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

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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Equity Bottom-Up

<p>About the stock: Laurus Labs operates in the segment of Generic APIs &amp; FDFs (formulations), custom synthesis and biotechnology. Major focus in APIs is on ARV, oncology and other APIs.</p><ul><li>It has eight manufacturing units (five FDA approved sites) with 61 DMFs, 27 ANDAs filed (two Para IV, seven first to file), 292 patents filed (150 granted)</li><li>Laurus acquired Richore Life Sciences to diversify in area of recombinant animal origin free products, enzymes and building biologics CDMO</li></ul><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>

About the stock: Laurus Labs operates in the segment of Generic APIs &amp; FDFs (formulations), custom synthesis and biotechnology. Major focus in APIs is on ARV, oncology and other APIs.It has eight manufacturing units (five FDA approved sites) with 61 DMFs, 27 ANDAs filed (two Para IV, seven first to file), 292 patents filed (150 granted)Laurus acquired Richore Life Sciences to diversify in area of recombinant animal origin free products, enzymes and building biologics CDMOContent 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.

Laurus Labs: Subdued Q2 Amid Drag in ARV APIs

<p>About the stock: Laurus Labs operates in the segment of Generic APIs &amp; FDFs (formulations), custom synthesis and biotechnology. Major focus in APIs is on ARV, oncology and other APIs.</p><ul><li>It has eight manufacturing units (five FDA approved sites) with 61 DMFs, 27 ANDAs filed (two Para IV, seven first to file), 292 Patents filed (150 granted)</li><li>Laurus acquired Richore Life Sciences to diversify in area of recombinant animal origin free products, enzymes as well as building biologics CDMO</li></ul><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>

About the stock: Laurus Labs operates in the segment of Generic APIs &amp; FDFs (formulations), custom synthesis and biotechnology. Major focus in APIs is on ARV, oncology and other APIs.It has eight manufacturing units (five FDA approved sites) with 61 DMFs, 27 ANDAs filed (two Para IV, seven first to file), 292 Patents filed (150 granted)Laurus acquired Richore Life Sciences to diversify in area of recombinant animal origin free products, enzymes as well as building biologics CDMOContent 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.

Laurus Labs: Strong Performance Driven by Formulations

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

Motilal Oswal

<p>Laurus Labs (LAURUS)'s Annual Report Analysis indicates a sharp improvement in ROE, led by a strong head-start in Finished dosage forms (FDF), improving operating profit, and a reduced interest rate. Since its journey from ARV API to a fully integrated pharmaceutical company over FY0621, LAURUS is on the path to strengthening its capabilities/capacity in Contract...</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>

Laurus Labs (LAURUS)'s Annual Report Analysis indicates a sharp improvement in ROE, led by a strong head-start in Finished dosage forms (FDF), improving operating profit, and a reduced interest rate. Since its journey from ARV API to a fully integrated pharmaceutical company over FY0621, LAURUS is on the path to strengthening its capabilities/capacity in Contract...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.

Scaling up new levers to accelerate growth

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<p>The Indian mutual fund industry has assets of almost INR 5 trillion across Multi cap, Large Cap, Large and Mid Cap, Mid Cap and Small Cap equity schemes. Equity schemes classified as large cap need to have at least 80% of their assets invested in large cap stocks, large and mid cap schemes need to have at least 35% of their assets in large cap stocks and at least 35% in mid cap stocks, mid cap funds need to hold at least 65% of their assets in mid cap stocks, and small cap funds need to hold at least 65% of their assets in small cap stocks.</p><p>The Association of Mutual Funds in India (AMFI) publishes the list of the stocks in each market cap segment in January and July each year and mutual funds have one month to rebalance their portfolios to adhere to the new categorization.</p><p>In the upcoming recategorization in January 2021, we see 6 stocks moved from the mid cap segment to the large cap segment with an equal number of stocks moving the other way, and 12 stocks are expected to move from the small cap segment to the mid cap segment with the same number moving the other way. There are quite a few IPOs that will join the small cap list, with just 1 joining the large cap list and 1 joining the mid cap list.</p><p>Historically, the stocks migrating upward to a higher market cap segment have outperformed stocks that migrate to a lower market cap segment over the 1 month and 2 month period post the publishing of the AMFI list. This can be attributed to fund managers realigning their portfolios to meet the new categorization. This provides opportunities to pre-position for the move and unwind post the announcement of the reclassification.</p>

The Indian mutual fund industry has assets of almost INR 5 trillion across Multi cap, Large Cap, Large and Mid Cap, Mid Cap and Small Cap equity schemes. Equity schemes classified as large cap need to have at least 80% of their assets invested in large cap stocks, large and mid cap schemes need to have at least 35% of their assets in large cap stocks and at least 35% in mid cap stocks, mid cap funds need to hold at least 65% of their assets in mid cap stocks, and small cap funds need to hold at least 65% of their assets in small cap stocks.The Association of Mutual Funds in India (AMFI) publishes the list of the stocks in each market cap segment in January and July each year and mutual funds have one month to rebalance their portfolios to adhere to the new categorization.In the upcoming recategorization in January 2021, we see 6 stocks moved from the mid cap segment to the large cap segment with an equal number of stocks moving the other way, and 12 stocks are expected to move from the small cap segment to the mid cap segment with the same number moving the other way. There are quite a few IPOs that will join the small cap list, with just 1 joining the large cap list and 1 joining the mid cap list.Historically, the stocks migrating upward to a higher market cap segment have outperformed stocks that migrate to a lower market cap segment over the 1 month and 2 month period post the publishing of the AMFI list. This can be attributed to fund managers realigning their portfolios to meet the new categorization. This provides opportunities to pre-position for the move and unwind post the announcement of the reclassification.

India: AMFI Stock Categorization Changes to Drive Active Portfolio Churn

<p>Late Friday evening, the Securities and Exchange Board of India (SEBI) published a blandly titled '<a href="https://www.sebi.gov.in/legal/circulars/sep-2020/circular-on-asset-allocation-of-multi-cap-funds_47542.html" target="_blank" rel="noopener"><em>Circular on Asset Allocation of Multi Cap Funds</em></a>'. The implications of the circular, however, are not as bland and will result in a big shift in allocation among market cap segments in Indian mutual funds and drive trading activity over the next few months.</p><p>SEBI has now mandated that Mutual Fund schemes classified as 'Multi Cap Funds' need to invest a minimum of 75% of their total scheme assets in equities and equity related investments with a minimum 25% allocation to each segment: large caps, mid caps and small caps. Currently, the top 11 multi cap schemes by assets (making up 85% of total multi cap assets) hold 78% of their assets in large cap stocks, 16.6% in mid cap stocks, and only 5.4% in small cap stocks.</p><p>All Multi Cap funds have till the first week of February 2021 to meet the new requirements. While there will not be a big impact on large cap stocks, there could be a very big impact on small cap funds. The Nifty Smallcap 250 index has underperformed the Nifty 100 and the Nifty Midcap 150 index over the last year and could outperform over the next few months.</p>

Late Friday evening, the Securities and Exchange Board of India (SEBI) published a blandly titled 'Circular on Asset Allocation of Multi Cap Funds'. The implications of the circular, however, are not as bland and will result in a big shift in allocation among market cap segments in Indian mutual funds and drive trading activity over the next few months.SEBI has now mandated that Mutual Fund schemes classified as 'Multi Cap Funds' need to invest a minimum of 75% of their total scheme assets in equities and equity related investments with a minimum 25% allocation to each segment: large caps, mid caps and small caps. Currently, the top 11 multi cap schemes by assets (making up 85% of total multi cap assets) hold 78% of their assets in large cap stocks, 16.6% in mid cap stocks, and only 5.4% in small cap stocks.All Multi Cap funds have till the first week of February 2021 to meet the new requirements. While there will not be a big impact on large cap stocks, there could be a very big impact on small cap funds. The Nifty Smallcap 250 index has underperformed the Nifty 100 and the Nifty Midcap 150 index over the last year and could outperform over the next few months.

India Small Caps: Position for Outperformance Vs Large & Mid Caps

India

Laurus Labs is a research-driven, integrated pharmaceutical and biotechnology company specializing in Active Pharmaceutical Ingredients (APIs), generic formulations, and Contract Development and Manufacturing Organization (CDMO) services. The company is a global leader in antiretroviral (ARV) APIs and has diversified into oncology, cardiovascular, and biotechnology segments. Laurus Labs is headquartered in Hyderabad, India, and was founded in 2005.

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Laurus Labs (LAURUS IN)

Laurus Labs: Subdued Q2 Amid Drag in ARV APIs

Laurus Labs operates in the segment of Generic APIs & FDFs (formulations), custom synthesis and biotechnology. Major focus in APIs is on ARV,...

ICICI Securities Limited

Laurus Labs: Strong Performance Driven by Formulations

Laurus Labs operates in the segment of Generic APIs & FDFs (formulations), custom synthesis and biotechnology. Major focus in APIs is on ARV,...

ICICI Securities Limited

Scaling up new levers to accelerate growth

Laurus Labs (LAURUS)'s Annual Report Analysis indicates a sharp improvement in ROE, led by a strong head-start in Finished dosage forms (FDF),...

Motilal Oswal

India: AMFI Stock Categorization Changes to Drive Active Portfolio Churn

The reclassification of stocks to large, mid and small cap will set off a churn in mutual fund portfolios where historically stocks migrating...

Brian Freitas

India Small Caps: Position for Outperformance Vs Large & Mid Caps

Late Friday evening, the Securities and Exchange Board of Indian

Brian Freitas

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