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

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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

Sun Pharmaceutical Industries / Equity Bottom-Up

<ul><li>Motilal Oswal's research report onSun Pharma In this note, we explored the specialty pipeline of SUNP, examining products under development, the commercialized portfolio, and the competitive dynamics within each segment.</li><li>The overall R&amp;D expenditure is expected to increase by 33% YoY in FY24 and maintain an 18% CAGR over FY24-26 to support clinical development of certain assets.</li><li>Despite some delays in the clinical trial processes of Ilumya (additional indication), MM-II, and GL0034, the innovative/discovery pipeline continues to be the most promising within the India listed space.</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.

Motilal Oswal's research report onSun Pharma In this note, we explored the specialty pipeline of SUNP, examining products under development, the commercialized portfolio, and the competitive dynamics within each segment.The overall R&amp;D expenditure is expected to increase by 33% YoY in FY24 and maintain an 18% CAGR over FY24-26 to support clinical development of certain assets.Despite some delays in the clinical trial processes of Ilumya (additional indication), MM-II, and GL0034, the innovative/discovery pipeline continues to be the most promising within the India listed space.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.

Sun Pharma - ‘Specialty’ Way of Driving Growth Prospects

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

<ul><li>Sun Pharma (SUNP) owns ~78.5% of Taro Pharma (represented 10% of SUNP’s revenues/3% of EBITDA in FY23)</li><li>Taro posted strong sales growth of 13% YoY to USD 157 mn (+6% QoQ), led by new launches with a sharp improvement in adjusted EBITDA to USD 24 mn (up 180% YoY) and margin of 15.4% (vs 6.2% YoY), led by sales growth, improved gross margin (+482 bps YoY) and decreased operating costs</li><li>The consistent improvement in Taro’s performance in the last two quarters is positive, given Taro was facing growth and operational challenges due to increased competition (leading to price erosion) in its key products in the last 7-8 quarters</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.

Sun Pharma (SUNP) owns ~78.5% of Taro Pharma (represented 10% of SUNP’s revenues/3% of EBITDA in FY23)Taro posted strong sales growth of 13% YoY to USD 157 mn (+6% QoQ), led by new launches with a sharp improvement in adjusted EBITDA to USD 24 mn (up 180% YoY) and margin of 15.4% (vs 6.2% YoY), led by sales growth, improved gross margin (+482 bps YoY) and decreased operating costsThe consistent improvement in Taro’s performance in the last two quarters is positive, given Taro was facing growth and operational challenges due to increased competition (leading to price erosion) in its key products in the last 7-8 quartersContent 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.

Sun Pharmaceutical Industries: SUNP’s Subsidiary Taro Posts Strong Performance.

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sun-pharmaceutical-industries-limited" target="_blank" data-smartkarma-citation="entities:98:1" rel="noopener">Sun Pharmaceutical Industries (SUNP IN)</a> reported 11% YoY revenue growth to INR118B in Q1FY24, mainly driven by the U.S. business. EBITDA margin expanded 109bps to 27.9%.</li>
<li>Net profit declined 2% YoY to INR20B due to certain one-off charges amounting to INR3B. Excluding the exceptional items, adjusted net profit grew 14% YoY to INR23B.</li>
<li>With 26 marketed products globally, Sun Pharma is betting big on specialty products. Specialty pipeline includes 5 molecules undergoing clinical trials. Specialty R&amp;D accounts for 35% of total R&amp;D spends.</li>
</ul>



Sun Pharmaceutical Industries (SUNP IN) reported 11% YoY revenue growth to INR118B in Q1FY24, mainly driven by the U.S. business. EBITDA margin expanded 109bps to 27.9%.
Net profit declined 2% YoY to INR20B due to certain one-off charges amounting to INR3B. Excluding the exceptional items, adjusted net profit grew 14% YoY to INR23B.
With 26 marketed products globally, Sun Pharma is betting big on specialty products. Specialty pipeline includes 5 molecules undergoing clinical trials. Specialty R&amp;D accounts for 35% of total R&amp;D spends.


Sun Pharmaceutical (SUNP IN): Q1 Profit Falls Due to One-Off Expenses; Double-Digit Revenue Growth

APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

Indegene Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indegene-limited" target="_blank" data-smartkarma-citation="entities:36629:1" rel="noopener">Indegene Limited (1864095D IN)</a> is looking to raise US$220m in its India IPO, via selling a mix of primary and secondary shares.</li>
<li>Indegene is a “digital-first” commercialisation firm with an exclusive focus on the global life sciences industry.</li>
<li>In this note, we will look at peers and discuss our thoughts on valuation.</li>
</ul>



Indegene Limited (1864095D IN) is looking to raise US$220m in its India IPO, via selling a mix of primary and secondary shares.
Indegene is a “digital-first” commercialisation firm with an exclusive focus on the global life sciences industry.
In this note, we will look at peers and discuss our thoughts on valuation.


Indegene IPO - Marquee Clients, Strong Track Record, Decent Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sun-pharmaceutical-industries-limited" target="_blank" data-smartkarma-citation="entities:98:1" rel="noopener">Sun Pharmaceutical Industries (SUNP IN)</a> recorded 14% YoY revenue growth in Q4FY23, driven by 21% growth in U.S. formulation business. Adjusted net profit for Q4FY23 was INR21.6B, up 36% YoY.</li>
<li>Global specialty business continues to maintain strong momentum. Adjusted for milestone received, global specialty contributed 18% of Q4FY23 overall sales and grew 28% YoY to $244M.</li>
<li>Sun Pharma has proposed to acquire the remaining stake in Taro Pharmaceutical for a purchase price of $38 per share in cash. Management expects high single-digit revenue growth in FY24.</li>
</ul>



Sun Pharmaceutical Industries (SUNP IN) recorded 14% YoY revenue growth in Q4FY23, driven by 21% growth in U.S. formulation business. Adjusted net profit for Q4FY23 was INR21.6B, up 36% YoY.
Global specialty business continues to maintain strong momentum. Adjusted for milestone received, global specialty contributed 18% of Q4FY23 overall sales and grew 28% YoY to $244M.
Sun Pharma has proposed to acquire the remaining stake in Taro Pharmaceutical for a purchase price of $38 per share in cash. Management expects high single-digit revenue growth in FY24.


Sun Pharmaceutical (SUNP IN): Specialty Business Drove Q4 Revenue; Propose to Acquire 100% of Taro

India

Sun Pharmaceutical Industries Limited manufactures and markets pharmaceuticals for domestic and international distribution. The Company's pharmaceutical portfolio includes drugs in the areas of diabetes, cardiology, neurology, psychiatry and  gastroenterology.

Sun Pharmaceutical Industries (SUNP IN)

Sun Pharma - ‘Specialty’ Way of Driving Growth Prospects

The overall R&D expenditure is expected to increase by 33% YoY in FY24 and maintain an 18% CAGR over FY24-26 to support clinical development of...

Motilal Oswal

Sun Pharmaceutical Industries: SUNP’s Subsidiary Taro Posts Strong Performance.

Taro posted strong sales growth of 13% YoY to USD 157 mn (+6% QoQ), led by new launches with a sharp improvement in adjusted EBITDA to USD 24 mn

HDFC Securities

Sun Pharmaceutical (SUNP IN): Q1 Profit Falls Due to One-Off Expenses; Double-Digit Revenue Growth

Sun Pharma reported 11% sales growth to INR118B in Q1, driven by the US business. Net profit declined 2% to INR20B due to one-off charges....

Tina Banerjee

Indegene IPO - Marquee Clients, Strong Track Record, Decent Valuation

Indegene Limited (1864095D IN) is looking to raise US$220m in its India IPO, via selling a mix of primary and secondary shares.

Clarence Chu

Sun Pharmaceutical (SUNP IN): Specialty Business Drove Q4 Revenue; Propose to Acquire 100% of Taro

Best-positioned among the Indian generic pharmaceutical companies to reap the benefit from a robust specialty portfolio in the U.S. Less severe...

Tina Banerjee