External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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>Gland Pharma (GLAND) has seen an encouraging revival in its business performance in 9MFY24 after a weak FY23. </li><li>The revival in sales in the company’s core markets has been driven by new launches and the relaunch of certain products.</li><li>With the resolution of supply chain issues, we believe that GLAND is expected to clock a 16% CAGR in sales to INR33b compared to a modest 2% sales CAGR over FY22-24. </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.

Gland Pharma (GLAND) has seen an encouraging revival in its business performance in 9MFY24 after a weak FY23. The revival in sales in the company’s core markets has been driven by new launches and the relaunch of certain products.With the resolution of supply chain issues, we believe that GLAND is expected to clock a 16% CAGR in sales to INR33b compared to a modest 2% sales CAGR over FY22-24. 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.

Gland Pharma - Performance in Revival Mode; Valuation Attractive

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>GLAND’s base business (Ex Cenexi) registered consistent revenue growth of 17.0% YoY, in Q3FY24.</li><li>It maintained EBITDA margins of ~34%, which is in line with preceding quarters.</li><li>The said growth was led by volume growth in the existing portfolio, new launches and milestone income. </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.

GLAND’s base business (Ex Cenexi) registered consistent revenue growth of 17.0% YoY, in Q3FY24.It maintained EBITDA margins of ~34%, which is in line with preceding quarters.The said growth was led by volume growth in the existing portfolio, new launches and milestone income. 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.

Gland Pharma Ltd - Operating Lossese in Subsidiary; Maintain HOLD

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Petroleo Brasileiro  / Technical Analysis

<ul>
<li>Global growth stocks that have significantly outperformed since the October 2023 lows are starting to pull back, and we believe a continued pause/pullback is likely in these growth areas.</li>
<li>Meanwhile, we are seeing a clear shift into value and defensives, and we recommend adding exposure to these areas. This type of Sector rotation is common during bull markets.</li>
<li>Major supports continue to hold, including $98-99 on MSCI ACWI (ACWI-US), 4600 on the S&amp;P 500, 4400 on the EURO STOXX 50, and 2300 on the TOPIX</li>
</ul>


Global growth stocks that have significantly outperformed since the October 2023 lows are starting to pull back, and we believe a continued pause/pullback is likely in these growth areas.
Meanwhile, we are seeing a clear shift into value and defensives, and we recommend adding exposure to these areas. This type of Sector rotation is common during bull markets.
Major supports continue to hold, including $98-99 on MSCI ACWI (ACWI-US), 4600 on the S&amp;P 500, 4400 on the EURO STOXX 50, and 2300 on the TOPIX


Buys Within Global Energy, Health Care, and Utilities; Bullish Outlook Intact on Global Equities

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>We are recommending to go long on <a href="https://www.smartkarma.com/entities/gland-pharma-ltd" target="_blank" data-smartkarma-citation="entities:29723:1" rel="noopener">Gland Pharma Ltd (GLAND IN)</a> and short on <a href="https://www.smartkarma.com/entities/syngene-international-ltd" target="_blank" data-smartkarma-citation="entities:26923:1" rel="noopener">Syngene International Ltd (SYNG IN)</a>. </li>
<li>Gland Pharma, with its niche focus on generic injectables is expected to be outlier, while Syngene, with substantial exposure to early-stage biotech research will continue to have muted performance.</li>
<li>Over the last six months, Gland Pharma shares rallied 83%, while Syngene International shares declined 5%. We expect the performance gap between the two companies will widen further.</li>
</ul>


We are recommending to go long on Gland Pharma Ltd (GLAND IN) and short on Syngene International Ltd (SYNG IN). 
Gland Pharma, with its niche focus on generic injectables is expected to be outlier, while Syngene, with substantial exposure to early-stage biotech research will continue to have muted performance.
Over the last six months, Gland Pharma shares rallied 83%, while Syngene International shares declined 5%. We expect the performance gap between the two companies will widen further.


Indian Contract Manufacturers: A Pair Trade Idea Between Gland Pharma and Syngene International

<ul><li>GLAND’ Q2FY24 base business (Ex Cenexi) registered consistent revenue de-growth of 3.0% YoY, maintaining EBITDA margins of ~34%, which is in line with preceding quarters.</li><li>The said growth was led by volume growth in the existing portfolio, new launches and milestone income.</li><li>The acquired company – Cenexi reported revenue of Rs 359 Cr (+11.4% QoQ), EBITDA of Rs 23 Cr, and EBITDA margins of 6.4% YoY. </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.

GLAND’ Q2FY24 base business (Ex Cenexi) registered consistent revenue de-growth of 3.0% YoY, maintaining EBITDA margins of ~34%, which is in line with preceding quarters.The said growth was led by volume growth in the existing portfolio, new launches and milestone income.The acquired company – Cenexi reported revenue of Rs 359 Cr (+11.4% QoQ), EBITDA of Rs 23 Cr, and EBITDA margins of 6.4% YoY. 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.

Gland Pharma Ltd - Stability in the Base Business; Maintain HOLD

India

Gland Pharma Limited manufactures and markets small volume parenteral solutions.The Company offers injectables, including vials, ampoules, pre-filled syringes, lyophilized vials, dry powders, infusions, and ophthalmic solutions, and other active pharmaceutical ingredients. Gland Pharma conducts its business worldwide.

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Gland Pharma Ltd (GLAND IN)

Gland Pharma - Performance in Revival Mode; Valuation Attractive

Gland Pharma (GLAND) has seen an encouraging revival in its business performance in 9MFY24 after a weak FY23. The revival in sales in the...

Motilal Oswal

Gland Pharma Ltd - Operating Lossese in Subsidiary; Maintain HOLD

GLAND’s base business (Ex Cenexi) registered consistent revenue growth of 17.0% YoY, in Q3FY24. It maintained EBITDA margins of ~34%, which is in...

Axis Direct

Buys Within Global Energy, Health Care, and Utilities; Bullish Outlook Intact on Global Equities

Seeing a clear shift into value and defensives, and we recommend adding exposure to these areas globally. Constructive if supports hold: $98-99 on...

Vermilion Research

Indian Contract Manufacturers: A Pair Trade Idea Between Gland Pharma and Syngene International

Gland Pharma, with its niche focus on generic injectables is expected to be outlier, while Syngene, with substantial exposure to early-stage...

Tina Banerjee

Gland Pharma Ltd - Stability in the Base Business; Maintain HOLD

GLAND’ Q2FY24 base business (Ex Cenexi) registered consistent revenue de-growth of 3.0% YoY, maintaining EBITDA margins of ~34%, which is in line...

Axis Direct

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