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

Equity Bottom-Up

Blue Jet Healthcare Ltd / Equity Bottom-Up

<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

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Celltrion is acquiring a biopharmaceutical production plant in the U.S. capable of producing key biopharmaceuticals. Alteogen received positive opinion from European Medicines Agency for its Eylea biosimilar.</li>
<li>Wuxi Biologics has begun construction for new modular Drug Product facility in Singapore. CSPC Pharmaceutical entered into an exclusive license agreement with Madrigal Pharmaceuticals, for its oral GLP-1 drug candidate.</li>
<li>Jiangsu Hengrui Pharmaceuticals has entered into agreements with GlaxoSmithKline, to grant GSK an exclusive worldwide right (excluding China) of HRS-9821 and up to 11 other programs.</li>
</ul>


Celltrion is acquiring a biopharmaceutical production plant in the U.S. capable of producing key biopharmaceuticals. Alteogen received positive opinion from European Medicines Agency for its Eylea biosimilar.
Wuxi Biologics has begun construction for new modular Drug Product facility in Singapore. CSPC Pharmaceutical entered into an exclusive license agreement with Madrigal Pharmaceuticals, for its oral GLP-1 drug candidate.
Jiangsu Hengrui Pharmaceuticals has entered into agreements with GlaxoSmithKline, to grant GSK an exclusive worldwide right (excluding China) of HRS-9821 and up to 11 other programs.


APAC Healthcare Weekly (Aug 3)– Celltrion, Alteogen, Wuxi Bio, CSPC, Jiangsu Hengrui, Eisai, Kissei

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

WeWork India Management Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management Ltd (1690124D IN)</a> is looking to raise about US$407m in its upcoming India IPO.</li>
<li>WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



WeWork India Management Ltd (1690124D IN) is looking to raise about US$407m in its upcoming India IPO.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.
In this note, we talk about the not-so-positive aspects of the deal.


WeWork India Pre-IPO - Lease Mismatch and Structural Strains

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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>India is the largest exporter of generic medicines, contributing 20% to global supply, and accounts for 6% of the world’s API production.</li>
<li>India’s pharma sector offers up to 75% savings in R&amp;D and 55% in manufacturing versus the US, making it essential despite tariff threats.</li>
<li>India’s CRDMO sector is expanding rapidly, with a projected market size of USD 14 billion by 2028, driven by increased demand for biologics and integrated manufacturing solutions.</li>
</ul>


India is the largest exporter of generic medicines, contributing 20% to global supply, and accounts for 6% of the world’s API production.
India’s pharma sector offers up to 75% savings in R&amp;D and 55% in manufacturing versus the US, making it essential despite tariff threats.
India’s CRDMO sector is expanding rapidly, with a projected market size of USD 14 billion by 2028, driven by increased demand for biologics and integrated manufacturing solutions.


Thematic Report: Can Tariffs Undermine India’s Pharma Advantage?

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>
 Strong Revenue Momentum and Profitability:<a href="https://www.smartkarma.com/entities/anthem-biosciences" target="_blank" data-smartkarma-citation="entities:44206:1" rel="noopener">Anthem Biosciences (1234D IN)</a> achieved INR 18.4bn in revenue in FY25, growing 25% CAGR over FY20–FY25,with industry-leading EBITDA margins of 36.8% and PAT margin of 23.4%</li>
<li>
 Unique Dual Capability in Biologics and Small Molecules:Among the few Indian CRDMOs with end-to-end capabilities across both small and large molecules, and technology-driven portfolio including ADCs, RNAi, peptides, and oligonucleotides</li>
<li>
 Peer-Leading Returns and Robust Pipeline: Anthem boasts the highest ROCE (26.9%) among Indian peers, with significant IP-backed revenue streams and global molecule commercialization. It is a BUY for long term.</li>
</ul>



 Strong Revenue Momentum and Profitability:Anthem Biosciences (1234D IN) achieved INR 18.4bn in revenue in FY25, growing 25% CAGR over FY20–FY25,with industry-leading EBITDA margins of 36.8% and PAT margin of 23.4%

 Unique Dual Capability in Biologics and Small Molecules:Among the few Indian CRDMOs with end-to-end capabilities across both small and large molecules, and technology-driven portfolio including ADCs, RNAi, peptides, and oligonucleotides

 Peer-Leading Returns and Robust Pipeline: Anthem boasts the highest ROCE (26.9%) among Indian peers, with significant IP-backed revenue streams and global molecule commercialization. It is a BUY for long term.


Anthem Biosciences IPO: Despite 100% OFS, Worth Accumulating for Long-Term Compounding

India

Divi's Laboratories Ltd. manufactures pharmaceutical products which include generic drugs and their intermediates. The Company also undertakes contract research activities for other pharmaceutical companies.

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Divi's Laboratories (DIVI IN)

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

APAC Healthcare Weekly (Aug 3)– Celltrion, Alteogen, Wuxi Bio, CSPC, Jiangsu Hengrui, Eisai, Kissei

Celltrion is acquiring a biopharmaceutical production plant in US. Wuxi Bio starts construction of new facility. CSPC and Jiangsu Hengrui stuck...

Tina Banerjee

WeWork India Pre-IPO - Lease Mismatch and Structural Strains

WeWork India Management Ltd is looking to raise about US$407m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

Thematic Report: Can Tariffs Undermine India’s Pharma Advantage?

India leads in generic medicine exports, offering significant cost savings in R&D and manufacturing compared to the US. The country's CRDMO sector...

Nimish Maheshwari

Anthem Biosciences IPO: Despite 100% OFS, Worth Accumulating for Long-Term Compounding

Anthem Biosciences' strong revenue growth, industry-leading profitability, unique dual capability in biologics and small molecules, & peer-leading...

Sreemant Dudhoria,CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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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

APAC Healthcare Weekly (Aug 3)– Celltrion, Alteogen, Wuxi Bio, CSPC, Jiangsu Hengrui, Eisai, Kissei

Celltrion is acquiring a biopharmaceutical production plant in US. Wuxi Bio starts construction of new facility. CSPC and Jiangsu Hengrui stuck...

Tina Banerjee

WeWork India Pre-IPO - Lease Mismatch and Structural Strains

WeWork India Management Ltd is looking to raise about US$407m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

Thematic Report: Can Tariffs Undermine India’s Pharma Advantage?

​India leads in generic medicine exports, offering significant cost savings in R&D and manufacturing compared to the US. The country's CRDMO sector...

Nimish Maheshwari

Anthem Biosciences IPO: Despite 100% OFS, Worth Accumulating for Long-Term Compounding

​Anthem Biosciences' strong revenue growth, industry-leading profitability, unique dual capability in biologics and small molecules, & peer-leading...

Sreemant Dudhoria,CFA

India leads in generic medicine exports, offering significant cost savings in R&D and manufacturing compared to the US. The country's CRDMO sector...

Anthem Biosciences' strong revenue growth, industry-leading profitability, unique dual capability in biologics and small molecules, & peer-leading...