External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

Equity Bottom-Up

Sun Pharmaceutical Industries / Equity Bottom-Up

<p>V-Guard Industries: V-Guard posted in-line but strong revenue growth of 58% YoY (HSIE 59%), clocking 2-year revenue CAGR of 7%. South region posted 50% YoY growth (1% 2-year CAGR) while non-south region registered 71% YoY growth (16% 2-year CAGR). Strong growth was visible across categories as Electronics (Stabilizer, UPS, etc), Electrical (Wires, Pump, etc) and Consumer Durables (Fan, Water Heater, KEA, etc) segments registered 62/58/55% YoY growth, clocking 2-year CAGR of 9/4/12%. Gross margin declined by 191/120bps YoY/QoQ to 31%.</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>

V-Guard Industries: V-Guard posted in-line but strong revenue growth of 58% YoY (HSIE 59%), clocking 2-year revenue CAGR of 7%. South region posted 50% YoY growth (1% 2-year CAGR) while non-south region registered 71% YoY growth (16% 2-year CAGR). Strong growth was visible across categories as Electronics (Stabilizer, UPS, etc), Electrical (Wires, Pump, etc) and Consumer Durables (Fan, Water Heater, KEA, etc) segments registered 62/58/55% YoY growth, clocking 2-year CAGR of 9/4/12%. Gross margin declined by 191/120bps YoY/QoQ to 31%.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: Sun Pharma, Bharat Petroleum Corporation, Eicher Motors, Cadila Healthcare, V...

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

Motilal Oswal

<p>Sun Pharma (SUNP) delivered a 4QFY21 performance marginally below our expectations, weighed by moderation in US and API sales. Domestic Formulation (DF) business growth has been strengthening for three consecutive quarters now. Marketing efforts are driving strong performance in Illumya, a specialty product 51% YoY growth was reported for FY21. It further intends to build a Biosimilar portfolio for launch over CY2830.</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>

Sun Pharma (SUNP) delivered a 4QFY21 performance marginally below our expectations, weighed by moderation in US and API sales. Domestic Formulation (DF) business growth has been strengthening for three consecutive quarters now. Marketing efforts are driving strong performance in Illumya, a specialty product 51% YoY growth was reported for FY21. It further intends to build a Biosimilar portfolio for launch over CY2830.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.

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

Apollo Hospitals Enterprise / Equity Capital Markets

<div>
<p><a href="https://www.smartkarma.com/entities/apollo-hospitals-enterprise" target="_blank" data-smartkarma-citation="entities:880:1" rel="noopener">Apollo Hospitals Enterprise (APHS IN)</a> plans to raise around US$140m via a QIP which was launched last night.</p>
<p>I have covered various aspects of the deal in my earlier note,  <a href="https://www.smartkarma.com/insights/apollo-hospital-placement-qip-early-look-this-time-it-s-different" target="_blank" rel="noopener">Apollo Hospital Placement/​QIP Early Look - This Time It’s Different</a>.</p>
</div>
<div>
<p>In this insight, I'll run the deal through our ECM framework and talk about recent updates.</p>
</div>


Apollo Hospitals Enterprise (APHS IN) plans to raise around US$140m via a QIP which was launched last night.
I have covered various aspects of the deal in my earlier note,  Apollo Hospital Placement/​QIP Early Look - This Time It’s Different.


In this insight, I'll run the deal through our ECM framework and talk about recent updates.


Apollo Hospital Placement/​​QIP - Well Flagged Deal with Well Planned Use of Proceeds

Gland Pharma Ltd / Equity Capital Markets

<div>
<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> raised around US$900m in 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>
</div>
<div>
<p>I have covered the background of the deal in my earlier note, <a href="https://www.smartkarma.com/insights/gland-pharma-ipo-high-on-growth-but-low-on-details" target="_blank" rel="noopener">Gland Pharma IPO - High on Growth but Low on Details.</a></p>
<p>In this note, I'll talk about the deal updates and provide a table with implied valuations at different share price levels.</p>
</div>


Gland Pharma (7172753Z IN) raised around US$900m in 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. 


I have covered the background of the deal in my earlier note, Gland Pharma IPO - High on Growth but Low on Details.
In this note, I'll talk about the deal updates and provide a table with implied valuations at different share price levels.


Gland Pharma IPO Trading - Squeezed Through, Now for the Real Test

<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

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)

HSIE Results Daily: Sun Pharma, Bharat Petroleum Corporation, Eicher Motors, Cadila Healthcare, V...

V-Guard Industries: V-Guard posted in-line but strong revenue growth of 58% YoY (HSIE 59%), clocking 2-year revenue CAGR of 7%. South region posted...

HDFC Securities

Domestic Formulation on steady footing

Sun Pharma (SUNP) delivered a 4QFY21 performance marginally below our expectations, weighed by moderation in US and API sales. Domestic Formulation...

Motilal Oswal

Apollo Hospital Placement/QIP - Well Flagged Deal with Well Planned Use of Proceeds

Apollo Hospitals Enterprise plans to raise around US$140m via a QIP which was launched last night. I have covered various aspects of the deal in my...

Sumeet Singh

Gland Pharma IPO Trading - Squeezed Through, Now for the Real Test

Gland Pharma raised around US$900m in one of India’s largest IPOs in 2020. The company was established in 1978. KKR invested in 2014 and Fosun...

Sumeet Singh

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HSIE Results Daily: Sun Pharma, Bharat Petroleum Corporation, Eicher Motors, Cadila Healthcare, V...

V-Guard Industries: V-Guard posted in-line but strong revenue growth of 58% YoY (HSIE 59%), clocking 2-year revenue CAGR of 7%. South region posted...

HDFC Securities

Domestic Formulation on steady footing

Sun Pharma (SUNP) delivered a 4QFY21 performance marginally below our expectations, weighed by moderation in US and API sales. Domestic Formulation...

Motilal Oswal

Apollo Hospital Placement/​​QIP - Well Flagged Deal with Well Planned Use of Proceeds

Apollo Hospitals Enterprise plans to raise around US$140m via a QIP which was launched last night. I have covered various aspects of the deal in my...

Sumeet Singh

Gland Pharma IPO Trading - Squeezed Through, Now for the Real Test

Gland Pharma raised around US$900m in one of India’s largest IPOs in 2020. The company was established in 1978. KKR invested in 2014 and Fosun...

Sumeet Singh

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

Apollo Hospital Placement/QIP - Well Flagged Deal with Well Planned Use of Proceeds