External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

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

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Equity Bottom-Up

<ul><li>Our FY26/FY27E EPS have been cut sharply to factor in low margins given ongoing remediation cost and lower sales across regulated markets.</li><li>We downgrade stock to ‘Hold’ from ‘Accumulate’.</li><li>Indoco Remedies’ (INDR) Q3FY25 EBITDA was much below our estimates due to muted international business and higher expenses.</li></ul><p><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></p>

Our FY26/FY27E EPS have been cut sharply to factor in low margins given ongoing remediation cost and lower sales across regulated markets.We downgrade stock to ‘Hold’ from ‘Accumulate’.Indoco Remedies’ (INDR) Q3FY25 EBITDA was much below our estimates due to muted international business and higher expenses.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.

Indoco Remedies - Weak Quarter Led by Negative Operating Leverage

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Jiangsu Hengrui Medicine launches Hong Kong IPO to raise ~$1.3B. Wuxi Biologics is selling its drug product plant in Germany to Terumo for €150M.</li>
<li>Chugai Pharmaceutical got conditional approval in Japan for gene therapy product, Elevidys for Duchenne muscular dystrophy. GC Biopharma dosed first patient in Fabry disease drug trial in Korea.</li>
<li>Mayne Pharma was hit hard as an ‘untitled letter’ from the FDA related to certain promotional claims used in a speaker presentation for oral contraceptive Nextstellis, was made public.  </li>
</ul>


Jiangsu Hengrui Medicine launches Hong Kong IPO to raise ~$1.3B. Wuxi Biologics is selling its drug product plant in Germany to Terumo for €150M.
Chugai Pharmaceutical got conditional approval in Japan for gene therapy product, Elevidys for Duchenne muscular dystrophy. GC Biopharma dosed first patient in Fabry disease drug trial in Korea.
Mayne Pharma was hit hard as an ‘untitled letter’ from the FDA related to certain promotional claims used in a speaker presentation for oral contraceptive Nextstellis, was made public.  


APAC Healthcare Weekly (May 18)-Hengrui Medicine, Wuxi Biologics, Chugai, GC Biopharma, Mayne Pharma

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>Given the sharp decline in mid and small-cap stocks, insider buying activity has notably increased in recent weeks.</li>
<li>This is Part 2 of the update on companies with insider buying in February 2025.</li>
<li>We expect many more companies to witness insider buying after the earnings season concludes this week.</li>
</ul>


Given the sharp decline in mid and small-cap stocks, insider buying activity has notably increased in recent weeks.
This is Part 2 of the update on companies with insider buying in February 2025.
We expect many more companies to witness insider buying after the earnings season concludes this week.


Prices Drop, Eyes Pop: Mid-Month Insider Buying Activity Update – Part 2

<ul>
<li>We highlight small cap companies that experienced significant insider buying during January 2025, as reported on the stock exchanges.</li>
<li>As January 2025 was a month of earnings season,very few companies reported insider transactions. However,given the correction in Indian market,we should expect increased buy transactions once the earnings season concludes.</li>
<li>
<a href="https://www.smartkarma.com/entities/indoco-remedies-ltd" target="_blank" data-smartkarma-citation="entities:2400:1" rel="noopener">Indoco Remedies (INDR IN)</a> and <a href="https://www.smartkarma.com/entities/insolation-energy-ltd" target="_blank" data-smartkarma-citation="entities:44168:1" rel="noopener">Insolation Energy (INA IN)</a> have seen good buying by insiders.</li>
</ul>


We highlight small cap companies that experienced significant insider buying during January 2025, as reported on the stock exchanges.
As January 2025 was a month of earnings season,very few companies reported insider transactions. However,given the correction in Indian market,we should expect increased buy transactions once the earnings season concludes.

Indoco Remedies (INDR IN) and Insolation Energy (INA IN) have seen good buying by insiders.


India: Monthly Insider Buying Update - January 2025 (Small Cap Companies)

APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Akums Drugs and Pharmaceuticals / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/akums-drugs-and-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:40915:1" rel="noopener">Akums Drugs and Pharmaceuticals (0200361D IN)</a> raised around US$222m in its India IPO, after pricing the deal at the top end of the range at INR679/share.</li>
<li>Akums Drugs and Pharmaceuticals (ADP) is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.</li>
<li>We have looked at various aspects of the deal in our previous notes. In this note, we talk about demand and trading dynamics.</li>
</ul>



Akums Drugs and Pharmaceuticals (0200361D IN) raised around US$222m in its India IPO, after pricing the deal at the top end of the range at INR679/share.
Akums Drugs and Pharmaceuticals (ADP) is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.
We have looked at various aspects of the deal in our previous notes. In this note, we talk about demand and trading dynamics.


Akums Drugs and Pharmaceuticals IPO Trading - Strong Demand and a Decent Margin of Safety

India

Indoco Remedies Limited researches and develops, manufactures, markets, and distributes pharmaceuticals. The Company's products include Analgesics/Antipyretics, Antacids, Anthelmintics, and Antiamoebics.

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Indoco Remedies (INDR IN)

Indoco Remedies - Weak Quarter Led by Negative Operating Leverage

Our FY26/FY27E EPS have been cut sharply to factor in low margins given ongoing remediation cost and lower sales across regulated markets.

Prabhudas Lilladhar

APAC Healthcare Weekly (May 18)-Hengrui Medicine, Wuxi Biologics, Chugai, GC Biopharma, Mayne Pharma

Jiangsu Hengrui launches HK IPO. Wuxi Biologics to sell Germany plant. Chugai got Japan approval for gene therapy. Mayne Pharma was hit as FDA...

Tina Banerjee

Prices Drop, Eyes Pop: Mid-Month Insider Buying Activity Update – Part 2

Insider buying activity in Indian mid and small-cap stocks has increased due to steep decline in equity market, prompting a mid-month update.

Sreemant Dudhoria,CFA

India: Monthly Insider Buying Update - January 2025 (Small Cap Companies)

January 2025 saw limited insider transactions due to earnings season, but small cap companies like Indoco Remedies and Insolation Energy showed...

Sreemant Dudhoria,CFA

Akums Drugs and Pharmaceuticals IPO Trading - Strong Demand and a Decent Margin of Safety

Akums Drugs and Pharmaceuticals (0200361D IN) raised around US$222m in its India IPO, after pricing the deal at the top end of the range at INR679...

Ethan Aw

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Indoco Remedies - Weak Quarter Led by Negative Operating Leverage

Our FY26/FY27E EPS have been cut sharply to factor in low margins given ongoing remediation cost and lower sales across regulated markets.

Prabhudas Lilladhar

APAC Healthcare Weekly (May 18)-Hengrui Medicine, Wuxi Biologics, Chugai, GC Biopharma, Mayne Pharma

Jiangsu Hengrui launches HK IPO. Wuxi Biologics to sell Germany plant. Chugai got Japan approval for gene therapy. Mayne Pharma was hit as FDA...

Tina Banerjee

Prices Drop, Eyes Pop: Mid-Month Insider Buying Activity Update – Part 2

​Insider buying activity in Indian mid and small-cap stocks has increased due to steep decline in equity market, prompting a mid-month update.

Sreemant Dudhoria,CFA

India: Monthly Insider Buying Update - January 2025 (Small Cap Companies)

​January 2025 saw limited insider transactions due to earnings season, but small cap companies like Indoco Remedies and Insolation Energy showed...

Sreemant Dudhoria,CFA

Akums Drugs and Pharmaceuticals IPO Trading - Strong Demand and a Decent Margin of Safety

Akums Drugs and Pharmaceuticals (0200361D IN) raised around US$222m in its India IPO, after pricing the deal at the top end of the range at INR679...

Ethan Aw

Insider buying activity in Indian mid and small-cap stocks has increased due to steep decline in equity market, prompting a mid-month update.

January 2025 saw limited insider transactions due to earnings season, but small cap companies like Indoco Remedies and Insolation Energy showed...