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Smartkarma Daily Briefs

Apr 23
0

Daily Brief ECM: ECM Weekly (23rd Apr 2023) – Rakuten Bank and more

By | Daily Briefs, ECM

In today’s briefing:

  • ECM Weekly (23rd Apr 2023) – Rakuten Bank, Merdeka, ZJLD, Mankind, Lalatech, IMotion, Anta, KIT
  • International Flavors & Fragrances Inc.: Continued Growth In Nourish
  • Royal Bank of Canada: Initiation of Coverage – Canadian Banking Market Dynamics
  • Petróleo Brasileiro S.A. – Petrobras: Chartering of FPSO Vessels & Other Developments
  • Toronto Dominion Bank: Initiation of Coverage – The Cowen Acquisition & Other Drivers
  • Wells Fargo & Co: Initiation of Coverage – Banking Crisis Impact & Recent Developments
  • Woodside Energy Group Ltd: Upside From BHP Assets & Pluto KGP Interconnector

ECM Weekly (23rd Apr 2023) – Rakuten Bank, Merdeka, ZJLD, Mankind, Lalatech, IMotion, Anta, KIT

By Sumeet Singh

International Flavors & Fragrances Inc.: Continued Growth In Nourish

By Baptista Research

  • International Flavors & Fragrances delivered a mixed set of results in the quarter.
  • Sales were up 4% on a comparable, currency-neutral basis for the quarter, with increases seen in almost all divisions.
  • Besides that, their scent division performed well, achieving a 6% year-over-year sales increase, driven by double-digit growth in fine fragrance and mid-single-digit growth in consumer fragrance.

Royal Bank of Canada: Initiation of Coverage – Canadian Banking Market Dynamics

By Baptista Research

  • This is our first report on the Royal Bank of Canada, one of the top 2 banks in the country.
  • This quarter’s performance included significant capital markets revenue, led by excellent Global Markets results, as well as market share improvements in Investment Banking and origination operations across the sector.
  • We initiate coverage on the stock of the Royal Bank of Canada with a ‘Buy’ rating.

Petróleo Brasileiro S.A. – Petrobras: Chartering of FPSO Vessels & Other Developments

By Baptista Research

  • Petróleo Brasileiro achieved strong in the quarter last quarter and managed an all-around beat.
  • By increasing the utilization rate of its refineries and introducing new products with renewable content, Petrobras continues to be competitive.
  • We give Petróleo Brasileiro S.A. – Petrobras a ‘Hold’ rating with a revised target price.

Toronto Dominion Bank: Initiation of Coverage – The Cowen Acquisition & Other Drivers

By Baptista Research

  • This is our first report on a major Canadian banker, Toronto Dominion Bank.
  • In Q1, the bank had a good quarter and delivered an all-around beat.
  • We initiate coverage on the stock of the Toronto Dominion Bank with a ‘Buy’ rating.

Wells Fargo & Co: Initiation of Coverage – Banking Crisis Impact & Recent Developments

By Baptista Research

  • This is our first report on one of the American banking major, Wells Fargo.
  • The company performed well in the quarter despite operating losses and managed an all-around beat.
  • Increasing interest rates fueled a rapid rise in net interest income.

Woodside Energy Group Ltd: Upside From BHP Assets & Pluto KGP Interconnector

By Baptista Research

  • Woodside Energy Group delivered a decent financial performance in 2022, driven by higher prices and adding former BHP assets to the portfolio and the Pluto KGP interconnector.
  • Besides that, Woodside Energy completed subsea tieback and enhancement initiatives across its Gulf of Mexico and West Australian LNG assets, keeping the plants occupied.
  • We give Woodside Energy Group Ltd. a ‘Buy’ rating with a revised target price.

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Apr 23
0

Daily Brief Equity Bottom-Up: Nationalization of Lithium Industry in Chile – Impact on Korean Rechargeable Batteries Value Chain and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Nationalization of Lithium Industry in Chile – Impact on Korean Rechargeable Batteries Value Chain
  • HDFC Bank: Steady Q4FY23 Results | Merger Update – RBI Concessions
  • Las Vegas Sands: Starting a Run as Macau Recovery Gains Speed. Up 23% YTD.
  • China Healthcare Weekly (Apr.21) – A Brutal Reality, Benign Returns from China Biotech, Pharmaron
  • BlackLine Inc.: Major Drivers
  • Ambev S.A.: Major Drivers
  • Broadridge Financial Solutions Inc.: Recurring Sales

Nationalization of Lithium Industry in Chile – Impact on Korean Rechargeable Batteries Value Chain

By Douglas Kim

  • On 20 April, Chile’s government announced that it will be nationalizing the country’s lithium industry. Chile is the second largest producer of lithium in the world. 
  • The nationalization of the lithium industry in Chile will likely have a long-term negative impact on the rechargeable batteries related companies in Korea.
  • This is mainly due to greater challenges of getting access to lithium at more affordable prices. 

HDFC Bank: Steady Q4FY23 Results | Merger Update – RBI Concessions

By Ankit Agrawal, CFA

  • HDFC Bank (HDFCB IN) reported a steady and broadly in-line-with-expected Q4FY23 earnings. In particular, its growth in deposits at 8.7% QoQ was commendable.
  • Advances also grew at a healthy pace of 6% QoQ. Retail advances grew 5% QoQ, while CRB (Commercial and Rural Banking) grew the most at 9.7% QoQ.
  • Aided by low credit costs, HDFCB continues to invest in expanding its geographical and digital distribution to deepen its penetration.

Las Vegas Sands: Starting a Run as Macau Recovery Gains Speed. Up 23% YTD.

By Howard J Klein

  • LVS just reported 1Q23 results showing a surging recovery of GGR and daily arrivals in Macau driving gains in revenue and profit profile.
  • Labor shortages that have limited availability of LVS’ 12,000 rooms are beginning to subside. Golden Week just ahead expected to reach +90% room occupancy.
  • Stock has moved over 20% since our buy call at $53. Our PT is raised to $80.

China Healthcare Weekly (Apr.21) – A Brutal Reality, Benign Returns from China Biotech, Pharmaron

By Xinyao (Criss) Wang

  • Pharmaceutical companies shouldn’t always emphasize being the first to enter the market, but focus on how to best enter the market and maintain a dominant position as long as possible.
  • It’s truly felt that the assets of China’s pharmaceutical companies are accelerating their global recognition. As their internationalization strategy becomes increasingly mature, investors are expected to obtain more benign returns.
  • For Pharmaron, financial profit decline was the main reason for profit drop.If deducting fair value change of biological assets, operating profit growth was negative. We remain conservative about its outlook.

BlackLine Inc.: Major Drivers

By Baptista Research

  • BlackLine completed a year of profitable expansion with strong financial results for the fourth quarter.
  • The company had total sales of $140 million in Q4 and managed an all-around beat, including a top-line growth of 21%.
  • Moreover, increased utilization was caused by a stronger-than-anticipated demand for professional services due to customers’ willingness to access the solutions’ embedded value.

Ambev S.A.: Major Drivers

By Baptista Research

  • Ambev delivered mixed results in Q4.
  • The company saw a 1.5% increase in volumes though its revenues were below Wall Street expectations.
  • Also, despite the impact of inflationary pressures on Ambev’s expenditures and expenses, normalized EBITDA increased in the quarter and the company delivered an earnings beat.

Broadridge Financial Solutions Inc.: Recurring Sales

By Baptista Research

  • Broadridge delivered a mixed set of results in the quarter.
  • Recurring sales increased by 8% on a constant currency basis, and both segments experienced significant growth but overall revenues were below analyst expectations.
  • However, the top-line growth combined with strict expense control helped to boost adjusted EPS by 11% which resulted in an earnings beat.

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Apr 23
0

Daily Brief Thematic (Sector/Industry): TSMC. Betting Big Is Nothing New and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • TSMC. Betting Big Is Nothing New
  • GEM Weekly (21 Apr 2023): China GDP and Activity Data, Indonesia Rates; Alibaba, TSMC, Ant Financial
  • Weekly Stock Bullfinder – Week of 4/24

TSMC. Betting Big Is Nothing New

By William Keating

  • Q1 2023 revenues of $16.72 billion, at the bottom end of the guided range, down 16.1% sequentially and 4.8% compared to the year ago period
  • TSMC pegged Q2 2023 as their trough quarter of the current semiconductor downturn
  • 2023 CapEx of $34 billion at the midpoint, while flat sequentially, represents yet another in a long series of big bets on the future of semiconductors

GEM Weekly (21 Apr 2023): China GDP and Activity Data, Indonesia Rates; Alibaba, TSMC, Ant Financial

By Wium Malan, CFA

Weekly Stock Bullfinder – Week of 4/24

By Weekly Stock Bull Finder

  • Earnings Season Thus Far- Meanwhile Mixed Economic Messages Earnings season picks up this week with the technology heavyweights like Alphabet, Microsoft, Amazon, and Meta are all set to report their results.
  • During the upcoming week, 180 S&P 500 companies (including 14 Dow 30 components) are scheduled to report results for the first quarter.
  • Overall, 18% of the companies in the S&P 500 have reported actual results for Q1 2023 to date.

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Apr 23
0

Daily Brief Event-Driven: Index Rebalance & ETF Flow Recap: MSCI STD and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Index Rebalance & ETF Flow Recap: MSCI STD, Yuanta Div+, ZJLD, Anta
  • EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades- Grinding to a Halt
  • Last Week in Event SPACE: Yamada Denki, Genting, HKBN, Toyo Construction
  • Jiangnan Group (1366 HK): Scheme Vote on 15 May
  • (Mostly) Asia-Pac Weekly Risk Arb Wrap: Silk Laser, Arcland, Essential Metals, AAG, Lian Beng, Oishi

Index Rebalance & ETF Flow Recap: MSCI STD, Yuanta Div+, ZJLD, Anta

By Brian Freitas

  • The review period for the MSCI May QCIR started last week and there were ad hoc changes to the S&P/ASX family and the KOSDAQ 150 Index (KOSDQ150 INDEX).
  • The end of the coming week will mark the end of the review period for the upcoming rebalances for a bunch of indices with implementation scheduled in May and June.
  • There was inflow to the Tracker Fund of Hong Kong Ltd (2800 HK) ETF for another week.

EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades- Grinding to a Halt

By Simon Harris

  • Weekly summary of vol changes and moves across Global Markets
  • Analysing ATM volatility and skew changes over the last 5 days
  • We suggest a few trades to take advantage of the implied vol surfaces

Last Week in Event SPACE: Yamada Denki, Genting, HKBN, Toyo Construction

By David Blennerhassett

  • Yamada Denki (9831 JP) lowering the March 2023 div to ¥12/share vs ¥18/share last year was just weird. And bodes badly. We need a lightbulb moment for a lightbulb dilemma.
  • Genting Bhd (GENT MK)‘s implied stub and simple ratio (GENT/ Genting Singapore (GENS SP)) are currently at muti-year trough levels. 
  • Buy Toyo Construction (1890 JP) <¥970. The proposed dividend could be in danger should YFO spill the board; but spilling the board to get better governance is a good thing. 

Jiangnan Group (1366 HK): Scheme Vote on 15 May

By Arun George

  • The Jiangnan (1366 HK) scheme document is out with the court meeting scheduled for 15 May. The IFA considers the HK$0.40 per share offer to be fair and reasonable. 
  • Key conditions include approval by at least 75% independent shareholders (<10% rejection). The shareholder with a blocking stake has provided an irrevocable on 22 March.
  • This is a done deal. At the last close and for the 31 May payment, the gross and annualised spread is 3.9% and 44.0%, respectively.

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Silk Laser, Arcland, Essential Metals, AAG, Lian Beng, Oishi

By David Blennerhassett

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Apr 23
0

Daily Brief Macro: Is Global Liquidity Already Threated By America’s Upcoming Debt Ceiling? and more

By | Daily Briefs, Macro

In today’s briefing:

  • Is Global Liquidity Already Threated By America’s Upcoming Debt Ceiling?
  • Optimizing Portfolio Performance and Mitigating Risk with Economic Scenario Generators

Is Global Liquidity Already Threated By America’s Upcoming Debt Ceiling?

By Michael J. Howell

  • Latest weekly Global Liquidity data reveal a sharp hiccup caused by tax payments in the US and repo timing issues in China  
  • This does not foretell of any future serious disruption to our expectations for easier liquidity conditions later this year and next  
  • The jump in America’s TGA at the Fed signals weak tax revenues and warns that the debt-ceiling may be hit sooner, possibly by June/ July

Optimizing Portfolio Performance and Mitigating Risk with Economic Scenario Generators

By Albert Maass

  • Economic Scenario Generators (ESGs) are computational tools that generate plausible future economic scenarios, aiding risk management, asset valuation, and investment decision-making.
  • ESGs differ from Monte Carlo simulations in focus, inputs, complexity, and output, and are specifically designed for economic scenario analysis.
  • Many investor types, including pension funds, life insurance companies, family offices, asset managers, and sovereign wealth funds, can benefit from using ESGs to optimize portfolio performance and mitigate risk.

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Apr 23
0

Most Read: Lasertec Corp, JD Health, Bellevue Gold, Qisda Corp, Kotak Mahindra Bank, Sun Kwang, Oci Co Ltd, Dongwon Industries, TS Corporation, Tong Hsing Electronic Industries Ltd and more

By | Daily Briefs, Most Read

In today’s briefing:

  • Index Rebalance & ETF Flow Recap: Nikkei225, KOSDAQ150, KT Corp
  • Hang Seng Index Rebalance Preview: A Year Later Than Planned – 80 Members at Last?
  • S&P/ASX Adhoc Index Rebalance: SVW in ASX100, BGL in ASX200
  • Yuanta/​P-Shares Taiwan Dividend Plus ETF: June Rebalance Preview
  • Index Rebalance & ETF Flow Recap: HSI, S&P/ASX, KOSDAQ150, TAMSCI, Kotak Mahindra Bank
  • KOSDAQ150 Ad Hoc Index Rebalance: Sun Kwang (003100) To Replace SK Oceanplant (100090)
  • Update on the Trading Opportunities Post OCI Spin-Off
  • Aggressive Shorting on Dongwon Industries, Which Has Not Been Noticed as a K200 Deletion
  • Korea Small Cap Gem #21: TS Corp – Addicted to Sugar
  • Index Rebalance & ETF Flow Recap: MSCI STD, Yuanta Div+, ZJLD, Anta

Index Rebalance & ETF Flow Recap: Nikkei225, KOSDAQ150, KT Corp

By Brian Freitas

Hang Seng Index Rebalance Preview: A Year Later Than Planned – 80 Members at Last?

By Brian Freitas

  • With no changes made at the March rebalance, we are still stuck at 76 index constituents. And it’s been a year later than originally planned to reach 80 index constituents.
  • We list 10 potential inclusions in June. Adding all 10 stocks will lead to around 5% one-way turnover, so there could be a mix of larger and smaller stocks added.
  • There will be at least 1x ADV to trade on nearly all inclusions. Short interest is over 4% of float on some stocks and there has been a recent jump.

S&P/ASX Adhoc Index Rebalance: SVW in ASX100, BGL in ASX200

By Brian Freitas

Yuanta/​P-Shares Taiwan Dividend Plus ETF: June Rebalance Preview

By Brian Freitas

  • Using data from the close on 19 April, there could be 5 changes to the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June.
  • There will also be capping and funding flows that will lead to a one-way turnover of 13.6% and a one-way trade of US$885m.
  • There are 10 stocks with at least 3 days ADV to trade from passive trackers and another 10 stocks that have at least 1 day ADV to trade.

Index Rebalance & ETF Flow Recap: HSI, S&P/ASX, KOSDAQ150, TAMSCI, Kotak Mahindra Bank

By Brian Freitas

KOSDAQ150 Ad Hoc Index Rebalance: Sun Kwang (003100) To Replace SK Oceanplant (100090)

By Brian Freitas

  • Following SK Oceanplant (100090 KS) moving from the KOSDAQ to KOSPI Market, the stock will be deleted from the KOSDAQ 150 Index and replaced with Sun Kwang (003100 KS).
  • The change will be implemented at the close on 18 April and passive trackers will need to trade over 1x ADV on both stocks.
  • Sun Kwang (003100 KS) was a high probability index inclusion in June, so this brings forward the inclusion by a couple of months.

Update on the Trading Opportunities Post OCI Spin-Off

By Douglas Kim

  • The Korea Exchange announced today (20 April) the change in index constituents and major dates for the Oci Co Ltd (010060 KS) spin-off. 
  • Oci Co Ltd (010060 KS)’s shares will be suspended from trading from 27 April to 26 May 2023.
  • After the spin-off and relisting of holdco/opco shares, we believe that there is a greater probability of OCI Co (opco) shares outperforming OCI Holdings (holdco). 

Aggressive Shorting on Dongwon Industries, Which Has Not Been Noticed as a K200 Deletion

By Sanghyun Park

  • Dongwon Industries’ float rate is less than 10% (1 – 63.15% – 27.65% = 9.20%), which makes it ineligible for KOSPI 200. KRX will reflect this in the June review.
  • The passive outflow size due to K200 deletion is expected to be about 50 billion won, which will cause an impact of about 28x ADTV.
  • Considering this deletion has not been sufficiently exposed in the market, the actual price impact may be even more significant and preemptive.

Korea Small Cap Gem #21: TS Corp – Addicted to Sugar

By Douglas Kim

  • Ts Corporation (001790 KS) is the 21st company in our Korea Small Cap Gems series.
  • TS Corp is one of the largest sugar refining companies in Korea. Rising raw sugar prices generally have a positive impact on TS Corp’s sales and profits. 
  • TS Corp owns very valuable real estate assets that are much larger than its current market cap (299 billion won).

Index Rebalance & ETF Flow Recap: MSCI STD, Yuanta Div+, ZJLD, Anta

By Brian Freitas

  • The review period for the MSCI May QCIR started last week and there were ad hoc changes to the S&P/ASX family and the KOSDAQ 150 Index (KOSDQ150 INDEX).
  • The end of the coming week will mark the end of the review period for the upcoming rebalances for a bunch of indices with implementation scheduled in May and June.
  • There was inflow to the Tracker Fund of Hong Kong Ltd (2800 HK) ETF for another week.

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Apr 22
0

Daily Brief Indonesia: Bank Mandiri Persero and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Bank Mandiri (BMRI IJ) – Growth Potential Backed by a Sound Balance Sheet at Attractive Valuations

Bank Mandiri (BMRI IJ) – Growth Potential Backed by a Sound Balance Sheet at Attractive Valuations

By Victor Galliano

  • Mandiri delivered solid 1Q23 results, underscoring its attractive valuations with single digit prospective PE multiples and premium growth potential all backed by a strong balance sheet
  • Mandiri improved 1Q23 pre-provision operating profit and net profit YoY; Mandiri’s credit quality metrics were sound in 1Q23, with strong liquidity and funding ratios
  • Mandiri has an attractive PEG ratio and delivers 20%+ ROE on a strong capital base for its PBV ratio comparing well against Indonesian and big cap EM bank peers

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Apr 22
0

Daily Brief China: Meituan, Shui On Land and more

By | China, Daily Briefs

In today’s briefing:

  • [Meituan (3690 HK) Rating Change]: Meituan’s Counterstrike Is Effective, Upgrade to BUY
  • Weekly Wrap – 21 Apr 2023

[Meituan (3690 HK) Rating Change]: Meituan’s Counterstrike Is Effective, Upgrade to BUY

By Shawn Yang

  • We upgrade Meituan to BUY as (1) its recent subsidy campaign vs. Douyin has achieved some  successes, and (2) its food delivery margin may have further upside; 
  • We suggest that Douyin’s local service market share reaches a high level, especially when compared with its eCommerce market share; 
  • Our C1Q23 top/bottom line are in-line/25.5% vs. cons. Raise TP to HK$ 165, which implies 4x PS/12x PE/1x PS for delivery/in-store/new initiatives.

Weekly Wrap – 21 Apr 2023

By Charles Macgregor

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.

In this Insight:

  1. Vedanta Resources
  2. Yankuang Energy Group
  3. Alam Sutera Realty
  4. Guangzhou R&F Properties
  5. Fosun International

and more…

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Apr 22
0

Daily Brief United States: Uber, Lyft Inc, Trimble Navigation, Coca Cola Co, Etsy Inc, Iridium Communications, Coeptis Therapeutics Holdings, Soluna Holdings, Inter Parfums and more

By | Daily Briefs, United States

In today’s briefing:

  • Uber Technologies Inc.: Major Drivers
  • Lyft Inc.: A New Bid To Attract Eco-Conscious Customers – Major Drivers
  • Trimble Inc.: Major Drivers
  • Coca-Cola Q1 Earnings Preview: Factors To Consider
  • Etsy Inc.: Major Drivers
  • IRDM: Compounding Free Cash Flow
  • Coeptistx (COEP) Deverra Deal Flash Note 20042023
  • Soluna Holdings, Inc – Project Dorothy Energized at Last!
  • IPAR: Demand Outpacing Expectations

Uber Technologies Inc.: Major Drivers

By Baptista Research

  • Uber Technologies Inc. has delivered good results during this quarter and managed an all-around beat with a positive bottom-line.
  • The overall situation is in favor of the company as the competitive environment is getting better.
  • We give Uber Technologies Inc. a ‘Hold’ rating with a revised target price.

Lyft Inc.: A New Bid To Attract Eco-Conscious Customers – Major Drivers

By Baptista Research

  • Lyft’s Q4 financial performance was mixed as it reported wider-than-expected losses despite surpassing the revenue expectations of Wall Street.
  • The company saw a mix of high demand for ride-sharing services, an improving supply, and promising early results from its cost-cutting initiatives.
  • Its overall revenue for 2022 increased by 28% compared to 2021 and the company added $375 million to its insurance reserves.

Trimble Inc.: Major Drivers

By Baptista Research

  • Trimble Inc had a disappointing result and failed to meet Wall Street expectations in terms of revenues as well as earnings.
  • The challenges in terms of the supply chain remained the same in the business environment, which has also affected the operations of the company.
  • Trimble delivered over 20% organic growth in ARR in addition to high levels of ACV software bookings and cross-sell bookings.

Coca-Cola Q1 Earnings Preview: Factors To Consider

By Pearl Gray Equity and Research

  • Inflationary headwinds in Latin America might have had a material effect in Q1.
  • However, Coca-Cola’s EMEA and North American results will probably blossom once more.
  • Most are non-core and unlikely to influence the stock’s valuation, KO stock is fairly valued.

Etsy Inc.: Major Drivers

By Baptista Research

  • Etsy Inc delivered a mixed set of results during the quarter and managed to surpass the revenue expectations of analysts but its profitability was below par.
  • The company’s management claims that its overall reach and consumer demand have increased and the services offered by the company are differentiated.
  • The company’s marketing programs, including the Star Seller program, continued to benefit the company.

IRDM: Compounding Free Cash Flow

By Hamed Khorsand

  • IRDM reported first quarter results continuing its recent trend of adding more billable subscribers to its network. 
  • The first quarter is seasonally a period when there are fewer maritime customers, but Internet of Things (“IOT”) data subscribers grew sequentially
  • Equipment revenue has grown over the past year. IRDM’s partners do not stock inventory. Therefore, any planned installs should result in higher subscriber revenue as these units are activated

Coeptistx (COEP) Deverra Deal Flash Note 20042023

By ACF Equity Research

  • Binding exclusivity to acquire or license Deverra Therapeutics’ platform asset 
  • CAR-T + GEAR COEP platforms could plug into Deverra platform
  • Other key assets – 2x FDA approved PI INDs for CD34+ NK Cells.

Soluna Holdings, Inc – Project Dorothy Energized at Last!

By Water Tower Research

  • Project Dorothy now energized. ERCOT (grid operator) has given final approval to energize the first 50 MW of Soluna’s game-changing Project Dorothy.
  • The long-delayed project had been held up by ERCOT while it implemented its new Interim Large Load Interconnection Process to ensure grid reliability.
  • Energization sets the stage for signing hosting contracts at Project Dorothy. Soluna can now finalize and begin receiving revenues from hosting contracts at Project Dorothy.

IPAR: Demand Outpacing Expectations

By Hamed Khorsand

  • IPAR announced its first quarter sales highlighting the continued momentum in demand the Company has been seeing in recent quarters. 
  • IPAR’s major brands each grew by more than 20 percent compared to the year ago period. 
  • IPAR raised full year sales and EPS outlook as the business continues to run with brisk demand

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Apr 22
0

Daily Brief India: Mankind Pharma and more

By | Daily Briefs, India

In today’s briefing:

  • Mankind Pharma IPO- Forensic Analysis

Mankind Pharma IPO- Forensic Analysis

By Nitin Mangal

  • Mankind Pharma (6596876Z IN)‘s IPO is lined up to be open for subscription next week.
  • Mankind is one of the largest pharmaceutical formulation player in India. The company is a market leader in condoms, pregnancy test kits, emergency contraceptives category, etc.
  • However, when it comes to the balance sheet, there are several aspects that warrant attention. These include acquisitions, asset quality, non-comparable return ratios owing to accounting treatment, etc.

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