External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>The India Pharma &amp; Healthcare sector is expected to maintain its growth momentum in Q2FY25E</li><li>We project sales/EBITDA growth of 11%/15% YoY for our coverage universe</li><li>Our assumptions are: (1) Pharma coverage is expected to see 11% YoY sales growth, driven by a 12% YoY increase in the India business, offset by a ~5% QoQ decline in the US</li></ul><p><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></p>

The India Pharma &amp; Healthcare sector is expected to maintain its growth momentum in Q2FY25EWe project sales/EBITDA growth of 11%/15% YoY for our coverage universeOur assumptions are: (1) Pharma coverage is expected to see 11% YoY sales growth, driven by a 12% YoY increase in the India business, offset by a ~5% QoQ decline in the USContent 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.

Pharma and Healthcare (Q2FY25E Results Preview): Steady Q2, Revlimid to Normalise

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Taiwan Stock Exchange Weighted Index / Technical Analysis

<ul>
<li>Rallies appear to be stalling-out near logical resistances in the largest global equity markets. That includes 5670-5783 on SPX, 2690-2700 on Japan's TOPIX, and 4884 on Europe's EURO STOXX 50.</li>
<li>We continue to believe these indexes will roll over near current or marginally higher levels, fitting with our ongoing belief that MSCI ACWI is going through a 1-to-4-month pullback/consolidation.</li>
<li>Long-Term uptrend violations on global indexes and continued outperformance from defensive Sectors are our top concerns for global equities, though recession indicators and a Fed cutting cycle are also concerns.</li>
</ul>


Rallies appear to be stalling-out near logical resistances in the largest global equity markets. That includes 5670-5783 on SPX, 2690-2700 on Japan's TOPIX, and 4884 on Europe's EURO STOXX 50.
We continue to believe these indexes will roll over near current or marginally higher levels, fitting with our ongoing belief that MSCI ACWI is going through a 1-to-4-month pullback/consolidation.
Long-Term uptrend violations on global indexes and continued outperformance from defensive Sectors are our top concerns for global equities, though recession indicators and a Fed cutting cycle are also concerns.


Expecting Downside Ahead; Stick With Defensives; Downgrading Taiwan to Market Weight; Risk-Off Signs

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Zydus Lifesciences Ltd / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zydus-lifesciences-ltd" target="_blank" data-smartkarma-citation="entities:12914:1" rel="noopener">Zydus Lifesciences Ltd (ZYDUSLIF IN)</a> reported stellar performance in Q1FY25, with all key parameters improved sequentially and YoY. The company achieved highest ever operating profit and margin during the quarter.</li>
<li>Sustained growth momentum across all the businesses along with enhanced profitability drove Q1FY25 performance. Execution success of differentiated pipeline in the U.S. and outperformance of India business were particularly noteworthy.</li>
<li>Despite delivering 21% YoY revenue growth in Q1FY25, Zydus reiterated FY25 revenue growth guidance of high teens. The company expects EBITDA margin of 28.5–29.0% for FY25.</li>
</ul>



Zydus Lifesciences Ltd (ZYDUSLIF IN) reported stellar performance in Q1FY25, with all key parameters improved sequentially and YoY. The company achieved highest ever operating profit and margin during the quarter.
Sustained growth momentum across all the businesses along with enhanced profitability drove Q1FY25 performance. Execution success of differentiated pipeline in the U.S. and outperformance of India business were particularly noteworthy.
Despite delivering 21% YoY revenue growth in Q1FY25, Zydus reiterated FY25 revenue growth guidance of high teens. The company expects EBITDA margin of 28.5–29.0% for FY25.


Zydus Lifesciences (ZYDUSLIF IN): Q1FY25 PAT Jumps 31%; Increasing Focus on US To Augur Well

<ul>
<li>We are seeing snap-back rallies in the largest global economies -- notably the U.S. and Japan, and also Europe to a lesser extent. However...</li>
<li>We're expecting to see lower highs develop at prior breakdown levels at 2690-2700 on the TOPIX and 4884 on the EURO STOXX 50, which are significant resistance levels.</li>
<li>Watching SPX resistance at 5585, or possible test of YTD highs/marginal new high, all fitting with our ongoing belief (since July 25) that ACWI-US going through 1-to 4-month pullback/consolidation.</li>
</ul>


We are seeing snap-back rallies in the largest global economies -- notably the U.S. and Japan, and also Europe to a lesser extent. However...
We're expecting to see lower highs develop at prior breakdown levels at 2690-2700 on the TOPIX and 4884 on the EURO STOXX 50, which are significant resistance levels.
Watching SPX resistance at 5585, or possible test of YTD highs/marginal new high, all fitting with our ongoing belief (since July 25) that ACWI-US going through 1-to 4-month pullback/consolidation.


MSCI ACWI Consolidation Continues; Outlook Remains Neutral; Buys Across Defensives & Other Sectors

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

SAI Life Sciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sai-life-sciences" target="_blank" data-smartkarma-citation="entities:43724:1" rel="noopener">SAI Life Sciences</a>(SLS) is looking to raise up to US$500m in its upcoming India IPO. The deal will be run by Kotak, IIFL, Jefferies and MS.</li>
<li>SLS is a CRDMO. It provides end-to-end services across the drug discovery, development and manufacturing value chain, for small molecule NCE to global pharmaceutical innovators and biotechnology firms</li>
<li>As per Frost &amp; Sullivan, SLS was the fastest-growing Indian CRDMOs among listed Indian peers in terms of revenue CAGR as well as EBITDA CAGR from FY22 to FY24.</li>
</ul>



SAI Life Sciences(SLS) is looking to raise up to US$500m in its upcoming India IPO. The deal will be run by Kotak, IIFL, Jefferies and MS.
SLS is a CRDMO. It provides end-to-end services across the drug discovery, development and manufacturing value chain, for small molecule NCE to global pharmaceutical innovators and biotechnology firms
As per Frost &amp; Sullivan, SLS was the fastest-growing Indian CRDMOs among listed Indian peers in terms of revenue CAGR as well as EBITDA CAGR from FY22 to FY24.


India

Alkem Laboratories Limited operates as a pharmaceutical company. The Company researches, develops, manufactures, and markets generic and branded pharmaceuticals. Alkem also provides nutraceuticals, functional foods, health foods, and herbal products.

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Alkem Laboratories Ltd (ALKEM IN)

Pharma and Healthcare (Q2FY25E Results Preview): Steady Q2, Revlimid to Normalise

The India Pharma & Healthcare sector is expected to maintain its growth momentum in Q2FY25E. We project sales/EBITDA growth of 11%/15% YoY for our...

HDFC Securities

Expecting Downside Ahead; Stick With Defensives; Downgrading Taiwan to Market Weight; Risk-Off Signs

Expecting Downside Ahead $ACWI $SPX; Stick With Defensive Sectors; Downgrading Taiwan $EWT $TSM to Market Weight; Global Discretionary vs. Staples...

Vermilion Research

Zydus Lifesciences (ZYDUSLIF IN): Q1FY25 PAT Jumps 31%; Increasing Focus on US To Augur Well

Zydus Lifesciences reports stellar Q1FY25 performance with highest ever operating profit and margin, driven by the US and India. The company...

Tina Banerjee

MSCI ACWI Consolidation Continues; Outlook Remains Neutral; Buys Across Defensives & Other Sectors

MSCI $ACWI Consolidation Continues; Outlook Remains Neutral; Snap-Back Rallies in Japan $Nikkei $TOPIX, U.S. $SPX, Europe $STOXX fits with our view...

Vermilion Research

Sai Life Sciences Pre-IPO Tearsheet

SAI Life Sciences(SLS) is looking to raise up to US$500m in its upcoming India IPO. The deal will be run by Kotak, IIFL, Jefferies and MS.

Sumeet Singh

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Pharma and Healthcare (Q2FY25E Results Preview): Steady Q2, Revlimid to Normalise

The India Pharma & Healthcare sector is expected to maintain its growth momentum in Q2FY25E. We project sales/EBITDA growth of 11%/15% YoY for our...

HDFC Securities

Expecting Downside Ahead; Stick With Defensives; Downgrading Taiwan to Market Weight; Risk-Off Signs

Expecting Downside Ahead $ACWI $SPX; Stick With Defensive Sectors; Downgrading Taiwan $EWT $TSM to Market Weight; Global Discretionary vs. Staples...

Vermilion Research

Zydus Lifesciences (ZYDUSLIF IN): Q1FY25 PAT Jumps 31%; Increasing Focus on US To Augur Well

​Zydus Lifesciences reports stellar Q1FY25 performance with highest ever operating profit and margin, driven by the US and India. The company...

Tina Banerjee

MSCI ACWI Consolidation Continues; Outlook Remains Neutral; Buys Across Defensives & Other Sectors

MSCI $ACWI Consolidation Continues; Outlook Remains Neutral; Snap-Back Rallies in Japan $Nikkei $TOPIX, U.S. $SPX, Europe $STOXX fits with our view...

Vermilion Research

Sai Life Sciences Pre-IPO Tearsheet

SAI Life Sciences(SLS) is looking to raise up to US$500m in its upcoming India IPO. The deal will be run by Kotak, IIFL, Jefferies and MS.

Sumeet Singh

Zydus Lifesciences reports stellar Q1FY25 performance with highest ever operating profit and margin, driven by the US and India. The company...