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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<ul>
<li>As expected, the December review of the <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">S&amp;P BSE SENSEX Index (SENSEX INDEX)</a> sees <a href="https://www.smartkarma.com/entities/wipro-ltd" target="_blank" data-smartkarma-citation="entities:15360:1" rel="noopener">Wipro Ltd (WPRO IN)</a> added and <a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a> deleted.</li>
<li>Buying on Wipro is 2.5 days of ADV and 8.2 days of delivery volume, while selling on Bajaj Auto is 4.5 days of ADV and 8.9 days of delivery volume.</li>
<li>The overweight of the Information Technology sector in the Sensex gets even bigger and the Consumer Discretionary sector gets even more underweighted vs the BSE All Cap Index.</li>
</ul>


As expected, the December review of the S&amp;P BSE SENSEX Index (SENSEX INDEX) sees Wipro Ltd (WPRO IN) added and Bajaj Auto Ltd (BJAUT IN) deleted.
Buying on Wipro is 2.5 days of ADV and 8.2 days of delivery volume, while selling on Bajaj Auto is 4.5 days of ADV and 8.9 days of delivery volume.
The overweight of the Information Technology sector in the Sensex gets even bigger and the Consumer Discretionary sector gets even more underweighted vs the BSE All Cap Index.


SENSEX Dec 21 Index Rebalance: Wipro Added, Bajaj Auto Deleted

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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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

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)

SENSEX Dec 21 Index Rebalance: Wipro Added, Bajaj Auto Deleted

Wipro will be added to the Sensex in December while Bajaj Auto will be deleted. Impact on both stocks is over 8 days of delivery volume to trade....

Brian Freitas

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

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