External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

Equity Bottom-Up

Glenmark Pharmaceuticals / Equity Bottom-Up

<p>Leadership in select APIs, strong relation with large companies GLS is a leading developer, manufacturer of select high value, noncommoditised APIs in chronic therapeutic areas, including CVS, CNS &amp; pain management, diabetes and continue to branch into other APIs. It has strong market share in select specialised APIs like Telmisartan (anti-hypertensive), Atovaquone (anti-parasitic), Perindopril (anti-hypertensive), Teneligliptin (diabetes), Zonisamide (CNS) and Adapalene (dermatology).</p><div class="content-highlight"><em>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.</em></div>

Leadership in select APIs, strong relation with large companies GLS is a leading developer, manufacturer of select high value, noncommoditised APIs in chronic therapeutic areas, including CVS, CNS &amp; pain management, diabetes and continue to branch into other APIs. It has strong market share in select specialised APIs like Telmisartan (anti-hypertensive), Atovaquone (anti-parasitic), Perindopril (anti-hypertensive), Teneligliptin (diabetes), Zonisamide (CNS) and Adapalene (dermatology).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.

Glenmark Life Sciences IPO: Leadership in Select APIs, Strong Relation with Large Companies

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

<p>We recently had an interaction with Glenmark Pharmaceuticals management to understand the business as it stands in an evolving market environment. The key takeaway is that the company is poised for free cash flow generation as the key business segments (US and domestic formulations) are expected to deliver strong growth in FY22. Successful listing of Life Sciences business and potential fund raise in Ichnos Sciences would be sweeteners. Indian Branded Formulation Business (ex-COVID products) is off to a strong start.</p><div class="content-highlight"><em>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.</em></div>

We recently had an interaction with Glenmark Pharmaceuticals management to understand the business as it stands in an evolving market environment. The key takeaway is that the company is poised for free cash flow generation as the key business segments (US and domestic formulations) are expected to deliver strong growth in FY22. Successful listing of Life Sciences business and potential fund raise in Ichnos Sciences would be sweeteners. Indian Branded Formulation Business (ex-COVID products) is off to a strong start.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.

Glenmark Pharmaceuticals- Management Meet Update- Glenmark Pharma management meet update

External broker reports(aggregated public sources), Geojit BNP Paribas

Geojit

<p>Glenmark Pharma Ltd (GNP) is an India-based pharmaceutical company with commercial presence in more than 80 countries across the globe. GNP is primarily focused on generics, specialty and OTC businesses. The company has strong regional/country-specific presence in diabetes,...</p><div class="content-highlight"><em>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.</em></div>

Glenmark Pharma Ltd (GNP) is an India-based pharmaceutical company with commercial presence in more than 80 countries across the globe. GNP is primarily focused on generics, specialty and OTC businesses. The company has strong regional/country-specific presence in diabetes,...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.

GLENMARK: Glenmark Pharma Ltd (GNP) is an India-based pharmaceutical company with commercial pres...

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

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Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

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<p><br />  In this month’s "In-Focus" section, we provide an update on Chinese developers’ JV exposure, including typical structures and the JV exposure of the companies under our coverage.<br /><br />  The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the "In-Focus" section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.<br /></p>

   In this month’s "In-Focus" section, we provide an update on Chinese developers’ JV exposure, including typical structures and the JV exposure of the companies under our coverage.    The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the "In-Focus" section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - Chinese Developers' JV Exposure - Lucror Analytics

<p><br />  The Asia HY Trade Book for the month of May includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.<br /></p>

   The Asia HY Trade Book for the month of May includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Book - May 2021 - Lucror Analytics

India

Glenmark Pharmaceuticals Limited is an Indian multinational pharmaceutical company that develops, manufactures, and markets branded and generic formulations, active pharmaceutical ingredients (APIs), and over-the-counter (OTC) products. The company focuses on therapeutic areas including respiratory, dermatology, and oncology, with products such as Ryaltris, Winlevi, and Candid. It was founded in 1977 and is headquartered in Mumbai, India.

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Glenmark Pharmaceuticals (GNP IN)

Glenmark Life Sciences IPO: Leadership in Select APIs, Strong Relation with Large Companies

Leadership in select APIs, strong relation with large companies GLS is a leading developer, manufacturer of select high value, noncommoditised APIs...

ICICI Securities Limited

Glenmark Pharmaceuticals- Management Meet Update- Glenmark Pharma management meet update

We recently had an interaction with Glenmark Pharmaceuticals management to understand the business as it stands in an evolving market environment....

Nirmal Bang

GLENMARK: Glenmark Pharma Ltd (GNP) is an India-based pharmaceutical company with commercial pres...

Glenmark Pharma Ltd (GNP) is an India-based pharmaceutical company with commercial presence in more than 80 countries across the globe. GNP is...

Geojit

Asia HY Monthly - Chinese Developers' JV Exposure - Lucror Analytics

In this month’s "In-Focus" section, we provide an update on Chinese developers’ JV exposure, including typical structures and the JV exposure of...

Lucror Analytics

Asia HY Trade Book - May 2021 - Lucror Analytics

The Asia HY Trade Book for the month of May includes a summary of our recommendations, as well as our high-conviction ideas. The report also...

Lucror Analytics

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