External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

Equity Bottom-Up

<ul><li>Eris Lifesciences (Eris) is set to enter an execution phase after multiple M&amp;As over FY23–25, with an investment of INR 38–40 bn to create multiple levers of growth, such as: (1) strengthening the diabetes portfolio, (2) foraying into the insulin business, critical care and oncology through the acquisition of Biocon Biologics India’s business, (3) increasing focus on injectable and foraying into exports through the acquisition of Swiss Parenteral, (4) developing a new engine of growth by creating capabilities for the GLP-1 opportunity in India and EMs (through the acquisition of Levim), and (5) investing in new launches to drive organic growth (plant and field force expansions)</li><li>We note that GLP-1 is a large but competitive opportunity</li><li>Moreover, rh-insulin represents a sizable opportunity for the company over the next few years, with the exit of innovator Novo Nordisk (which will be present only in vials).</li></ul>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.

Eris Lifesciences (Eris) is set to enter an execution phase after multiple M&amp;As over FY23–25, with an investment of INR 38–40 bn to create multiple levers of growth, such as: (1) strengthening the diabetes portfolio, (2) foraying into the insulin business, critical care and oncology through the acquisition of Biocon Biologics India’s business, (3) increasing focus on injectable and foraying into exports through the acquisition of Swiss Parenteral, (4) developing a new engine of growth by creating capabilities for the GLP-1 opportunity in India and EMs (through the acquisition of Levim), and (5) investing in new launches to drive organic growth (plant and field force expansions)We note that GLP-1 is a large but competitive opportunityMoreover, rh-insulin represents a sizable opportunity for the company over the next few years, with the exit of innovator Novo Nordisk (which will be present only in vials).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.

Eris Lifesciences: Execution Phase Is Key, Downgrade to ADD

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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.

<ul><li>Eris Lifesciences’(ERIS) Q3FY25 EBITDA was in line with our estimate (Rs2.5bn; 43% YoY).</li><li>Eris has opted for inorganic route to diversify and scale up existing portfolio.</li><li>This has been implemented without diluting margins.</li></ul>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.

Eris Lifesciences’(ERIS) Q3FY25 EBITDA was in line with our estimate (Rs2.5bn; 43% YoY).Eris has opted for inorganic route to diversify and scale up existing portfolio.This has been implemented without diluting margins.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.

Eris Lifesciences - In-Line Quarter; Debt Reduction Ahead of Guidance

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.

PNB Housing Finance Ltd / Equity Bottom-Up

<ul>
<li>Since inception on February 27, our equal-weighted Indian Mid-Cap basket has appreciated 29.4%, sharply outperforming the BSE Mid-Cap Index (18.6%). We revisit our basket and apply the relevant screens again. </li>
<li>We screen on minimum 10% EPS CAGR over next two years, maximum PEG of 1.3x, consensus rating of buy/overweight and upward revision in consensus EPS estimate over past 6 months.</li>
<li>14 stocks come up in our new India Mid-Caps basket - fewer than the 20 that we had earlier. Four stocks are common with the previous basket.</li>
</ul>


Since inception on February 27, our equal-weighted Indian Mid-Cap basket has appreciated 29.4%, sharply outperforming the BSE Mid-Cap Index (18.6%). We revisit our basket and apply the relevant screens again. 
We screen on minimum 10% EPS CAGR over next two years, maximum PEG of 1.3x, consensus rating of buy/overweight and upward revision in consensus EPS estimate over past 6 months.
14 stocks come up in our new India Mid-Caps basket - fewer than the 20 that we had earlier. Four stocks are common with the previous basket.


Asian Equities: Revisiting Indian Mid-Caps After Sharp Outperformance – A New Quant Screen

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.

Event-Driven

<ul>
<li>A group of shareholders raised around US$530m in <a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a>(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.</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 will talk about the lock-up dynamics and recent updates.</li>
</ul>


A group of shareholders raised around US$530m in Mankind Pharma(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.
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 will talk about the lock-up dynamics and recent updates.


Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

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 will undertake a peer comparison with some of the India listed and domestically focussed pharmaceutical firms.</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 will undertake a peer comparison with some of the India listed and domestically focussed pharmaceutical firms.


Mankind Pharma Pre-IPO - Peer Comparison - One of the Largest, with Better Growth and Margins

India

Eris Lifesciences Limited manufactures, markets, and sells generic drugs. The Company focuses on cardiology, diabetology, endocrinology, gastroenterology, ENT, orthopedics, pediatrics, and gynecology segments. Eris Lifesciences distributes pharmaceutical drugs throughout India.  v

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Eris Lifesciences (ERIS IN)

Eris Lifesciences: Execution Phase Is Key, Downgrade to ADD

Moreover, rh-insulin represents a sizable opportunity for the company over the next few years, with the exit of innovator Novo Nordisk (which will...

HDFC Securities

Eris Lifesciences - In-Line Quarter; Debt Reduction Ahead of Guidance

Eris Lifesciences’(ERIS) Q3FY25 EBITDA was in line with our estimate (Rs2.5bn; 43% YoY). Eris has opted for inorganic route to diversify and scale...

Prabhudas Lilladhar

Asian Equities: Revisiting Indian Mid-Caps After Sharp Outperformance – A New Quant Screen

Our Indian Mid-Cap basket (up 29.4% since Feb 27 inception) beat the BSE Mid-Cap Index (up 18.6%) sharply. We revisit the basket with the earlier...

Manishi Raychaudhuri

Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

The two pre-IPO investors have launched a block to sell around US$591m worth of Mankind Pharma shares. Since the lockup on the shares expired not...

Sumeet Singh

Mankind Pharma Pre-IPO - Peer Comparison - One of the Largest, with Better Growth and Margins

Mankind Pharma is looking to raise about US$1bn in its upcoming India IPO. In this note, we will undertake a peer comparison.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Eris Lifesciences: Execution Phase Is Key, Downgrade to ADD

Moreover, rh-insulin represents a sizable opportunity for the company over the next few years, with the exit of innovator Novo Nordisk (which will...

HDFC Securities

Eris Lifesciences - In-Line Quarter; Debt Reduction Ahead of Guidance

Eris Lifesciences’(ERIS) Q3FY25 EBITDA was in line with our estimate (Rs2.5bn; 43% YoY). Eris has opted for inorganic route to diversify and scale...

Prabhudas Lilladhar

Asian Equities: Revisiting Indian Mid-Caps After Sharp Outperformance – A New Quant Screen

​Our Indian Mid-Cap basket (up 29.4% since Feb 27 inception) beat the BSE Mid-Cap Index (up 18.6%) sharply. We revisit the basket with the earlier...

Manishi Raychaudhuri

Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

The two pre-IPO investors have launched a block to sell around US$591m worth of Mankind Pharma shares. Since the lockup on the shares expired not...

Sumeet Singh

Mankind Pharma Pre-IPO - Peer Comparison - One of the Largest, with Better Growth and Margins

Mankind Pharma is looking to raise about US$1bn in its upcoming India IPO. In this note, we will undertake a peer comparison.

Sumeet Singh

Our Indian Mid-Cap basket (up 29.4% since Feb 27 inception) beat the BSE Mid-Cap Index (up 18.6%) sharply. We revisit the basket with the earlier...