Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Dr. Reddy's Laboratories / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-reddy-s-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:16406:1" rel="noopener">Dr. Reddy's Laboratories (DRRD IN)</a> is outperforming the domestic pharma industry and aims to expand its market share. Currently, India business contributes 19% of revenue. </li>
<li>The company’s largest revenue segment, the U.S. generic business continues to see pricing pressure. It plans to launch new products, including complex generics to combat the impact of price erosion.</li>
<li>Dr. Reddy also has around 13% revenue exposure to Russia and other CIS countries. Sharp depreciation of Russian currency will negatively impact revenue from the region.</li>
</ul>



Dr. Reddy's Laboratories (DRRD IN) is outperforming the domestic pharma industry and aims to expand its market share. Currently, India business contributes 19% of revenue. 
The company’s largest revenue segment, the U.S. generic business continues to see pricing pressure. It plans to launch new products, including complex generics to combat the impact of price erosion.
Dr. Reddy also has around 13% revenue exposure to Russia and other CIS countries. Sharp depreciation of Russian currency will negatively impact revenue from the region.


Dr. Reddy's Laboratories (DRRD IN): India Business Is the Only Bright Spot Amid Many Headwinds

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aurobindo-pharma-ltd" target="_blank" data-smartkarma-citation="entities:19974:1" rel="noopener">Aurobindo Pharma (ARBP IN)</a> shares have corrected more than 40% from peak and are trading at discount to peers. The company’s U.S. business is under pressure, resulting in deteriorating profitability.</li>
<li>We are not seeing any immediate respite in the U.S. formulation business. Hence, investors can avoid Aurobindo Pharma shares.  </li>
<li>However, value unlocking through stake sale in injectable business can be a near-term catalyst, resulting in relief rally in the stock.</li>
</ul>



Aurobindo Pharma (ARBP IN) shares have corrected more than 40% from peak and are trading at discount to peers. The company’s U.S. business is under pressure, resulting in deteriorating profitability.
We are not seeing any immediate respite in the U.S. formulation business. Hence, investors can avoid Aurobindo Pharma shares.  
However, value unlocking through stake sale in injectable business can be a near-term catalyst, resulting in relief rally in the stock.


Aurobindo Pharma (ARBP IN): Pain Continues in the U.S. Formulation Business

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

Emcure Pharmaceuticals / Equity Capital Markets

<ul>
<li>Emcure Pharmaceuticals Limited is looking to raise around US$500m in its upcoming India IPO.</li>
<li>EP is an Indian Pharmaceutical company engaged in the developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas. </li>
<li>In this note, we talk about the various aspects of the deal.</li>
</ul>


Emcure Pharmaceuticals Limited is looking to raise around US$500m in its upcoming India IPO.
EP is an Indian Pharmaceutical company engaged in the developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas. 
In this note, we talk about the various aspects of the deal.


Emcure Pharmaceuticals Pre-IPO - Proforma Earnings Were Strong but It Faces a Host of Legal Issues

External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

External broker reports(aggregated public sources)

Edelweiss Broking Limited

Edelweiss Broking Limited is an Indian Financial services company based in Mumbai, India. The company is a subsidiary of Edelweiss Group. 

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.

Sun Pharmaceutical Industries / Equity Bottom-Up

<p>Sun Pharmaceuticals is the largest Indian Pharma company.</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>

Sun Pharmaceuticals is the largest Indian Pharma company.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.

Pick of the Week - Sun Pharmaceuticals Industries Limited

Healthium Medtech / Equity Capital Markets

<ul>
<li>Healthium Medtech (HM) is looking to raise up to US$500m in its upcoming India IPO. </li>
<li>Healthium Medtech is a global medtech company that manufactures products used in surgical, post-surgical and chronic care. </li>
<li>In this note we will undertake a peer comparison and talk about valuations.</li>
</ul>


Healthium Medtech (HM) is looking to raise up to US$500m in its upcoming India IPO. 
Healthium Medtech is a global medtech company that manufactures products used in surgical, post-surgical and chronic care. 
In this note we will undertake a peer comparison and talk about valuations.


Healthium Medtech Pre-IPO - Peer Comparison and Thoughts on Valuation

India

Sun Pharmaceutical Industries Limited manufactures and markets pharmaceuticals for domestic and international distribution. The Company's pharmaceutical portfolio includes drugs in the areas of diabetes, cardiology, neurology, psychiatry and  gastroenterology.

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Sun Pharmaceutical Industries (SUNP IN)

Dr. Reddy's Laboratories (DRRD IN): India Business Is the Only Bright Spot Amid Many Headwinds

Despite price erosion headwinds in North America generics and revenue exposure to Russia, Dr. Reddy’s Laboratories look attractive due to its...

Tina Banerjee

Aurobindo Pharma (ARBP IN): Pain Continues in the U.S. Formulation Business

Aurobindo’s U.S. formulation business is witnessing price erosion, which is impacting the revenue and margin. However, value unlocking in...

Tina Banerjee

Emcure Pharmaceuticals Pre-IPO - Proforma Earnings Were Strong but It Faces a Host of Legal Issues

Emcure Pharmaceuticals Limited is looking to raise around US$500m in its upcoming India IPO. It is the 12th largest Indian Pharmaceutical company.

Sumeet Singh

Pick of the Week - Sun Pharmaceuticals Industries Limited

Sun Pharmaceuticals is the largest Indian Pharma company.

Edelweiss

Healthium Medtech Pre-IPO - Peer Comparison and Thoughts on Valuation

Healthium Medtech (HM) is looking to raise up to US$500m in its upcoming India IPO. In this note, we undertake a peer comparison and talk about...

Sumeet Singh

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