts for Long-Term Value

Jubilant Pharmova is investing in expanding PET radiopharmacy sites and other segments to drive faster growth and margin expansion, aiming for...

Sudarshan Bhandari

The Beat Ideas: Blue Jet Healthcare- Rising CDMO Player

Blue Jet Healthcare Ltd saw record-breaking Q3FY25 results due to capacity expansion in Contrast media and PI Segment, with strong demand for...

Sudarshan Bhandari

ECM Weekly (22nd Oct 2023) - J&T, Cuscal, Liontown, Cainiao, ZJLD, Taiwan Cement, Zomato, Hana Micro

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Eleven Indian Stocks with Strong Earnings Delivery, Healthy Balance Sheet and Reasonable Valuations

​India has underperformed due to poor earnings delivery, but stocks with stable EPS est revision, strong EPS growth & healthy balance sheets are...

Manishi Raychaudhuri

Blue Jet Healthcare: Pureplay Intermediates CDMO. Recent Correction Overdone, Good for Fresh Bet

Bluejet Healthcare has visibility to deliver 20+% earnings growth in the medium term. Share price has corrected by 35% post 1Q results due to...

Himanshu Dugar

The Beat Ideas: Jubilant Pharmova - Turning Capex Into Catalysts for Long-Term Value

​Jubilant Pharmova is investing in expanding PET radiopharmacy sites and other segments to drive faster growth and margin expansion, aiming for...

Sudarshan Bhandari

The Beat Ideas: Blue Jet Healthcare- Rising CDMO Player

​Blue Jet Healthcare Ltd saw record-breaking Q3FY25 results due to capacity expansion in Contrast media and PI Segment, with strong demand for...

Sudarshan Bhandari

ECM Weekly (22nd Oct 2023) - J&T, Cuscal, Liontown, Cainiao, ZJLD, Taiwan Cement, Zomato, Hana Micro

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Clarence Chu

India has underperformed due to poor earnings delivery, but stocks with stable EPS est revision, strong EPS growth & healthy balance sheets are...

Jubilant Pharmova is investing in expanding PET radiopharmacy sites and other segments to drive faster growth and margin expansion, aiming for...

Blue Jet Healthcare Ltd saw record-breaking Q3FY25 results due to capacity expansion in Contrast media and PI Segment, with strong demand for...