External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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)

<div><div><div><div><ul><li>In Q3FY23, the Pharma sector is expected to benefit from positive attributes such as currency depreciation, fall in raw material prices, low crude prices, and correction in shipping prices which would aid in revenue growth and improvement in gross margins.</li><li>We expect the Pharma universe under our coverage to report healthy aggregate Revenue/EBITDA/PAT growth of 7.4%/9.5%/9.1% YoY. 8% depreciation in the Indian currency (Rs) may majorly contribute to the overall growth of 7.4% for the last quarter.</li><li>Low single-digit growth in the US market (due to intense competition) and low double-digit growth in the India business after Covid-19 business has now stabilised. </li></ul></div></div></div></div><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>

In Q3FY23, the Pharma sector is expected to benefit from positive attributes such as currency depreciation, fall in raw material prices, low crude prices, and correction in shipping prices which would aid in revenue growth and improvement in gross margins.We expect the Pharma universe under our coverage to report healthy aggregate Revenue/EBITDA/PAT growth of 7.4%/9.5%/9.1% YoY. 8% depreciation in the Indian currency (Rs) may majorly contribute to the overall growth of 7.4% for the last quarter.Low single-digit growth in the US market (due to intense competition) and low double-digit growth in the India business after Covid-19 business has now stabilised. 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.

<ul><li>In Q2FY23, Pharma sector expected to be benefitted by factors like Currency depreciation, fall in raw material prices, low crude prices and correction in shipping prices could add to revenue growth and improvement in gross margins.</li><li>The Pharma universe under our coverage could report aggregate Revenue/EBITDA/PAT growth of 5.6%/-4.8%/-2.2% YoY.</li><li>Currency (Rs) has depreciated by 5.0% that could add major contribution to overall growth of 6.2% for last quarter.</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>

In Q2FY23, Pharma sector expected to be benefitted by factors like Currency depreciation, fall in raw material prices, low crude prices and correction in shipping prices could add to revenue growth and improvement in gross margins.The Pharma universe under our coverage could report aggregate Revenue/EBITDA/PAT growth of 5.6%/-4.8%/-2.2% YoY.Currency (Rs) has depreciated by 5.0% that could add major contribution to overall growth of 6.2% for last quarter.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.

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Most of the large Indian pharmaceutical companies have reported double-digit revenue growth in their respective U.S. business in Q1FY23. New launches are mostly offsetting the impact of price erosion.</li>
<li>Although the companies are still facing price erosion in the U.S. market, the pace has slowed down. Price erosion seems to be near its bottom.</li>
<li>
<a href="https://www.smartkarma.com/entities/dr-reddy-s-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:16406:1" rel="noopener">Dr. Reddy's Laboratories (DRRD IN)</a> and <a href="https://www.smartkarma.com/entities/zydus-lifesciences-ltd" target="_blank" data-smartkarma-citation="entities:12914:1" rel="noopener">Zydus Lifesciences Ltd (ZYDUSLIF IN)</a> remain our top picks. Aided by new launches both the companies are seeing sustainable recovery in U.S. business.</li>
</ul>


Most of the large Indian pharmaceutical companies have reported double-digit revenue growth in their respective U.S. business in Q1FY23. New launches are mostly offsetting the impact of price erosion.
Although the companies are still facing price erosion in the U.S. market, the pace has slowed down. Price erosion seems to be near its bottom.

Dr. Reddy's Laboratories (DRRD IN) and Zydus Lifesciences Ltd (ZYDUSLIF IN) remain our top picks. Aided by new launches both the companies are seeing sustainable recovery in U.S. business.


Indian Generic Pharmaceutical Companies: The US Business Is Recovering Slowly

APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

Juniper Green Energy Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/juniper-green-energy-ltd" target="_blank" data-smartkarma-citation="entities:45455:1" rel="noopener">Juniper Green Energy Ltd (1831458D IN)</a> is looking to raise about US$187m in its India IPO. The deal has been downsized from its earlier estimated size of over US$310m.</li>
<li>Juniper Green Energy Limited (JGEL) is an independent power producer (IPP) engaged in the development, construction, operation, and maintenance of utility-scale renewable energy projects.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.</li>
</ul>



Juniper Green Energy Ltd (1831458D IN) is looking to raise about US$187m in its India IPO. The deal has been downsized from its earlier estimated size of over US$310m.
Juniper Green Energy Limited (JGEL) is an independent power producer (IPP) engaged in the development, construction, operation, and maintenance of utility-scale renewable energy projects.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.


Aequitas: Juniper Green Energy IPO - RHP Updates, Peer Comp and Thoughts on Valuation

<ul><li>We expect companies under our Pharma coverage to report high singledigit growth (6.2% YoY), primarily driven by Injectable and Generic segment.</li><li>With elevated prices of organic chemicals and solvents led by the Russia-Ukraine conflict, persistently high API/KSM costs from China that have risen ~7-8% QoQ in Q4FY22</li><li>OUR TOP POSITIVE PLAYS ARE: Cipla, Abbott India, KIMS, HCG</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 expect companies under our Pharma coverage to report high singledigit growth (6.2% YoY), primarily driven by Injectable and Generic segment.With elevated prices of organic chemicals and solvents led by the Russia-Ukraine conflict, persistently high API/KSM costs from China that have risen ~7-8% QoQ in Q4FY22OUR TOP POSITIVE PLAYS ARE: Cipla, Abbott India, KIMS, HCGContent 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.

Pharma Q4FY22 Preview: Cost Pressure and Pricing Erosion Compress Margins

India

Cipla Limited manufactures and sells pharmaceutical and personal care products. The Company offers active pharmaceutical ingredients, and formulations in therapeutic areas, such as allergy, analgesic, anti malarial, anti-infectives, cardiology, dermatology and cosmeceuticals, diabetology, gastroenterology, steroids, iron chelators, nutritional products.

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Cipla Ltd (CIPLA IN)

Pharma - Q3FY23 - Earnings Preview

Low single-digit growth in the US market (due to intense competition) and low double-digit growth in the India business after Covid-19 business has...

Axis Direct

Pharma Q2fy23 Preview

The Pharma universe under our coverage could report aggregate Revenue/EBITDA/PAT growth of 5.6%/-4.8%/-2.2% YoY. Currency (Rs) has depreciated by 5.0%

Axis Direct

Indian Generic Pharmaceutical Companies: The US Business Is Recovering Slowly

Indian generic pharma companies are seeing recovery in US business. Going forward, US business is expected to see accelerate revenue growth, aided...

Tina Banerjee

Aequitas: Juniper Green Energy IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Juniper Green Energy is looking to raise about US$187m in its downsized India IPO. In this note, we talk about the RHP updates and implied...

Akshat Shah

Pharma Q4FY22 Preview: Cost Pressure and Pricing Erosion Compress Margins

We expect companies under our Pharma coverage to report high singledigit growth (6.2% YoY), primarily driven by Injectable and Generic segment.

Axis Direct

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