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>Suven Pharma is a CRAMs player that supports global life sciences industry &amp; fine chemical majors in their NCE development endeavours</li>
<li>Its services include custom synthesis, process R&amp;D, scale-up &amp; contract manufacturing</li>
<li>Target Price and Valuation: Valued at Rs 555 i.e. 28x P/E on FY24E EPS of Rs 19.8</li>
</ul>
<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>


Suven Pharma is a CRAMs player that supports global life sciences industry &amp; fine chemical majors in their NCE development endeavours
Its services include custom synthesis, process R&amp;D, scale-up &amp; contract manufacturing
Target Price and Valuation: Valued at Rs 555 i.e. 28x P/E on FY24E EPS of Rs 19.8

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.

Suven Pharmaceuticals: CRAMs Strong; Another Formulations Foray on Cards

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<p>The Indian mutual fund industry has assets of almost INR 7.93 trillion (US$106.3bn) across Multi cap, Large Cap, Large and Mid Cap, Mid Cap, Small Cap and Flexi Cap equity schemes. Equity schemes classified as large cap need to have at least 80% of their assets invested in large cap stocks, large and mid cap schemes need to have at least 35% of their assets in large cap stocks and at least 35% in mid cap stocks, mid cap funds need to hold at least 65% of their assets in mid cap stocks, and small cap funds need to hold at least 65% of their assets in small cap stocks. Flexi cap funds can invest across market caps.</p><p>The Association of Mutual Funds in India (AMFI) publishes the list of the stocks in each market cap segment in January and July each year and mutual funds have one month to rebalance their portfolios to adhere to the new categorization.</p><p>We are just past halfway through the review period for the second half of 2021. Using data to the close on 4 October, at the next recategorization in January 2022, we see 10 stocks moving from the mid cap segment to the large cap segment, 11 stocks moving from the large cap segment to the mid cap segment , 11 stocks are expected to move from the small cap segment to the mid cap segment, with16 stocks moving from the mid cap to the small cap segment. <a href="https://www.smartkarma.com/entities/zomato-media-pvt" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> will be a part of the large cap universe, while 4 other newly listed stocks will be a part of the mid cap universe.</p><p>Historically, stocks moving to a higher market cap category have outperformed stocks that migrate to a lower market cap category over the back half of the review period. In some cases, the outperformance continues past the announcement of the changes as well. This can be attributed to fund managers realigning their portfolios to meet the new categorization. This provides opportunities to pre-position for the move and unwind post the announcement of the reclassification.</p>

The Indian mutual fund industry has assets of almost INR 7.93 trillion (US$106.3bn) across Multi cap, Large Cap, Large and Mid Cap, Mid Cap, Small Cap and Flexi Cap equity schemes. Equity schemes classified as large cap need to have at least 80% of their assets invested in large cap stocks, large and mid cap schemes need to have at least 35% of their assets in large cap stocks and at least 35% in mid cap stocks, mid cap funds need to hold at least 65% of their assets in mid cap stocks, and small cap funds need to hold at least 65% of their assets in small cap stocks. Flexi cap funds can invest across market caps.The Association of Mutual Funds in India (AMFI) publishes the list of the stocks in each market cap segment in January and July each year and mutual funds have one month to rebalance their portfolios to adhere to the new categorization.We are just past halfway through the review period for the second half of 2021. Using data to the close on 4 October, at the next recategorization in January 2022, we see 10 stocks moving from the mid cap segment to the large cap segment, 11 stocks moving from the large cap segment to the mid cap segment , 11 stocks are expected to move from the small cap segment to the mid cap segment, with16 stocks moving from the mid cap to the small cap segment. Zomato (ZOMATO IN) will be a part of the large cap universe, while 4 other newly listed stocks will be a part of the mid cap universe.Historically, stocks moving to a higher market cap category have outperformed stocks that migrate to a lower market cap category over the back half of the review period. In some cases, the outperformance continues past the announcement of the changes as well. This can be attributed to fund managers realigning their portfolios to meet the new categorization. This provides opportunities to pre-position for the move and unwind post the announcement of the reclassification.

India: Stock Reclassification & Active Portfolio Management (Dec 2021)

<p>About the stock: Suven Pharma is a CDMO that supports global life sciences industry &amp; fine chemical majors in their NCE development endeavours. Its services include custom synthesis, process R&amp;D, scale-up &amp; contract manufacturing.</p><ul><li>Business comprises three segments – CDMO (development projects and commercial supplies), specialty chemicals and contract technical service</li><li>CDMO vertical contributes more than 62% of its topline. Owing to its CDMO competence, it has developed &amp; supplies intermediates for two specialty chemical products (agrochemical) to large global conglomerates</li></ul><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>

About the stock: Suven Pharma is a CDMO that supports global life sciences industry &amp; fine chemical majors in their NCE development endeavours. Its services include custom synthesis, process R&amp;D, scale-up &amp; contract manufacturing.Business comprises three segments – CDMO (development projects and commercial supplies), specialty chemicals and contract technical serviceCDMO vertical contributes more than 62% of its topline. Owing to its CDMO competence, it has developed &amp; supplies intermediates for two specialty chemical products (agrochemical) to large global conglomeratesContent 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.

Suven Pharmaceuticals: Decent Performance Despite Margin Pressure

<p>Q4FY21 revenue grew 40.3% YoY to Rs 259 crore amid 51.3% YoY growth in pharma CRAMS sales to Rs 137.7 crore. Specialty chemical CRAMS also posted robust growth of 35.1% YoY to Rs 109 crore. However, formulation sales fell 36% YoY to Rs 12.1 crore. EBITDA margins declined 566 bps YoY to 36.2% mainly due to lower gross margin performance (down 658 bps YoY at 64.7%). Subsequently, EBITDA grew 21.3% YoY to Rs 94 crore. PAT was up 12% YoY to Rs 83 crore.</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>

Q4FY21 revenue grew 40.3% YoY to Rs 259 crore amid 51.3% YoY growth in pharma CRAMS sales to Rs 137.7 crore. Specialty chemical CRAMS also posted robust growth of 35.1% YoY to Rs 109 crore. However, formulation sales fell 36% YoY to Rs 12.1 crore. EBITDA margins declined 566 bps YoY to 36.2% mainly due to lower gross margin performance (down 658 bps YoY at 64.7%). Subsequently, EBITDA grew 21.3% YoY to Rs 94 crore. PAT was up 12% YoY to Rs 83 crore.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.

SUVENPHAR: Q4FY21 revenue grew 40.3% YoY to Rs 259 crore amid 51.3% YoY growth in pharma CRAMS sa...

India

Cohance Lifesciences operates as a global Contract Development and Manufacturing Organization (CDMO) and API platform, providing services for small molecule APIs, advanced intermediates, and finished dosage forms. The company offers integrated solutions from early-stage development to commercial-scale manufacturing for pharmaceutical, biotechnology, and chemical companies. Cohance Lifesciences is headquartered in Hyderabad, India, and was founded in 2018.

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Cohance Lifesciences (COHANCE IN)

Suven Pharmaceuticals: CRAMs Strong; Another Formulations Foray on Cards

Suven Pharma is a CRAMs player that supports global life sciences industry & fine chemical majors in their NCE development endeavours

ICICI Securities Limited

India: Stock Reclassification & Active Portfolio Management (Dec 2021)

Halfway through the review period, we take a look at stocks that could migrate across the large, mid and small cap segments. With over US$100bn of...

Brian Freitas

Suven Pharmaceuticals: Decent Performance Despite Margin Pressure

Suven Pharma is a CDMO that supports global life sciences industry & fine chemical majors in their NCE development endeavours. Its services include...

ICICI Securities Limited

SUVENPHAR: Q4FY21 revenue grew 40.3% YoY to Rs 259 crore amid 51.3% YoY growth in pharma CRAMS sa...

Q4FY21 revenue grew 40.3% YoY to Rs 259 crore amid 51.3% YoY growth in pharma CRAMS sales to Rs 137.7 crore. Specialty chemical CRAMS also posted...

ICICI Securities Limited

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