External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>The India Pharma &amp; Healthcare sector is expected to maintain its growth momentum in Q2FY25E</li><li>We project sales/EBITDA growth of 11%/15% YoY for our coverage universe</li><li>Our assumptions are: (1) Pharma coverage is expected to see 11% YoY sales growth, driven by a 12% YoY increase in the India business, offset by a ~5% QoQ decline in the US</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>

The India Pharma &amp; Healthcare sector is expected to maintain its growth momentum in Q2FY25EWe project sales/EBITDA growth of 11%/15% YoY for our coverage universeOur assumptions are: (1) Pharma coverage is expected to see 11% YoY sales growth, driven by a 12% YoY increase in the India business, offset by a ~5% QoQ decline in the USContent 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.

Pharma and Healthcare (Q2FY25E Results Preview): Steady Q2, Revlimid to Normalise

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

<ul>
<li>Our long-term bullish outlook (since early-November 2023) remains intact. With that said, we believe a 1-3-month pullback has likely begun.</li>
<li>Supports to watch are at $110 on MSCI ACWI (ACWI-US) and $41-42 on MSCI EM (EEM-US), and whether these levels hold or not will determine the severity of the pullback.</li>
<li>The S&amp;P 500 is violating its 20-day MA, Europe's EURO STOXX 50 is breaking below 4884, and Japan's TOPIX appears to be staging a false breakout at the 2800-2815 level</li>
</ul>


Our long-term bullish outlook (since early-November 2023) remains intact. With that said, we believe a 1-3-month pullback has likely begun.
Supports to watch are at $110 on MSCI ACWI (ACWI-US) and $41-42 on MSCI EM (EEM-US), and whether these levels hold or not will determine the severity of the pullback.
The S&amp;P 500 is violating its 20-day MA, Europe's EURO STOXX 50 is breaking below 4884, and Japan's TOPIX appears to be staging a false breakout at the 2800-2815 level


Pullback Underway; Getting Defensive; Long-Term RS Bottoms for Defensives Is a Reason for Caution

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of NIFTY in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Hindalco Industries, Tata Steel, Tata Motors Passenger Vehicles, Adani Enterprises, Grasim Industries, State Bank of India, ITC.</li>
</ul>


We analysed the earning revision of component stocks of NIFTY in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Hindalco Industries, Tata Steel, Tata Motors Passenger Vehicles, Adani Enterprises, Grasim Industries, State Bank of India, ITC.


NIFTY Index Earning Revision (Aug): Hindalco Industries, Tata Steel, Tata Motors Passenger Vehicles

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>With long-term structural factors supporting growth, healthcare services market is expected to have a low double-digit CAGR over the next five years.</li>
<li>Most of the leading hospitals are operating with high occupancies, which justifies their aggressive plans. Profitable revenue growth and low leverage support their expansion plans.</li>
<li>With expanding scale, the players are well positioned to report faster revenue growth and better margins in coming years than their respective historical figures.</li>
</ul>


With long-term structural factors supporting growth, healthcare services market is expected to have a low double-digit CAGR over the next five years.
Most of the leading hospitals are operating with high occupancies, which justifies their aggressive plans. Profitable revenue growth and low leverage support their expansion plans.
With expanding scale, the players are well positioned to report faster revenue growth and better margins in coming years than their respective historical figures.


Indian Hospitals on Expansion Spree; Sectoral Tailwinds and Financial Stability Provide Impetus

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Supreme Court's warning to enforce CGHS rates on private hospitals sparks market concerns, leading to a significant correction in hospital company stock prices.</li>
<li>Failure to standardize hospital pricing raises questions about patient affordability, quality of healthcare, and financial viability of private hospitals, impacting investors and healthcare consumers alike.</li>
<li>Explore the complexities of healthcare regulation, implications for hospital companies, and potential investment opportunities amid the evolving landscape of standardized medical treatment costs.</li>
</ul>


Supreme Court's warning to enforce CGHS rates on private hospitals sparks market concerns, leading to a significant correction in hospital company stock prices.
Failure to standardize hospital pricing raises questions about patient affordability, quality of healthcare, and financial viability of private hospitals, impacting investors and healthcare consumers alike.
Explore the complexities of healthcare regulation, implications for hospital companies, and potential investment opportunities amid the evolving landscape of standardized medical treatment costs.


SC on Standardisation Rate for Medical Procedures: Likely Impact on Listed Hospital Players

India

Max Healthcare Institute Limited is a leading Indian for-profit private hospital chain that operates 21 healthcare facilities with over 6,000 beds across North India, including Delhi NCR, Haryana, Punjab, Uttarakhand, Maharashtra, Uttar Pradesh, and Odisha. The company provides a wide range of medical and healthcare services across more than 30 specialties, including oncology, cardiac sciences, neurosciences, and orthopedics. Additionally, it offers diagnostic services through Max Lab and home healthcare services via Max@Home. Headquartered in New Delhi, India, the company was founded in 2001.

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Max Healthcare Institute (MAXHEALT IN)

Pharma and Healthcare (Q2FY25E Results Preview): Steady Q2, Revlimid to Normalise

The India Pharma & Healthcare sector is expected to maintain its growth momentum in Q2FY25E. We project sales/EBITDA growth of 11%/15% YoY for our...

HDFC Securities

Pullback Underway; Getting Defensive; Long-Term RS Bottoms for Defensives Is a Reason for Caution

Pullback Underway $ACWI $SPX; Getting Defensive; Long-Term RS Bottoms for Defensive Sectors is a Reason for Caution. Buys in Health Care,...

Vermilion Research

NIFTY Index Earning Revision (Aug): Hindalco Industries, Tata Steel, Tata Motors Passenger Vehicles

We analyzed NIFTY's consensus for Aug 2026 and highlighted changes of EPS in Hindalco Industries (HNDL IN), Tata Steel (TATA IN), Tata Motors...

Ke Yan, CFA, FRM

Indian Hospitals on Expansion Spree; Sectoral Tailwinds and Financial Stability Provide Impetus

Leading Indian hospitals are operating with high occupancies. Most of them chalked out major expansion plans over the next three years to benefit...

Tina Banerjee

SC on Standardisation Rate for Medical Procedures: Likely Impact on Listed Hospital Players

Supreme Court's push for CGHS rates on private hospitals triggers stock market turmoil, highlighting issues of pricing, patient affordability, and...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pharma and Healthcare (Q2FY25E Results Preview): Steady Q2, Revlimid to Normalise

The India Pharma & Healthcare sector is expected to maintain its growth momentum in Q2FY25E. We project sales/EBITDA growth of 11%/15% YoY for our...

HDFC Securities

Pullback Underway; Getting Defensive; Long-Term RS Bottoms for Defensives Is a Reason for Caution

Pullback Underway $ACWI $SPX; Getting Defensive; Long-Term RS Bottoms for Defensive Sectors is a Reason for Caution. Buys in Health Care,...

Vermilion Research

NIFTY Index Earning Revision (Aug): Hindalco Industries, Tata Steel, Tata Motors Passenger Vehicles

We analyzed NIFTY's consensus for Aug 2026 and highlighted changes of EPS in Hindalco Industries (HNDL IN), Tata Steel (TATA IN), Tata Motors...

Ke Yan, CFA, FRM

Indian Hospitals on Expansion Spree; Sectoral Tailwinds and Financial Stability Provide Impetus

​Leading Indian hospitals are operating with high occupancies. Most of them chalked out major expansion plans over the next three years to benefit...

Tina Banerjee

SC on Standardisation Rate for Medical Procedures: Likely Impact on Listed Hospital Players

​Supreme Court's push for CGHS rates on private hospitals triggers stock market turmoil, highlighting issues of pricing, patient affordability, and...

Nimish Maheshwari

Leading Indian hospitals are operating with high occupancies. Most of them chalked out major expansion plans over the next three years to benefit...

Supreme Court's push for CGHS rates on private hospitals triggers stock market turmoil, highlighting issues of pricing, patient affordability, and...