External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

Thematic (Sector/Industry)

<ul><li>The US president Donald Trump signed an “Executive Order” (EO) to bring the prices for prescription (Rx) drugs in line with other developed nations</li><li>The EO institutes the “Most-Favoured-Nation (MFN)” price model (international reference pricing for prescription drugs) for drugs as a ceiling which means the US will pay for drugs at same levels as the lowest paid by other countries</li><li>This time MFN model has expanded its coverage for both Medicare and Medicaid (earlier in 2020, it was only for Medicare)</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.

The US president Donald Trump signed an “Executive Order” (EO) to bring the prices for prescription (Rx) drugs in line with other developed nationsThe EO institutes the “Most-Favoured-Nation (MFN)” price model (international reference pricing for prescription drugs) for drugs as a ceiling which means the US will pay for drugs at same levels as the lowest paid by other countriesThis time MFN model has expanded its coverage for both Medicare and Medicaid (earlier in 2020, it was only for Medicare)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.

Pharmaceuticals: US to cut Rx drug price, no impact on generics

<ul><li>The US government under Trump 2.0 has announced reciprocal tariffs across countries, including ~26% tariff on imports from India</li><li>However, pharmaceutical products were exempted from the first round of tariffs</li><li>This is a positive for the sector, which has been under a tariff overhang since the last 2-3 months</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.

The US government under Trump 2.0 has announced reciprocal tariffs across countries, including ~26% tariff on imports from IndiaHowever, pharmaceutical products were exempted from the first round of tariffsThis is a positive for the sector, which has been under a tariff overhang since the last 2-3 monthsContent 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.

Pharmaceuticals: Pharma dodges first round of US tariff risk

<ul><li>Titan: Consolidated jewellery sales (ex-bullion) grew 27.3% YoY to INR159.9bn (in-line) powered by gold prices growth (up 25% YoY)</li><li>Domestic jewellery (ex-bullion) grew 25.4% YoY</li><li>Secondary UCP/LTL growth remained healthy at 28/22% respectively underpinned by a strong festive and wedding season (consol topline growth stood at 25.2% YoY at INR 177.4bn, in-line)</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.

Titan: Consolidated jewellery sales (ex-bullion) grew 27.3% YoY to INR159.9bn (in-line) powered by gold prices growth (up 25% YoY)Domestic jewellery (ex-bullion) grew 25.4% YoYSecondary UCP/LTL growth remained healthy at 28/22% respectively underpinned by a strong festive and wedding season (consol topline growth stood at 25.2% YoY at INR 177.4bn, in-line)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.

HSIE Results Daily: Titan, Infoedge, Zydus Lifesciences, Max Financial, Happiest Minds Technologies

<ul><li>The India Pharma &amp; Healthcare sector is expected to see steady growth in Q3FY25E</li><li>We project sales/EBITDA growth of 11%/13% YoY for our coverage universe</li><li>Our assumptions are: (1) pharma coverage will see 10% YoY sales growth, driven by a 13% YoY increase in the India business, offset by flattish (QoQ) US sales (+5% 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.

The India Pharma &amp; Healthcare sector is expected to see steady growth in Q3FY25EWe project sales/EBITDA growth of 11%/13% YoY for our coverage universeOur assumptions are: (1) pharma coverage will see 10% YoY sales growth, driven by a 13% YoY increase in the India business, offset by flattish (QoQ) US sales (+5% 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.

Pharma and Healthcare (Q3FY25E): Growth Momentum, Margin Visibility Stay Intact

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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

Metropolis Healthcare Limited / Equity Bottom-Up

<ul><li>MHL’s Q2FY25 print was in line with our estimates, with revenues growing 13% YoY, driven by B2C revenues improving 21% YoY.</li><li>Overall sample volume growth (8%) was dragged by the B2B portfolio as MHL rationalized its long tail customers.</li><li>Tier 3 revenue growth of 23% is encouraging given the investments made by MHL over the last 3-4 years.</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.

MHL’s Q2FY25 print was in line with our estimates, with revenues growing 13% YoY, driven by B2C revenues improving 21% YoY.Overall sample volume growth (8%) was dragged by the B2B portfolio as MHL rationalized its long tail customers.Tier 3 revenue growth of 23% is encouraging given the investments made by MHL over the last 3-4 years.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.

Metropolis Healthcare - Tier 3 Expansion and Wellness Portfolio to Drive Revenue Growth

India

Metropolis Healthcare Limited provides medical and laboratory services. The Company offers pathology testing, imaging and nuclear medicine, clinical trails, and home health services. Metropolis Healthcare operates chains of diagnostic centers across India.

Metropolis Healthcare Limited (METROHL IN)

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Metropolis Healthcare Limited (METROHL IN)

Pharmaceuticals: US to cut Rx drug price, no impact on generics

The US president Donald Trump signed an “Executive Order” (EO) to bring the prices for prescription (Rx) drugs in line with other developed nations

HDFC Securities

Pharmaceuticals: Pharma dodges first round of US tariff risk

The US government under Trump 2.0 has announced reciprocal tariffs across countries, including ~26% tariff on imports from India

HDFC Securities

HSIE Results Daily: Titan, Infoedge, Zydus Lifesciences, Max Financial, Happiest Minds Technologies

Titan: Consolidated jewellery sales (ex-bullion) grew 27.3% YoY to INR159.9bn (in-line) powered by gold prices growth (up 25% YoY). Domestic...

HDFC Securities

Pharma and Healthcare (Q3FY25E): Growth Momentum, Margin Visibility Stay Intact

The India Pharma & Healthcare sector is expected to see steady growth in Q3FY25E. We project sales/EBITDA growth of 11%/13% YoY for our coverage...

HDFC Securities

Metropolis Healthcare - Tier 3 Expansion and Wellness Portfolio to Drive Revenue Growth

MHL’s Q2FY25 print was in line with our estimates, with revenues growing 13% YoY, driven by B2C revenues improving 21% YoY.

Emkay

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