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

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

Anthem Biosciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anthem-biosciences" target="_blank" data-smartkarma-citation="entities:44206:1" rel="noopener">Anthem Biosciences (1234D IN)</a> is looking to raise about US$397m in its India IPO.</li>
<li>Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates.</li>
</ul>



Anthem Biosciences (1234D IN) is looking to raise about US$397m in its India IPO.
Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates.


Anthem Biosciences IPO - D&M Vertical Continues to Drive CRDMO Business

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

Dr Agarwal's Health Care Ltd / Equity Capital Markets

Dr Agarwal's Health Care Ltd (8140044Z IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-agarwal-s-health-care-ltd" target="_blank" data-smartkarma-citation="entities:43984:1" rel="noopener">Dr Agarwal's Health Care Ltd (8140044Z IN)</a> raised around US$350m in its India IPO.</li>
<li>Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Dr Agarwal's Health Care Ltd (8140044Z IN) raised around US$350m in its India IPO.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Dr Agarwal’s Healthcare IPO Trading - Decent Anchor Demand but Subdued Overall Coverage

Clarence Chu

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indegene-limited" target="_blank" data-smartkarma-citation="entities:36629:1" rel="noopener">Indegene Limited (1864095D IN)</a> was listed in India on 13th May 2024 after raising US$221m. Its six-month lockup will expire on 5th Nov 2024. </li>
<li>Indegene is a “digital-first” commercialisation firm with an exclusive focus on the global life sciences industry.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Indegene Limited (1864095D IN) was listed in India on 13th May 2024 after raising US$221m. Its six-month lockup will expire on 5th Nov 2024. 
Indegene is a “digital-first” commercialisation firm with an exclusive focus on the global life sciences industry.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Indegene Lockup Expiry - US$1bn+ Lockup Release, Some Could Look to Book 3x Gain

India

Eris Lifesciences is an Indian pharmaceutical company that develops, manufactures, and markets branded formulations. The company focuses on chronic and sub-chronic therapies, including products for cardiovascular disorders, diabetes, pain management, gastroenterology, and dermatology. Eris Lifesciences was founded in 2007 and is headquartered in Ahmedabad, Gujarat, India.

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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

Anthem Biosciences IPO - D&M Vertical Continues to Drive CRDMO Business

Anthem Biosciences is looking to raise about US$397m in its India IPO. In this note, we will talk about the RHP updates.

Akshat Shah

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

Dr Agarwal’s Healthcare IPO Trading - Decent Anchor Demand but Subdued Overall Coverage

Dr Agarwal’s Healthcare raised around US$350m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Indegene Lockup Expiry - US$1bn+ Lockup Release, Some Could Look to Book 3x Gain

Indegene Limited (1864095D IN) was listed in India on 13th May 2024 after raising US$221m. Its six-month lockup will expire on 5th Nov 2024.

Clarence Chu

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