External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

Sun Pharmaceutical Industries / Equity Bottom-Up

<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.

Thematic (Sector/Industry)

<ul><li>The pharmaceutical sector, emerging from the volatility of the past two post-pandemic and geopolitically tumultuous years, is now on a recovery path in CY23</li><li>Overall costs are stabilizing and there are green shoots in the US business</li><li>This positive momentum has led to the BSE Healthcare index outperforming the Sensex by ~15/25% in the past 6/12 months</li><li>We remain constructive on US generics, led by factors such as moderating price erosion and regulatory issues (USFDA) in the US, successful approval and launches of complex products, opportunities arising from the loss of exclusivity, softening input costs, volume growth due to drug shortages, and steady growth in India.</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 pharmaceutical sector, emerging from the volatility of the past two post-pandemic and geopolitically tumultuous years, is now on a recovery path in CY23Overall costs are stabilizing and there are green shoots in the US businessThis positive momentum has led to the BSE Healthcare index outperforming the Sensex by ~15/25% in the past 6/12 monthsWe remain constructive on US generics, led by factors such as moderating price erosion and regulatory issues (USFDA) in the US, successful approval and launches of complex products, opportunities arising from the loss of exclusivity, softening input costs, volume growth due to drug shortages, and steady growth in India.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 Generic Growth to Stay, Selective on Structural Play

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

Petroleo Brasileiro  / Technical Analysis

<ul>
<li>Global growth stocks that have significantly outperformed since the October 2023 lows are starting to pull back, and we believe a continued pause/pullback is likely in these growth areas.</li>
<li>Meanwhile, we are seeing a clear shift into value and defensives, and we recommend adding exposure to these areas. This type of Sector rotation is common during bull markets.</li>
<li>Major supports continue to hold, including $98-99 on MSCI ACWI (ACWI-US), 4600 on the S&amp;P 500, 4400 on the EURO STOXX 50, and 2300 on the TOPIX</li>
</ul>


Global growth stocks that have significantly outperformed since the October 2023 lows are starting to pull back, and we believe a continued pause/pullback is likely in these growth areas.
Meanwhile, we are seeing a clear shift into value and defensives, and we recommend adding exposure to these areas. This type of Sector rotation is common during bull markets.
Major supports continue to hold, including $98-99 on MSCI ACWI (ACWI-US), 4600 on the S&amp;P 500, 4400 on the EURO STOXX 50, and 2300 on the TOPIX


Buys Within Global Energy, Health Care, and Utilities; Bullish Outlook Intact on Global Equities

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Indian pharmaceutical companies started FY24 on a strong note. Due to better pricing environment, drug shortages, and new launches, sector heavyweights reported double-digit revenue growth from U.S. business.</li>
<li>Price erosion has come down to high single-digit from their peak of mid-teens. Despite the rise in number of ANDA approvals from the US FDA, Indian companies continued their dominance.</li>
<li>Indian pharmaceutical companies have accelerated the filing pace. With shorter timeline of approval, the companies are witnessing a spike in number of approvals. Regulatory risk remains the main downside risk.</li>
</ul>


Indian pharmaceutical companies started FY24 on a strong note. Due to better pricing environment, drug shortages, and new launches, sector heavyweights reported double-digit revenue growth from U.S. business.
Price erosion has come down to high single-digit from their peak of mid-teens. Despite the rise in number of ANDA approvals from the US FDA, Indian companies continued their dominance.
Indian pharmaceutical companies have accelerated the filing pace. With shorter timeline of approval, the companies are witnessing a spike in number of approvals. Regulatory risk remains the main downside risk.


Indian Generic Pharmaceutical Companies: US Momentum to Continue Amid Favorable Sector Tailwinds

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

<ul>
<li>A group of shareholders is looking to raise around US$600m via selling a 6.9% stake in Mankind Pharma.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>We have looked at the IPO and lock-up release earlier. In this note, we talk about the other deal dynamics.</li>
</ul>


A group of shareholders is looking to raise around US$600m via selling a 6.9% stake in Mankind Pharma.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
We have looked at the IPO and lock-up release earlier. In this note, we talk about the other deal dynamics.


Mankind Pharma Placement - Its Expensive, but at Least It’s High Quality

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.

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Sun Pharmaceutical Industries (SUNP IN)

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

Pharmaceuticals: US Generic Growth to Stay, Selective on Structural Play

The pharmaceutical sector, emerging from the volatility of the past two post-pandemic and geopolitically tumultuous years, is now on a recovery...

HDFC Securities

Buys Within Global Energy, Health Care, and Utilities; Bullish Outlook Intact on Global Equities

Seeing a clear shift into value and defensives, and we recommend adding exposure to these areas globally. Constructive if supports hold: $98-99 on...

Vermilion Research

Indian Generic Pharmaceutical Companies: US Momentum to Continue Amid Favorable Sector Tailwinds

Indian pharma companies saw strong U.S. revenue growth in H1FY24 due to better pricing, drug shortages, and new launches. With robust pipeline and...

Tina Banerjee

Mankind Pharma Placement - Its Expensive, but at Least It’s High Quality

A group of shareholders is looking to raise around US$600m via selling a 6.9% stake in Mankind Pharma. We had looked at the lockup release earlier.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Pharmaceuticals: US Generic Growth to Stay, Selective on Structural Play

The pharmaceutical sector, emerging from the volatility of the past two post-pandemic and geopolitically tumultuous years, is now on a recovery...

HDFC Securities

Buys Within Global Energy, Health Care, and Utilities; Bullish Outlook Intact on Global Equities

Seeing a clear shift into value and defensives, and we recommend adding exposure to these areas globally. Constructive if supports hold: $98-99 on...

Vermilion Research

Indian Generic Pharmaceutical Companies: US Momentum to Continue Amid Favorable Sector Tailwinds

​Indian pharma companies saw strong U.S. revenue growth in H1FY24 due to better pricing, drug shortages, and new launches. With robust pipeline and...

Tina Banerjee

Mankind Pharma Placement - Its Expensive, but at Least It’s High Quality

A group of shareholders is looking to raise around US$600m via selling a 6.9% stake in Mankind Pharma. We had looked at the lockup release earlier.

Sumeet Singh

Indian pharma companies saw strong U.S. revenue growth in H1FY24 due to better pricing, drug shortages, and new launches. With robust pipeline and...