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. 

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

<ul><li>Natco has, over the years, developed a knack for manufacturing complex generic products with few competitors, especially for the US market</li><li>India formulations mainly comprise oncology products (+33 launches).</li><li>FY21 revenue break-up - Domestic Business: 19%, International Business: 50% (mainly from the US), APIs: 24%</li></ul><div class="content-highlight"><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></div>

Natco has, over the years, developed a knack for manufacturing complex generic products with few competitors, especially for the US marketIndia formulations mainly comprise oncology products (+33 launches).FY21 revenue break-up - Domestic Business: 19%, International Business: 50% (mainly from the US), APIs: 24%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.

Natco Pharma Limited: One-Off Drives Revenues; All Eyes on Future Launches

<p>What should investors do? Natco's share price has grown by ~1.6x over the past five years (from ~Rs 632 in July 2016 to ~Rs 1024 levels in July 2021). We retain our HOLD rating on this stock...</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>

What should investors do? Natco's share price has grown by ~1.6x over the past five years (from ~Rs 632 in July 2016 to ~Rs 1024 levels in July 2021). We retain our HOLD rating on this stock...
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.

Natco Pharma Limited: Sequential Domestic Recovery Amid Covid Sales

<p>Natco is a leading player in the domestic oncology segment with a product basket of ~33 products (FY20). Covid related disturbances and pricing pressure notwithstanding, we expect momentum in oncology segment to be decent on the back of incremental launches. New launches in cardio/diabetology segment (CND) is also expected to support overall growth. Going ahead, Natco is looking to launch 10 products a year. We...</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>

Natco is a leading player in the domestic oncology segment with a product basket of ~33 products (FY20). Covid related disturbances and pricing pressure notwithstanding, we expect momentum in oncology segment to be decent on the back of incremental launches. New launches in cardio/diabetology segment (CND) is also expected to support overall growth. Going ahead, Natco is looking to launch 10 products a year. We...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.

Natco Pharma Limited: Covid Drags FY21; New Launches to Drive FY22

External broker reports(aggregated public sources), Ashika Research

Ashika Research

<p>Natco Pharma Ltd. (NPL) is a midsized pharmaceutical company with a presence across the pharma value chain. It owns eight manufacturing facilities including six formulations facilities and two API facilities. The company also has a US retail business. Natco is a leading domestic player in the oncology space. NPL's product pipeline consists of drugs,...</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>

Natco Pharma Ltd. (NPL) is a midsized pharmaceutical company with a presence across the pharma value chain. It owns eight manufacturing facilities including six formulations facilities and two API facilities. The company also has a US retail business. Natco is a leading domestic player in the oncology space. NPL's product pipeline consists of drugs,...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.

Ashika - Stock Picks - Natco Pharma Ltd. - June 2021

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Gland Pharma Ltd / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/gland-pharma-ltd" target="_blank" data-smartkarma-citation="entities:29723:1" rel="noopener">Gland Pharma (7172753Z IN)</a> aims to raise around US$900m in what would be one of India’s largest IPOs in 2020. The company was established in 1978 by P.V.N. Raju. KKR invested in the company in 2014 and <a href="https://www.smartkarma.com/entities/shanghai-fosun-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:8045:1" rel="noopener">Shanghai Fosun Pharmaceutical (Group) (2196 HK)</a> bought a 74% stake in the company in 2017. </p><p>Gland Pharma was one of the fastest growing generic injectables-focused companies by revenue in the United States from 2014 to 2019. GP sells its products primarily via a B2B model in over 60 countries, including US, Europe, Canada, Australia, and India. It also operates a B2C model in India.</p><p>GP’s revenue has grown at 28.78% CAGR over FY18-20 and was up another 29.4% in 1Q21. At the same time, PAT margins have increased from 19.2% in FY18 to 34.2% in 1Q21. Thus, PAT has grown at 55.15% CAGR and was up another 70.6% in 1Q21. </p><p>However, the company hasn’t provided a whole lot of details about the revenue breakdown for its products. In addition, not all the pre-IPO shareholders will be locked-up post listing.</p>

Gland Pharma (7172753Z IN) aims to raise around US$900m in what would be one of India’s largest IPOs in 2020. The company was established in 1978 by P.V.N. Raju. KKR invested in the company in 2014 and Shanghai Fosun Pharmaceutical (Group) (2196 HK) bought a 74% stake in the company in 2017. Gland Pharma was one of the fastest growing generic injectables-focused companies by revenue in the United States from 2014 to 2019. GP sells its products primarily via a B2B model in over 60 countries, including US, Europe, Canada, Australia, and India. It also operates a B2C model in India.GP’s revenue has grown at 28.78% CAGR over FY18-20 and was up another 29.4% in 1Q21. At the same time, PAT margins have increased from 19.2% in FY18 to 34.2% in 1Q21. Thus, PAT has grown at 55.15% CAGR and was up another 70.6% in 1Q21. However, the company hasn’t provided a whole lot of details about the revenue breakdown for its products. In addition, not all the pre-IPO shareholders will be locked-up post listing.

Gland Pharma IPO - High on Growth but Low on Details

India

Natco Pharma Limited manufactures a comprehensive range of branded and generic dosage forms, bulk actives and intermediates for both Indian as well as International markets. The Company's product range is constantly expanded through its own R&D initiative, basic research and also through joint ventures, technology transfers and collaborations.

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Natco Pharma (NTCPH IN)

Natco Pharma Limited: One-Off Drives Revenues; All Eyes on Future Launches

Natco has, over the years, developed a knack for manufacturing complex generic products with few competitors, especially for the US market

ICICI Securities Limited

Natco Pharma Limited: Sequential Domestic Recovery Amid Covid Sales

What should investors do? Natco's share price has grown by ~1.6x over the past five years (from ~Rs 632 in July 2016 to ~Rs 1024 levels in July...

ICICI Securities Limited

Natco Pharma Limited: Covid Drags FY21; New Launches to Drive FY22

Natco is a leading player in the domestic oncology segment. Covid related disturbances and pricing pressure notwithstanding, we expect momentum in...

ICICI Securities Limited

Ashika - Stock Picks - Natco Pharma Ltd. - June 2021

Natco Pharma Ltd. (NPL) is a midsized pharmaceutical company with a presence across the pharma value chain. It owns eight manufacturing facilities...

Ashika Research

Gland Pharma IPO - High on Growth but Low on Details

Gland Pharma aims to raise around US$900m in what would be one of India’s largest IPOs in 2020. Fosun Pharmaceutical bought a 74% stake in the...

Sumeet Singh

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