Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Capital Markets

Eris Lifesciences / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/24180" target="_blank" data-smartkarma-citation="entities:24180:1">Eris Lifesciences Limited (0113824Z IN)</a> is an India-focused pharmaceutical company that produces and markets branded generic drugs. The company will be one of only a handful of listed companies that is a pure play on the Indian pharmaceutical market and the only one that is not a subsidiary of a multi-national.  Eris has filed with SEBI to list on the BSE and NSE through an offering of up to 28,875,500 secondary shares (no proceeds to the company). The bid period starts on 16 June and closes on 20 June. The price band of Rs 600-603 values the company at 34x trailing EPS, a small discount to the other pure plays. This Insight briefly discusses the business, industry, financials, and valuation.We think the valuation is reasonable; the business is attractive and would take the deal.

Eris Lifesciences Limited (0113824Z IN) is an India-focused pharmaceutical company that produces and markets branded generic drugs. The company will be one of only a handful of listed companies that is a pure play on the Indian pharmaceutical market and the only one that is not a subsidiary of a multi-national.  Eris has filed with SEBI to list on the BSE and NSE through an offering of up to 28,875,500 secondary shares (no proceeds to the company). The bid period starts on 16 June and closes on 20 June. The price band of Rs 600-603 values the company at 34x trailing EPS, a small discount to the other pure plays. This Insight briefly discusses the business, industry, financials, and valuation.We think the valuation is reasonable; the business is attractive and would take the deal. 

Eris Lifesciences: Ask Some Questions, Take the Deal

Asia focused research insights & advisory, Asia Advisors

Vinay Patel

Asia focused research insights & advisory

Asia Advisors

Asia Advisors is an independent financial advisory and research firm working closely with corporates and institutions to provide consulting solutions & research insights. We provide advisory services including capital solutions, business strategy and investment insights.
Firm is headed by Vinay Patel who has close to two decades of experience in research and business development at large, international investment banks such as HSBC and ICICI Securities. Led research efforts in areas of Macroeconomics, Asset Allocation & Investment Strategy for close to a decade in global & domestic research teams. As a business head in Singapore, advised top global investment management firms & Portfolio managers in Asia for India related investments.
Vinay was recently joined by Swapnil Manish, an investment banker and ex-ecommerce entrepreneur with more than 12 years of experience. Swapnil was the TMT banker at BNP Paribas and was part of several large M&A and ECM transactions (Bharti-Zain, Bharti Infratel IPO, Schneider-Zicom among several others). He's also had a stint as an ecommerce entrepreneur having launched & led Mumbai's first online grocery player.

Thematic (Sector/Industry)

Primary issuances are expected to remain strong in 2017 following a five-year high in funds raised in 2016 (Rs 220bn) even as Fed rate expectations weigh on the broader secondary market outlook for India. Data shows that primary issuances in previous years have bucked the trend of weak capital inflows and in our view companies evaluate sector appetite &amp; valuations levels before deciding on a public issue. For e.g. in the recent past, CY2015 hardly recorded any significant FII inflows however the…

Primary issuances are expected to remain strong in 2017 following a five-year high in funds raised in 2016 (Rs 220bn) even as Fed rate expectations weigh on the broader secondary market outlook for India. Data shows that primary issuances in previous years have bucked the trend of weak capital inflows and in our view companies evaluate sector appetite &amp; valuations levels before deciding on a public issue. For e.g. in the recent past, CY2015 hardly recorded any significant FII inflows however the…

IPO Pipeline to Remain Strong as PE Funds, Quasi-Govt Promoters Aim for Portfolio Exits

Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

Introduction to MedisetterI had the pleasure of interviewing Anirban Lahiri of Medisetter to discuss some of the opportunities present in Asia's healthcare industry. Medisetter is an international online medical travel search and bookings platform offering a one-stop-shop medical travel booking and planning service. Prospective patients can search and compare hospitals and clinics across different countries, receive price quotes, book appointments and also book accommodation, translators and…

Introduction to MedisetterI had the pleasure of interviewing Anirban Lahiri of Medisetter to discuss some of the opportunities present in Asia's healthcare industry. Medisetter is an international online medical travel search and bookings platform offering a one-stop-shop medical travel booking and planning service. Prospective patients can search and compare hospitals and clinics across different countries, receive price quotes, book appointments and also book accommodation, translators and…

MediSetter Interview: Insight on Opportunities in Asia's Healthcare Industry

Pharma/ Biotechnology Investments Specialist, Vasuda Capital Management

Dr. Bhavneesh Sharma, MD, MBA

Pharma/ Biotechnology Investments Specialist

Vasuda Capital Management

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/3918" target="_blank" data-smartkarma-citation="entities:3918:1">Cipla Ltd (CIPLA IN)</a> is India’s third largest pharmaceutical company. Cipla’s common stock is not the cheapest among peers, looking at the forward EV/EBITDA or forward P/E ratio. Moreover, its profitability measures like operating margin, return on equity, and five-year revenue growth (CAGR) are not enough. Cipla's low presence in the U.S. market compared to its peers may explain underperformance.We rate Cipla’s common stock neutral for now. We prefer <a href="https://www.smartkarma.com/entities/19974" target="_blank" data-smartkarma-citation="entities:19974:1">Aurobindo Pharma Ltd (ARBP IN)</a>, but will keep Cipla on our watchlist. We feel bullish about Cipla's restructuring efforts and plans for further U.S. expansion.

Cipla Ltd (CIPLA IN) is India’s third largest pharmaceutical company. Cipla’s common stock is not the cheapest among peers, looking at the forward EV/EBITDA or forward P/E ratio. Moreover, its profitability measures like operating margin, return on equity, and five-year revenue growth (CAGR) are not enough. Cipla's low presence in the U.S. market compared to its peers may explain underperformance.We rate Cipla’s common stock neutral for now. We prefer Aurobindo Pharma Ltd (ARBP IN), but will keep Cipla on our watchlist. We feel bullish about Cipla's restructuring efforts and plans for further U.S. expansion.

Cipla: Not the Best Among Peers but Catching up Fast, Keep on Watchlist.

Zydus Lifesciences Ltd / Equity Bottom-Up

Nonalcoholic fatty liver disease (NAFLD), a disorder characterized by fatty changes (and fibrosis in later stages) is expected to affect about 20 to 30% of the world's population. The disorder has been found to be linked to metabolic syndrome, which is characterized by diabetes, obesity and dyslipidemia. Non-alcoholic steatohepatitis (NASH) belongs to a more advanced stage of the spectrum of disorders under NAFLD. NASH is believed to be the second largest cause of liver transplants in the U.S…

Nonalcoholic fatty liver disease (NAFLD), a disorder characterized by fatty changes (and fibrosis in later stages) is expected to affect about 20 to 30% of the world's population. The disorder has been found to be linked to metabolic syndrome, which is characterized by diabetes, obesity and dyslipidemia. Non-alcoholic steatohepatitis (NASH) belongs to a more advanced stage of the spectrum of disorders under NAFLD. NASH is believed to be the second largest cause of liver transplants in the U.S…

Saroglitazar: Targeting Non-Alcoholic Steatohepatitis, a Potential US$35-40 Billion Market.

India

Cadila Healthcare Ltd. manufactures, and markets healthcare solutions ranging from formulations, active pharmaceutical ingredients, vaccines, diagnostics, health and dietetic foods, animal healthcare to cosmeceuticals.  The Company's products are available in tablets, capsules, injections, liquids, dry syrups, powders, granules, and ointments.

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Zydus Lifesciences Ltd (ZYDUSLIF IN)

Eris Lifesciences: Ask Some Questions, Take the Deal

Eris Lifesciences Limited (0113824Z IN) is an India-focused pharmaceutical company that produces and markets branded generic drugs. The company...

Kemp Dolliver, CFA

IPO Pipeline to Remain Strong as PE Funds, Quasi-Govt Promoters Aim for Portfolio Exits

Primary issuances are expected to remain strong in 2017 following a five-year high in funds raised in 2016 (Rs 220bn) even as Fed rate expectations...

Asia Advisors

MediSetter Interview: Insight on Opportunities in Asia's Healthcare Industry

Introduction to MedisetterI had the pleasure of interviewing Anirban Lahiri of Medisetter to discuss some of the opportunities present in Asia's...

Nomadic Equity

Cipla: Not the Best Among Peers but Catching up Fast, Keep on Watchlist.

Cipla Ltd (CIPLA IN) is India’s third largest pharmaceutical company. Cipla’s common stock is not the cheapest among peers, looking at the forward...

Dr. Bhavneesh Sharma, MD, MBA

Saroglitazar: Targeting Non-Alcoholic Steatohepatitis, a Potential US$35-40 Billion Market.

Nonalcoholic fatty liver disease (NAFLD), a disorder characterized by fatty changes (and fibrosis in later stages) is expected to affect about 20...

Dr. Bhavneesh Sharma, MD, MBA

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