Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Bonfiglioli Transmissions Limited / Equity Capital Markets

Bonfiglioli Transmissions Limited (0597322D IN)

<ul>
<li>Bonfiglioli Transmissions will launch its India IPO. The company manufacture a wide range of mission-critical and highly precision engineered gear motors, gearboxes and drive systems used across diverse end-user markets.</li>
<li>In 1H26, Bonfiglioli Transmissions total income increased by 18% to INR 11.4B. The company posted a net profit of INR 1.5B, up 29% YoY. Net margin expanded 160bps to 13.3%. </li>
<li>Valuation sought seems relatively reasonable. Bonfiglioli’s market presence, diversified portfolio, brand recognition, sustained growth and margin strength lends it value for the long term and makes it attractive for investors.</li>
</ul>


Bonfiglioli Transmissions will launch its India IPO. The company manufacture a wide range of mission-critical and highly precision engineered gear motors, gearboxes and drive systems used across diverse end-user markets.
In 1H26, Bonfiglioli Transmissions total income increased by 18% to INR 11.4B. The company posted a net profit of INR 1.5B, up 29% YoY. Net margin expanded 160bps to 13.3%. 
Valuation sought seems relatively reasonable. Bonfiglioli’s market presence, diversified portfolio, brand recognition, sustained growth and margin strength lends it value for the long term and makes it attractive for investors.


Bonfiglioli Transmissions IPO: Gearing Well To Power Up Ahead

Zetwerk Manufacturing Businesses / Equity Capital Markets

Zetwerk Manufacturing Businesses (1834044D IN)

<ul>
<li>Zetwerk Manufacturing will launch its India IPO on 15th October, 2026. The company is a technology-led, asset-light manufacturing platform for industrial and consumer goods in India and globally.</li>
<li>Zetwerk Manufacturing intends to use the proceeds for repayment/prepayment, in part or full, of certain of or all of borrowings, for funding inorganic growth and general corporate purpose.</li>
<li>As Zetwerk gradually scales up, pays back debts and eventually sees off the hangover from discontinued operation, it will be back in the black, offering long term value for investors.</li>
</ul>


Zetwerk Manufacturing will launch its India IPO on 15th October, 2026. The company is a technology-led, asset-light manufacturing platform for industrial and consumer goods in India and globally.
Zetwerk Manufacturing intends to use the proceeds for repayment/prepayment, in part or full, of certain of or all of borrowings, for funding inorganic growth and general corporate purpose.
As Zetwerk gradually scales up, pays back debts and eventually sees off the hangover from discontinued operation, it will be back in the black, offering long term value for investors.


Zetwerk Manufacturing IPO: Unique Business Proposition Aggregates Value For Future

Equity Bottom-Up

Jiangsu Hengrui Pharmaceuticals / Equity Bottom-Up

Jiangsu Hengrui Pharmaceuticals is a global biopharmaceutical company engaged in the research, development, manufacturing, and commercialization of innovative and high-quality drugs. The company focuses on therapeutic areas including oncology, metabolic and cardiovascular diseases, immunological and respiratory diseases, and neuroscience. It was founded in 1970 and is headquartered in Lianyungang, Jiangsu, China.

Jiangsu Hengrui Pharmaceuticals (1276 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui Pharmaceuticals (1276 HK)</a> entered into a license agreement with Novo Nordisk for obesity drug candidate HRS-1596, with potential for once-weekly oral dosing for total deal value of $2.6B.</li>
<li>The company is expected to launch GLP-1/GIP injectable ribupatide (HRS9531) in early 2027. If launched, injectable ribupatide will be third drug of its class in China market.</li>
<li>With near-to-market GLP-1 anchor assets, Hengrui is ready to build a leading obesity franchise in China. Although obesity market is competitive, China market is large enough to accommodate multiple players.</li>
</ul>



Jiangsu Hengrui Pharmaceuticals (1276 HK) entered into a license agreement with Novo Nordisk for obesity drug candidate HRS-1596, with potential for once-weekly oral dosing for total deal value of $2.6B.
The company is expected to launch GLP-1/GIP injectable ribupatide (HRS9531) in early 2027. If launched, injectable ribupatide will be third drug of its class in China market.
With near-to-market GLP-1 anchor assets, Hengrui is ready to build a leading obesity franchise in China. Although obesity market is competitive, China market is large enough to accommodate multiple players.


Jiangsu Hengrui Pharmaceuticals (1276 HK): Big Fat Obesity Pipeline Is At Inflection Point

Thematic (Sector/Industry)

<ul>
<li>Shionogi is acquiring CNS biopharmaceutical company IntraBio for an upfront consideration of $2B. Ono Pharmaceutical entered exclusive license agreement with Biohaven to develop and commercialize Biohaven’s IgG degrader portfolio.</li>
<li>Celltrion launched first Xolair biosimilar in the U.S. at 15% discount to the original product. Hanmi Pharmaceutical received domestic marketing approval for Eppe (Epeglenatide), a new GLP-1 class obesity drug.</li>
<li>CSL is mutually terminating the supply agreement with Terumo and is transitioning to Haemonetics platform. The company stuck new drug development deal with Alentis Therapeutics.</li>
</ul>


Shionogi is acquiring CNS biopharmaceutical company IntraBio for an upfront consideration of $2B. Ono Pharmaceutical entered exclusive license agreement with Biohaven to develop and commercialize Biohaven’s IgG degrader portfolio.
Celltrion launched first Xolair biosimilar in the U.S. at 15% discount to the original product. Hanmi Pharmaceutical received domestic marketing approval for Eppe (Epeglenatide), a new GLP-1 class obesity drug.
CSL is mutually terminating the supply agreement with Terumo and is transitioning to Haemonetics platform. The company stuck new drug development deal with Alentis Therapeutics.


APAC Healthcare Weekly (Oct 11) – Shionogi, Terumo, Ono Pharma, Celltrion, Hanmi Pharm, CSL

Jio Platforms Ltd / Equity Capital Markets

<ul>
<li>Jio Platforms has filed for an India IPO. The company is a technology platform combining mobile, fixed broadband and digital services.</li>
<li>Jio Platforms intends to use the proceeds for prepayment, in full or in part, of the principal amount outstanding of certain borrowings and for general corporate purpose.</li>
<li>Jio Platforms’ strong market presence, brand recognition, coupled with consistent subscriber addition does make this issue attractive for investors.</li>
</ul>


Jio Platforms has filed for an India IPO. The company is a technology platform combining mobile, fixed broadband and digital services.
Jio Platforms intends to use the proceeds for prepayment, in full or in part, of the principal amount outstanding of certain borrowings and for general corporate purpose.
Jio Platforms’ strong market presence, brand recognition, coupled with consistent subscriber addition does make this issue attractive for investors.


Jio Platforms Pre IPO: Steadily Broadening Its Band

Equity research analyst having 15+ years of experience, with an interest on fundamentally strong global healthcare companies. I have been helping investors to find future winners in healthcare space to grow their wealth by focusing on the strength and potential of the business models of the companies. My initiating coverage reports and pitch help investors to know ‘what to buy’, ‘why to buy’, and ‘when to buy’. My clients always remain on top of the sector with the help of my timely and detailed notes on earnings or any news update. I also provide broader view on the entire healthcare sector through periodic thematic reports.