External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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

Lupin Limited manufactures bulk actives and formulations. The principal bulk actives manufactured by it include Rifampicin, Pyrazinamide, Ethambutol (anti-TB), Cephalosporins (anti-infectives) and cardiovasculars. The company also possesses competencies in phytomedicines, in which medicines are made out of plant and herbal resources supported by the discipline of modern medicine.

<ul><li>We upgrade Lupin (LPC) to ADD from REDUCE with a revised TP of INR 2,440 (31x Q3FY27E, up from INR 1,950 at 28x Q1FY27E)</li><li>Our outlook is based on key factors: (1) traction in gSpiriva (launched in Aug’23), which we expect to remain a limited competition opportunity for the next 2 years</li><li>(2) steady momentum in the key respiratory franchise products (Brovana, Xopenex HFA) as well as in other key products (Levothyroxine), which should offset the impact of increased competition in Albuterol HFA</li></ul>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.

We upgrade Lupin (LPC) to ADD from REDUCE with a revised TP of INR 2,440 (31x Q3FY27E, up from INR 1,950 at 28x Q1FY27E)Our outlook is based on key factors: (1) traction in gSpiriva (launched in Aug’23), which we expect to remain a limited competition opportunity for the next 2 years(2) steady momentum in the key respiratory franchise products (Brovana, Xopenex HFA) as well as in other key products (Levothyroxine), which should offset the impact of increased competition in Albuterol HFAContent 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.

Lupin: US and India on Steady Footing, Upgrade to ADD

Global Healthcare Analyst

Tina Banerjee

Aster DM Healthcare Ltd / Equity Bottom-Up

Aster DM Healthcare Limited provides health care services. The Company offers cardiology, cardiac and spine surgery, oncology, orthopedics, neurology and urology, oncology, gastroenterology and hepatology services. Aster DM Healthcare serves patients worldwide.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aster-dm-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:23662:1" rel="noopener">Aster DM Healthcare Ltd (ASTERDM IN)</a> plans to add ~1,800 beds by FY27, aligning with its strategic roadmap to expand its footprint and become a top-three healthcare player in India.</li>
<li>Operating EBITDA margin has improved to 21.4% in Q2FY25 as compared to 16.8% in Q2FY24. The company expects continuous margin expansion over the next two-three years.</li>
<li>The company is expected to report high teens revenue growth through FY27, with bottomline growth outpacing topline. Aster DM shares are trading at NTM EV/EBITDA of 24.9x, lower than peers.</li>
</ul>



Aster DM Healthcare Ltd (ASTERDM IN) plans to add ~1,800 beds by FY27, aligning with its strategic roadmap to expand its footprint and become a top-three healthcare player in India.
Operating EBITDA margin has improved to 21.4% in Q2FY25 as compared to 16.8% in Q2FY24. The company expects continuous margin expansion over the next two-three years.
The company is expected to report high teens revenue growth through FY27, with bottomline growth outpacing topline. Aster DM shares are trading at NTM EV/EBITDA of 24.9x, lower than peers.


2025 High Conviction: Aster DM Healthcare Ltd (ASTERDM IN)- Focus on India Augurs Well

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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.

Thematic (Sector/Industry)

<ul><li>The Axis Top Picks Basket delivered a return of 11.6% in the last six months against the 7.5% returns posted by Nifty 50 over the same period.</li><li>Amidst a highly volatile month of Oct’24 that witnessed notably mixed performance across sectors, market caps, and style indices, the Axis Top Picks basket declined by 4.4% in Oct’24 (Till 1st Nov’24 closing) but managed to beat the market performance as the benchmark Nifty 50 declined by 5.8% over the same period.</li><li>It gives us immense joy to share that our Top Picks Basket has delivered an impressive return of 329% since its inception (May’20), which stands well above the 162% return delivered by the NIFTY 50 index over the same period. </li></ul>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.

The Axis Top Picks Basket delivered a return of 11.6% in the last six months against the 7.5% returns posted by Nifty 50 over the same period.Amidst a highly volatile month of Oct’24 that witnessed notably mixed performance across sectors, market caps, and style indices, the Axis Top Picks basket declined by 4.4% in Oct’24 (Till 1st Nov’24 closing) but managed to beat the market performance as the benchmark Nifty 50 declined by 5.8% over the same period.It gives us immense joy to share that our Top Picks Basket has delivered an impressive return of 329% since its inception (May’20), which stands well above the 162% return delivered by the NIFTY 50 index over the same period. 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.

Axis Top Picks for the Month of November 2024

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

ACME Solar Holdings / Equity Capital Markets

ACME Solar Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides innovative green energy and energy management solutions for telecom passive Infrastructure. ACME Solar Holdings serves customers in India.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/acme-solar-holdings" target="_blank" data-smartkarma-citation="entities:43723:1" rel="noopener">ACME Solar Holdings</a> is looking to raise up to US$345m in its India IPO. </li>
<li>ACME Solar (ACME) is a renewable energy firm with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (FDRE) projects.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note, we talk about the RHP updates and IPO valuations</li>
</ul>



ACME Solar Holdings is looking to raise up to US$345m in its India IPO. 
ACME Solar (ACME) is a renewable energy firm with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (FDRE) projects.
We have looked at the company’s past performance in our earlier notes. In this note, we talk about the RHP updates and IPO valuations


ACME Solar Holdings IPO - Needs Lots of Sunscreen and an Umbrella as Well

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Biocon Biologics India Limited of India operates as a biopharmaceutical company. The Company offers prevention, alleviation, and treatment for chronic diseases such as diabetes, oncology, cancer, and autoimmune diseases. Biocon Biologics India serves customers worldwide.

<ul>
<li>Biocon Biologics' (BBL) and Biocon Limited's (BL) Q2/24-25 results (the first release after the USD notes issuance) were slightly weaker than expected, with lower than forecast growth and earnings.</li>
<li>Leverage appears high at the BBL level, but seems better at BL's level.</li>
<li>Liquidity appears weak, albeit this is offset by BL's large stakes in listed companies.</li>
</ul>


Biocon Biologics' (BBL) and Biocon Limited's (BL) Q2/24-25 results (the first release after the USD notes issuance) were slightly weaker than expected, with lower than forecast growth and earnings.
Leverage appears high at the BBL level, but seems better at BL's level.
Liquidity appears weak, albeit this is offset by BL's large stakes in listed companies.


Biocon Biologics - Earnings Flash - Q2 FY 2024-25 Results - Lucror Analytics

India
Insights on India

Lupin: US and India on Steady Footing, Upgrade to ADD

We upgrade Lupin (LPC) to ADD from REDUCE with a revised TP of INR 2,440 (31x Q3FY27E, up from INR 1,950 at 28x Q1FY27E)

HDFC Securities

2025 High Conviction: Aster DM Healthcare Ltd (ASTERDM IN)- Focus on India Augurs Well

Aster DM Healthcare reported EBITDA margin of 21.4% in Q2FY25 vs. 6.8% in Q2FY24. Margin expansion is expected to continue over the next 2-3...

Tina Banerjee

Axis Top Picks for the Month of November 2024

The Axis Top Picks Basket delivered a return of 11.6% in the last six months against the 7.5% returns posted by Nifty 50 over the same period.

Axis Direct

ACME Solar Holdings IPO - Needs Lots of Sunscreen and an Umbrella as Well

ACME Solar Holdings is looking to raise up to US$345m in its India IPO. We have looked at the company's past performance in our earlier note. In...

Sumeet Singh

Biocon Biologics - Earnings Flash - Q2 FY 2024-25 Results - Lucror Analytics

Biocon Biologics' (BBL) and Biocon Limited's (BL) Q2/24-25 results (the first release after the USD notes issuance) were slightly weaker than...

Lucror Analytics

Lupin: US and India on Steady Footing, Upgrade to ADD

We upgrade Lupin (LPC) to ADD from REDUCE with a revised TP of INR 2,440 (31x Q3FY27E, up from INR 1,950 at 28x Q1FY27E)

HDFC Securities

2025 High Conviction: Aster DM Healthcare Ltd (ASTERDM IN)- Focus on India Augurs Well

​Aster DM Healthcare reported EBITDA margin of 21.4% in Q2FY25 vs. 6.8% in Q2FY24. Margin expansion is expected to continue over the next 2-3...

Tina Banerjee

Axis Top Picks for the Month of November 2024

The Axis Top Picks Basket delivered a return of 11.6% in the last six months against the 7.5% returns posted by Nifty 50 over the same period.

Axis Direct

ACME Solar Holdings IPO - Needs Lots of Sunscreen and an Umbrella as Well

ACME Solar Holdings is looking to raise up to US$345m in its India IPO. We have looked at the company's past performance in our earlier note. In...

Sumeet Singh

Biocon Biologics - Earnings Flash - Q2 FY 2024-25 Results - Lucror Analytics

Biocon Biologics' (BBL) and Biocon Limited's (BL) Q2/24-25 results (the first release after the USD notes issuance) were slightly weaker than...

Lucror Analytics

Aster DM Healthcare reported EBITDA margin of 21.4% in Q2FY25 vs. 6.8% in Q2FY24. Margin expansion is expected to continue over the next 2-3...