External broker reports(aggregated public sources), Sharekhan

Sharekhan

External broker reports(aggregated public sources)

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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

<ul><li>Biocon recently signed an exclusive licensing and supply agreement with Handok, a specialty pharmaceutical company in South Korea, for commercialisation of its vertically integrated, complex drug product, Synthetic Liraglutide.</li><li>Liraglutide is an injection in pre-filled pen, used to treat chronic weight management as an adjunct to a reduced-calorie diet and increased physical activity.</li><li>Biocon will undertake the development, manufacturing, and supply of the drug product, and Handok will be responsible for obtaining regulatory approvals and commercialization in the South Korean market.</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.

Biocon recently signed an exclusive licensing and supply agreement with Handok, a specialty pharmaceutical company in South Korea, for commercialisation of its vertically integrated, complex drug product, Synthetic Liraglutide.Liraglutide is an injection in pre-filled pen, used to treat chronic weight management as an adjunct to a reduced-calorie diet and increased physical activity.Biocon will undertake the development, manufacturing, and supply of the drug product, and Handok will be responsible for obtaining regulatory approvals and commercialization in the South Korean market.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.

Biocon Ltd - GLP Product Launch a Big Opportunity

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.

<ul><li>Revenue grew by 3.8% YoY, majorly driven by Biosimilars (+12.2% YoY) while Generic and Research Services grew by 0.3% and -7.8% YoY respectively.</li><li>Gross margins improved by 24bps QoQ as the product mix is more favourable towards Biosimilars.</li><li>The company reported EBITDA margins of 23.4%, improving by 442bps QoQ due to higher operating profitability and lower other expenses.</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.

Revenue grew by 3.8% YoY, majorly driven by Biosimilars (+12.2% YoY) while Generic and Research Services grew by 0.3% and -7.8% YoY respectively.Gross margins improved by 24bps QoQ as the product mix is more favourable towards Biosimilars.The company reported EBITDA margins of 23.4%, improving by 442bps QoQ due to higher operating profitability and lower other expenses.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.

Biocon Ltd - More Challenges Ahead; Gaining Market Share

<ul><li>Biocon’s Q3FY24 reported Revenue/EBITDA/PAT are below expectations by -1%/-15%/- 76%. Biocon divested two assets in the last quarter 1.) Rs350 Cr brands to ERIS Life Sciences 2.) Rs456 Cr gain in Bicara therapeutics. After adjusting these two assets reporting Revenue Rs 3,604 Cr (+ 22.5%/4.1%, YOY/QoQ), EBITDA margins are 18% (-746bps/- 246bps YoY/QoQ).</li><li>Reported PAT Rs 54 Cr versus Rs 190 Cr YoY. Gross margins, 65.8%, decreased by -162bps/-163bps YOY/QoQ.</li><li>The company got Rs 106 Cr one-time expenses, on behalf of the integration of Biocon Bioologics business across the globe.</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.

Biocon’s Q3FY24 reported Revenue/EBITDA/PAT are below expectations by -1%/-15%/- 76%. Biocon divested two assets in the last quarter 1.) Rs350 Cr brands to ERIS Life Sciences 2.) Rs456 Cr gain in Bicara therapeutics. After adjusting these two assets reporting Revenue Rs 3,604 Cr (+ 22.5%/4.1%, YOY/QoQ), EBITDA margins are 18% (-746bps/- 246bps YoY/QoQ).Reported PAT Rs 54 Cr versus Rs 190 Cr YoY. Gross margins, 65.8%, decreased by -162bps/-163bps YOY/QoQ.The company got Rs 106 Cr one-time expenses, on behalf of the integration of Biocon Bioologics business across the globe.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.

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a> is looking to raise about US$1bn in its upcoming India IPO.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>In this note, we will undertake a peer comparison with some of the India listed and domestically focussed pharmaceutical firms.</li>
</ul>



Mankind Pharma is looking to raise about US$1bn in its upcoming India IPO.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
In this note, we will undertake a peer comparison with some of the India listed and domestically focussed pharmaceutical firms.


Mankind Pharma Pre-IPO - Peer Comparison - One of the Largest, with Better Growth and Margins

Emcure Pharmaceuticals / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/emcure-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:35585:1" rel="noopener">Emcure Pharmaceuticals</a> raised around US$240m in its India IPO. Subscription rates were strong.</li>
<li>Emcure Pharmaceuticals (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>We have looked at the company’s past performance in our earlier note. In this note, we talk about the trading dynamics.</li>
</ul>



Emcure Pharmaceuticals raised around US$240m in its India IPO. Subscription rates were strong.
Emcure Pharmaceuticals (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.
We have looked at the company’s past performance in our earlier note. In this note, we talk about the trading dynamics.


Emcure Pharma Pre-IPO Trading - Strong Subscription, Will Pop

India

Biocon Ltd., is an integrated biotechnology enterprise with a presence in biopharmaceuticals, enzymes, custom research and clinical research. The Company's pharmaceutical products include statins, immunosuppressants and anti-diabetic drugs. Biocon also manufactures specialty enzymes and new enzyme applications besides providing clinical and custom research services.

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Biocon Ltd (BIOS IN)

Biocon Ltd - GLP Product Launch a Big Opportunity

Biocon will undertake the development, manufacturing, and supply of the drug product, and Handok will be responsible for obtaining regulatory...

Sharekhan

Biocon Ltd - More Challenges Ahead

The company got Rs 106 Cr one-time expenses, on behalf of the integration of Biocon Bioologics business across the globe.

Axis Direct

Mankind Pharma Pre-IPO - Peer Comparison - One of the Largest, with Better Growth and Margins

Mankind Pharma is looking to raise about US$1bn in its upcoming India IPO. In this note, we will undertake a peer comparison.

Sumeet Singh

Emcure Pharma Pre-IPO Trading - Strong Subscription, Will Pop

Emcure Pharmaceuticals raised around US$240m in its India IPO. Subscription rates were strong for institutional and HNI tranche.

Sumeet Singh

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