India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Capital Markets

CORONA Remedies Limited is a pharmaceutical formulation company. The Company develops, manufactures, and markets products in women's healthcare, cardio-diabeto, pain management, urology, and other therapeutic areas. CORONA Remedies operates in India.

<ul>
<li>CRL is a fast-growing domestic-focused Indian pharma company that focuses on chronic therapies related to Women's healthcare and cardio-diabetics. It has a diversified portfolio of 550+ products across 71 brands</li>
<li>It follows a roll-up growth model, acquiring brands from global MNCs that are complementary to its existing infrastructure. It has successfully scaled 7 brands  from ~1-2cr to 50+ crores</li>
<li>We estimate the company to deliver high teens earnings growth in the medium term and hence find the IPO attractive at ~30x FY27 earnings relative to peers trading at 25-40x</li>
</ul>


CRL is a fast-growing domestic-focused Indian pharma company that focuses on chronic therapies related to Women's healthcare and cardio-diabetics. It has a diversified portfolio of 550+ products across 71 brands
It follows a roll-up growth model, acquiring brands from global MNCs that are complementary to its existing infrastructure. It has successfully scaled 7 brands  from ~1-2cr to 50+ crores
We estimate the company to deliver high teens earnings growth in the medium term and hence find the IPO attractive at ~30x FY27 earnings relative to peers trading at 25-40x


Corona Remedies IPO Review: Rolling up Growth

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Corona Remedies IPO will open for subscription on December 8 and close on December 10. The IPO price band has been set at INR 1,008–1,062 per share.</li>
<li>The issue is entirely an OFS worth of INR 6,553.71M. Promoters including Dr. Kirtikumar Laxmidas Mehta, and investors including Sepia Investments, an affiliate of ChrysCapital are the main selling shareholders.</li>
<li>Fast growth, demonstrated capabilities of building a diversified portfolio, high presence in chronic and sub-chromic segments, and nationwide marketing network are the main investment thesis for Corona Remedies.  </li>
</ul>


Corona Remedies IPO will open for subscription on December 8 and close on December 10. The IPO price band has been set at INR 1,008–1,062 per share.
The issue is entirely an OFS worth of INR 6,553.71M. Promoters including Dr. Kirtikumar Laxmidas Mehta, and investors including Sepia Investments, an affiliate of ChrysCapital are the main selling shareholders.
Fast growth, demonstrated capabilities of building a diversified portfolio, high presence in chronic and sub-chromic segments, and nationwide marketing network are the main investment thesis for Corona Remedies.  


Corona Remedies IPO: Well-Positioned for Multi-Year Profitable Growth

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Sinovac / In Depth: Sinovac’s Covid fortune fuels bitter boardroom battle</li><li>Wahaha /Chinese beverage heir was an American citizen, U.S. tax records reveal</li><li>Visa /U.S. visa scrutiny pushes Chinese students to scrub their social media</li></ul>

Sinovac / In Depth: Sinovac’s Covid fortune fuels bitter boardroom battleWahaha /Chinese beverage heir was an American citizen, U.S. tax records revealVisa /U.S. visa scrutiny pushes Chinese students to scrub their social media

CX Daily: Sinovac’s Covid Fortune Fuels Bitter Boardroom Battle 

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>The load factor in 2025-26E may decline more quickly than previously anticipated due to a slower-than-expected increase in passenger numbers.</li><li>This deceleration is primarily driven by weak tourist demand — particularly from China, which continues to contract — contrasted with a faster rise in flight frequency.</li><li>The imbalance stems from a sharp expansion in fleet sizes, which have now surpassed pre-COVID levels, especially among low-cost carriers such as AAV and Thai Lion Air, whose fleets in 2025E are projected to reach 103% and 114% of their 2019 levels, respectively. </li></ul>

The load factor in 2025-26E may decline more quickly than previously anticipated due to a slower-than-expected increase in passenger numbers.This deceleration is primarily driven by weak tourist demand — particularly from China, which continues to contract — contrasted with a faster rise in flight frequency.The imbalance stems from a sharp expansion in fleet sizes, which have now surpassed pre-COVID levels, especially among low-cost carriers such as AAV and Thai Lion Air, whose fleets in 2025E are projected to reach 103% and 114% of their 2019 levels, respectively. 

Aviation Sector - Load Factor Has Begun to Decline and Is Approaching Pre-COVID Levels

Research Coverage on Small and Micro-Cap Companies, Zacks Small Cap Research

Zacks Small Cap Research

Research Coverage on Small and Micro-Cap Companies

Zacks Small Cap Research provides research coverage on small- and micro-cap companies that are “under-followed” or “under-valued” by Wall Street. We produce high quality equity research for the institutional and retail investor on microcap firms we believe are well positioned for future growth. The Zacks SCR analyst team has an average of 20 years of experience in investment research. We conduct significant due diligence in an effort to maintain the highest quality small-cap universe.

Equity Bottom-Up

Aethlon Medical, Inc. operates as a medical device company. The Company provides a platform to develop medical devices that target the selective removal of disease-promoting particles from the circulatory system. Aethlon Medical develops medical devices that address unmet medical needs in cancer, infectious disease, and other life-threatening conditions.

<ul><li>Long COVID is estimated to lead to about $2b-$6.5b of related costs/year for the ~44 to 48m people suffering in the U.S. but no treatment has proven effective yet.</li><li>Aethlon collaborated with the UCSF Medical Center Long COVID clinic to evaluate plasma samples from participants with Long COVID symptoms & examine whether they could benefit from the Hemopurifier.</li><li>We estimate, given the company's focus on controlling costs, that expense associated with this effort was de minimis.</li></ul>

Long COVID is estimated to lead to about $2b-$6.5b of related costs/year for the ~44 to 48m people suffering in the U.S. but no treatment has proven effective yet.Aethlon collaborated with the UCSF Medical Center Long COVID clinic to evaluate plasma samples from participants with Long COVID symptoms & examine whether they could benefit from the Hemopurifier.We estimate, given the company's focus on controlling costs, that expense associated with this effort was de minimis.

Long COVID is estimated to lead to about $2b-$6.5b of related costs/year for the ~44 to 48m people suffering in the U.S.

On the impact of Coronavirus and COVID-19

Coronavirus
On the impact of Coronavirus and COVID-19

Corona Remedies IPO Review: Rolling up Growth

CRL focuses on chronic therapies for Women's healthcare and cardio-diabetics, with a diverse portfolio of 550+ products. It follows a roll-up...

Himanshu Dugar

Corona Remedies IPO: Well-Positioned for Multi-Year Profitable Growth

Corona Remedies IPO will open for subscription on December 8 and close on December 10. The IPO price band has been set at INR1,008–1,062 per share....

Tina Banerjee

CX Daily: Sinovac’s Covid Fortune Fuels Bitter Boardroom Battle

TOP STORIES Sinovac / In Depth: Sinovac’s Covid fortune fuels bitter boardroom battle The Covid-19 pandemic turned Chinese vaccine-maker Sinovac...

Caixin Global

Aviation Sector - Load Factor Has Begun to Decline and Is Approaching Pre-COVID Levels

The load factor in 2025-26E may decline more quickly than previously anticipated due to a slower-than-expected increase in passenger numbers.

Krungthai XSpring

Corona Remedies IPO Review: Rolling up Growth

CRL focuses on chronic therapies for Women's healthcare and cardio-diabetics, with a diverse portfolio of 550+ products. It follows a roll-up...

Himanshu Dugar

Corona Remedies IPO: Well-Positioned for Multi-Year Profitable Growth

Corona Remedies IPO will open for subscription on December 8 and close on December 10. The IPO price band has been set at INR1,008–1,062 per share....

Tina Banerjee

CX Daily: Sinovac’s Covid Fortune Fuels Bitter Boardroom Battle

TOP STORIES Sinovac / In Depth: Sinovac’s Covid fortune fuels bitter boardroom battle The Covid-19 pandemic turned Chinese vaccine-maker Sinovac...

Caixin Global

Aviation Sector - Load Factor Has Begun to Decline and Is Approaching Pre-COVID Levels

The load factor in 2025-26E may decline more quickly than previously anticipated due to a slower-than-expected increase in passenger numbers.

Krungthai XSpring

Long COVID is estimated to lead to about $2b-$6.5b of related costs/year for the ~44 to 48m people suffering in the U.S.

Long COVID is estimated to lead to about $2b-$6.5b of related costs/year for the ~44 to 48m people suffering in the U.S. but no treatment has...

Zacks Small Cap Research