Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Bottom-Up

WuXi PharmaTech Cayman / Equity Bottom-Up

<p>Life sciences R&amp;D spending growth in Asia is outpacing the developed world (US, Canada, and Europe). An article from the January 2, 2014, edition of the <em>New England Journal of Medicine </em>notes that during inflation-adjusted biomedical R&amp;D expenditures fell in the US and EU while increasing all across Asia during 2007-2012. Contract research organizations (CROs), which provide outsourced R&amp;D services to the life sciences industry, are vehicles for participating in this trend.</p><p>The industry&rsquo;s leaders such as US-listed Quintiles, Covance, Pharmaceutical Product Development, PAREXEL International, and Charles River Laboratories have operated globally for years, but with relatively low exposure to Asia. Pure plays such as US-listed WuXi PharmaTech, Shenzhen-listed Hangzhou Tigermed Consulting, and soon-to-be listed Syngene International (in India) have more exposure to this secular shift.</p>

Life sciences R&amp;D spending growth in Asia is outpacing the developed world (US, Canada, and Europe). An article from the January 2, 2014, edition of the New England Journal of Medicine notes that during inflation-adjusted biomedical R&amp;D expenditures fell in the US and EU while increasing all across Asia during 2007-2012. Contract research organizations (CROs), which provide outsourced R&amp;D services to the life sciences industry, are vehicles for participating in this trend.The industry&rsquo;s leaders such as US-listed Quintiles, Covance, Pharmaceutical Product Development, PAREXEL International, and Charles River Laboratories have operated globally for years, but with relatively low exposure to Asia. Pure plays such as US-listed WuXi PharmaTech, Shenzhen-listed Hangzhou Tigermed Consulting, and soon-to-be listed Syngene International (in India) have more exposure to this secular shift.

Increasing Opportunities in Emerging Market CROs

Ex-Buyside Principal, now doing Independent Secondary Research on Indian Equities

Pawan Sachdeva

Thematic (Sector/Industry)

<div>In continuation of my work of detailed work on India Budget for last ten years, this piece through simple charts puts in perspective:</div><div><ul><li>&nbsp;2014 Actual versus 2014 Revised Estimates.&nbsp;</li><li>Similarly 2015 Revised Estimates versus 2015 BE and gives 2016 BE numbers.&nbsp;</li></ul><p>This presentation does not gives any views on the Union Budget of 2016, which is domain of experts, except few comments given on next slide.</p><p>This presentation provides&nbsp;some tools with which readers can assess if Government&rsquo;s objective of 2016 Revenue and Costs can be met.</p><ul><li>For some key parameters, the presentation provides</li><li>2014 Revised Estimates versus 2014 Actual Numbers</li><li>2015 Budgeted Estimates versus 2015 Revised Numbers</li><li>2016 Budgeted Estimates versus 2015 Revised Estimates</li><li>Growth in 2014, 2015 and 2016</li></ul></div>

In continuation of my work of detailed work on India Budget for last ten years, this piece through simple charts puts in perspective:&nbsp;2014 Actual versus 2014 Revised Estimates.&nbsp;Similarly 2015 Revised Estimates versus 2015 BE and gives 2016 BE numbers.&nbsp;This presentation does not gives any views on the Union Budget of 2016, which is domain of experts, except few comments given on next slide.This presentation provides&nbsp;some tools with which readers can assess if Government&rsquo;s objective of 2016 Revenue and Costs can be met.For some key parameters, the presentation provides2014 Revised Estimates versus 2014 Actual Numbers2015 Budgeted Estimates versus 2015 Revised Numbers2016 Budgeted Estimates versus 2015 Revised EstimatesGrowth in 2014, 2015 and 2016

India's Budgets: 2006-2015. Key Charts, and Key questions

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)

Increasing Opportunities in Emerging Market CROs

Life sciences R&D spending growth in Asia is outpacing the developed world (US, Canada, and Europe). An article from the January 2, 2014,...

Kemp Dolliver, CFA

India's Budgets: 2006-2015. Key Charts, and Key questions

In continuation of my work of detailed work on India Budget for last ten years, this piece through simple charts puts in perspective: 2014 Actual...

Pawan Sachdeva

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)