External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<p>We expect revenue and PAT CAGR of 11.4% and 16.0% respectively over the period FY21-FY24E and we recommend a BUY on the stock with TP of Rs 390, implying an upside of 12% from CMP.</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>

We expect revenue and PAT CAGR of 11.4% and 16.0% respectively over the period FY21-FY24E and we recommend a BUY on the stock with TP of Rs 390, implying an upside of 12% from CMP.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: Robust Growth Opportunities in Biosimilars and Research Business

<p>We believe the company's valuations are at a comfortable level considering the its stable growth over a longer period. Therefore, we recommend BUY with a Target Price of Rs 370.</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>

We believe the company's valuations are at a comfortable level considering the its stable growth over a longer period. Therefore, we recommend BUY with a Target Price of Rs 370.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: Improved Profitability Despite Weak Top-Line; Maintain BUY

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

<p>BIOS delivered an operationally in line 2QFY22, while higher other income led the earnings beat. The healthy show in Research Services and ramp-up in Biosimilar sales was dragged down by the Generics segment on a YoY basis. We lower our FY23E EPS estimate by 3%, factoring in: a) pandemic-led delays in inspection, thereby having a subsequent impact on the approval timeline, b) gradual pick-up in market share for Insulin Glargine c) intense pricing pressure in Generics, and d) an increase in raw material prices.</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>

BIOS delivered an operationally in line 2QFY22, while higher other income led the earnings beat. The healthy show in Research Services and ramp-up in Biosimilar sales was dragged down by the Generics segment on a YoY basis. We lower our FY23E EPS estimate by 3%, factoring in: a) pandemic-led delays in inspection, thereby having a subsequent impact on the approval timeline, b) gradual pick-up in market share for Insulin Glargine c) intense pricing pressure in Generics, and d) an increase in raw material prices.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.

Ramp-up in Biosimilars offset by lower Generic sales

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

<p>Robust biosimilar portfolio with partners like Viatris, Sandoz (for future launches), Adagio among others. Biosimilar US pipeline: (Approvals Pegfilgrastim, Trastuzumab, Glargine, Adalimumab); filed - Aspart and Bevacizumab. Global footprint in +120 countries for biosimilars In generics, it is among the world's...</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>

Robust biosimilar portfolio with partners like Viatris, Sandoz (for future launches), Adagio among others. Biosimilar US pipeline: (Approvals Pegfilgrastim, Trastuzumab, Glargine, Adalimumab); filed - Aspart and Bevacizumab. Global footprint in +120 countries for biosimilars In generics, it is among the world's...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: Steady Q2 Numbers Amid Better Margins

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<p>The Indian mutual fund industry has assets of almost INR 7.93 trillion (US$106.3bn) across Multi cap, Large Cap, Large and Mid Cap, Mid Cap, Small Cap and Flexi Cap equity schemes. Equity schemes classified as large cap need to have at least 80% of their assets invested in large cap stocks, large and mid cap schemes need to have at least 35% of their assets in large cap stocks and at least 35% in mid cap stocks, mid cap funds need to hold at least 65% of their assets in mid cap stocks, and small cap funds need to hold at least 65% of their assets in small cap stocks. Flexi cap funds can invest across market caps.</p><p>The Association of Mutual Funds in India (AMFI) publishes the list of the stocks in each market cap segment in January and July each year and mutual funds have one month to rebalance their portfolios to adhere to the new categorization.</p><p>We are just past halfway through the review period for the second half of 2021. Using data to the close on 4 October, at the next recategorization in January 2022, we see 10 stocks moving from the mid cap segment to the large cap segment, 11 stocks moving from the large cap segment to the mid cap segment , 11 stocks are expected to move from the small cap segment to the mid cap segment, with16 stocks moving from the mid cap to the small cap segment. <a href="https://www.smartkarma.com/entities/zomato-media-pvt" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> will be a part of the large cap universe, while 4 other newly listed stocks will be a part of the mid cap universe.</p><p>Historically, stocks moving to a higher market cap category have outperformed stocks that migrate to a lower market cap category over the back half of the review period. In some cases, the outperformance continues past the announcement of the changes as well. This can be attributed to fund managers realigning their portfolios to meet the new categorization. This provides opportunities to pre-position for the move and unwind post the announcement of the reclassification.</p>

The Indian mutual fund industry has assets of almost INR 7.93 trillion (US$106.3bn) across Multi cap, Large Cap, Large and Mid Cap, Mid Cap, Small Cap and Flexi Cap equity schemes. Equity schemes classified as large cap need to have at least 80% of their assets invested in large cap stocks, large and mid cap schemes need to have at least 35% of their assets in large cap stocks and at least 35% in mid cap stocks, mid cap funds need to hold at least 65% of their assets in mid cap stocks, and small cap funds need to hold at least 65% of their assets in small cap stocks. Flexi cap funds can invest across market caps.The Association of Mutual Funds in India (AMFI) publishes the list of the stocks in each market cap segment in January and July each year and mutual funds have one month to rebalance their portfolios to adhere to the new categorization.We are just past halfway through the review period for the second half of 2021. Using data to the close on 4 October, at the next recategorization in January 2022, we see 10 stocks moving from the mid cap segment to the large cap segment, 11 stocks moving from the large cap segment to the mid cap segment , 11 stocks are expected to move from the small cap segment to the mid cap segment, with16 stocks moving from the mid cap to the small cap segment. Zomato (ZOMATO IN) will be a part of the large cap universe, while 4 other newly listed stocks will be a part of the mid cap universe.Historically, stocks moving to a higher market cap category have outperformed stocks that migrate to a lower market cap category over the back half of the review period. In some cases, the outperformance continues past the announcement of the changes as well. This can be attributed to fund managers realigning their portfolios to meet the new categorization. This provides opportunities to pre-position for the move and unwind post the announcement of the reclassification.

India: Stock Reclassification & Active Portfolio Management (Dec 2021)

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: Robust Growth Opportunities in Biosimilars and Research Business

We expect revenue and PAT CAGR of 11.4% and 16.0% respectively over the period FY21-FY24E and we recommend a BUY on the stock with TP of Rs 390,...

Axis Direct

Biocon: Improved Profitability Despite Weak Top-Line; Maintain BUY

We believe the company's valuations are at a comfortable level considering the its stable growth over a longer period. Therefore, we recommend BUY...

Axis Direct

Ramp-up in Biosimilars offset by lower Generic sales

BIOS delivered an operationally in line 2QFY22, while higher other income led the earnings beat. The healthy show in Research Services and ramp-up...

Motilal Oswal

Biocon: Steady Q2 Numbers Amid Better Margins

Robust biosimilar portfolio with partners like Viatris, Sandoz (for future launches), Adagio among others. Biosimilar US pipeline: (Approvals...

ICICI Securities Limited

India: Stock Reclassification & Active Portfolio Management (Dec 2021)

Halfway through the review period, we take a look at stocks that could migrate across the large, mid and small cap segments. With over US$100bn of...

Brian Freitas

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