Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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>
<a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a>  is looking to raise about US$1bn in its upcoming India IPO.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Mankind Pharma  is looking to raise about US$1bn in its upcoming India IPO.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
In this note, we talk about the positive aspects of the deal.


Mankind Pharma Pre-IPO - The Positives - Diverse Portfolio with Steady past Performance

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lotus-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:20568:1" rel="noopener">Lotus Pharmaceutical (1795 TT)</a> reported record high quarterly revenue in 3Q22, majorly driven by the successful launch of oncology drug Lenalidomide in the US, which is its biggest ever launch.</li>
<li>Gross margin expanded to 67.9% in Q3 2022 from 45.3% in Q3 2021 and 47.4% Q2 2022, driven by increasing contribution from high-margin export business.</li>
<li>Exceeding the expectation, the company reported historic high third quarter EPS of NT$7.97 for Q3 2022, versus NT$1.34 in Q3 2021.</li>
</ul>



Lotus Pharmaceutical (1795 TT) reported record high quarterly revenue in 3Q22, majorly driven by the successful launch of oncology drug Lenalidomide in the US, which is its biggest ever launch.
Gross margin expanded to 67.9% in Q3 2022 from 45.3% in Q3 2021 and 47.4% Q2 2022, driven by increasing contribution from high-margin export business.
Exceeding the expectation, the company reported historic high third quarter EPS of NT$7.97 for Q3 2022, versus NT$1.34 in Q3 2021.


Lotus Pharmaceutical (1795 TT): 3Q22 Review- Best-Ever Quarter, Aided by Oncology Drug Launch in US

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cipla-ltd" target="_blank" data-smartkarma-citation="entities:3918:1" rel="noopener">Cipla Ltd (CIPLA IN)</a> is a strong play in Indian generic pharmaceutical industry, due to its niche and differentiated respiratory and peptide injectable portfolio, which has less competition.</li>
<li>The company has launched couple of complex respiratory products in the US market, which has accelerated its revenue growth. Multiple high-value launches are also lined up for this year.</li>
<li>Cipla’s India business is on a strong footing, led by core portfolio tailwind in prescription and trade generics businesses. Q2FY23 marked the sixth consecutive quarter of market beating growth.</li>
</ul>



Cipla Ltd (CIPLA IN) is a strong play in Indian generic pharmaceutical industry, due to its niche and differentiated respiratory and peptide injectable portfolio, which has less competition.
The company has launched couple of complex respiratory products in the US market, which has accelerated its revenue growth. Multiple high-value launches are also lined up for this year.
Cipla’s India business is on a strong footing, led by core portfolio tailwind in prescription and trade generics businesses. Q2FY23 marked the sixth consecutive quarter of market beating growth.


2023 High Conviction Idea: Cipla (CIPLA IN)- Complex Generics and India Business to Drive Growth

Dr. Reddy's Laboratories / Equity Bottom-Up

<ul>
<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> reported strong Q2FY23 results, with revenue growing 9% y/y, mainly driven by North America business due to launch of gRevlimid in the US market.</li>
<li>GRevlimid is not a one-off opportunity and will contribute meaningfully over the next few quarters as well. Price erosion in the base business continues to be within normal range.</li>
<li>Adjusted for the covid product sales during Q2 FY22, and the brand divestment income in Q1 FY23, Indian business has grown in mid-teens year-over-year and mid-single digit sequentially.</li>
</ul>



Dr. Reddy's Laboratories (DRRD IN) reported strong Q2FY23 results, with revenue growing 9% y/y, mainly driven by North America business due to launch of gRevlimid in the US market.
GRevlimid is not a one-off opportunity and will contribute meaningfully over the next few quarters as well. Price erosion in the base business continues to be within normal range.
Adjusted for the covid product sales during Q2 FY22, and the brand divestment income in Q1 FY23, Indian business has grown in mid-teens year-over-year and mid-single digit sequentially.


Dr. Reddy's Laboratories (DRRD IN): New Launch Aided Q2 Result; Rich Pipeline Lends Visibility

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lupin-ltd" target="_blank" data-smartkarma-citation="entities:17910:1" rel="noopener">Lupin Ltd (LPC IN)</a> reported muted Q1FY23 performance, with revenue declining 15% y/y and 7% q/q to INR36 billion. Revenue from North America is down 24% y/y and 29% q/q.</li>
<li>Price erosion in the U.S. coupled with shelf stock adjustment on the higher trade inventory are creating a dent to the quarterly numbers.</li>
<li>We would like to see a sustainable revival in the company’s North America revenue performance and margin improvement, before taking any position in the stock.</li>
</ul>



Lupin Ltd (LPC IN) reported muted Q1FY23 performance, with revenue declining 15% y/y and 7% q/q to INR36 billion. Revenue from North America is down 24% y/y and 29% q/q.
Price erosion in the U.S. coupled with shelf stock adjustment on the higher trade inventory are creating a dent to the quarterly numbers.
We would like to see a sustainable revival in the company’s North America revenue performance and margin improvement, before taking any position in the stock.


Lupin Ltd (LPC IN): Muted Q1FY23 Results as The US Sales Dipped Significantly

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)

Mankind Pharma Pre-IPO - The Positives - Diverse Portfolio with Steady past Performance

Mankind Pharma is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Lotus Pharmaceutical (1795 TT): 3Q22 Review- Best-Ever Quarter, Aided by Oncology Drug Launch in US

In 3Q22, Lotus recorded 76% y/y and 85% q/q to NT$5.389 billion, driven by US launch of Lenalidomide capsules. Going ahead, growth will be mainly...

Tina Banerjee

2023 High Conviction Idea: Cipla (CIPLA IN)- Complex Generics and India Business to Drive Growth

Cipla is a strong play on Indian pharma. Riding on a differentiated product portfolio and new launches gaining market share, Cipla is well...

Tina Banerjee

Dr. Reddy's Laboratories (DRRD IN): New Launch Aided Q2 Result; Rich Pipeline Lends Visibility

Dr. Reddy’s reported record high quarterly revenue, supported by new launch. Pipeline of new launches in US, steady growth in India, and improved...

Tina Banerjee

Lupin Ltd (LPC IN): Muted Q1FY23 Results as The US Sales Dipped Significantly

Lupin’s US business dipped significantly in Q1, due to price erosion, paring down inventories to normalized levels, and product rationalization....

Tina Banerjee

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