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

<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

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> achieved 31% YoY revenue growth to KRW882B in 3Q24, driven by the rapid growth of new products such as Remsima SC, Yuflyma, and Vegzelma.</li>
<li>The company is maintaining 2024 sales guidance of KRW3.5T (up 60% YoY), which indicates sequentially improved quarterly sales in 4Q24. Margin improvement is expected to continue.</li>
<li>In August, Celltrion received EU approval for Steqeyma, biosimilar for autoimmune disease treatment Stelara. Celltrion aims to commercialize 22 biosimilars by 2030, thereby targeting a pipeline market size of $182B.</li>
</ul>



Celltrion Inc (068270 KS) achieved 31% YoY revenue growth to KRW882B in 3Q24, driven by the rapid growth of new products such as Remsima SC, Yuflyma, and Vegzelma.
The company is maintaining 2024 sales guidance of KRW3.5T (up 60% YoY), which indicates sequentially improved quarterly sales in 4Q24. Margin improvement is expected to continue.
In August, Celltrion received EU approval for Steqeyma, biosimilar for autoimmune disease treatment Stelara. Celltrion aims to commercialize 22 biosimilars by 2030, thereby targeting a pipeline market size of $182B.


Celltrion Inc (068270 KS): Record High Sales in 3Q; Pipeline Progress Entails Long-Term Growth

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In the US, the September preliminary durable goods orders fell 0.8% m-o-m (-1.0% e / -0.8% revised p), mainly driven by a decline in bookings for commercial aircraft.</li>
<li>Durable goods orders (excluding transportation) rose 0.4% (-0.1% e / 0.6% revised p).</li>
<li>Separately, the October final University of Michigan consumer sentiment index climbed for the third consecutive month to 70.5 (69.0 e / 70.1 p). </li>
</ul>


In the US, the September preliminary durable goods orders fell 0.8% m-o-m (-1.0% e / -0.8% revised p), mainly driven by a decline in bookings for commercial aircraft.
Durable goods orders (excluding transportation) rose 0.4% (-0.1% e / 0.6% revised p).
Separately, the October final University of Michigan consumer sentiment index climbed for the third consecutive month to 70.5 (69.0 e / 70.1 p). 


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 - 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

Celltrion Inc (068270 KS): Record High Sales in 3Q; Pipeline Progress Entails Long-Term Growth

Celltrion reports 31% YoY revenue growth in 3Q24, driven by new products. The company is maintaining 2024 sales guidance of KRW3.5T (up 60% YoY),...

Tina Banerjee

Lucror Analytics - Morning Views Asia

In the US, the September preliminary durable goods orders fell 0.8% m-o-m (-1.0% e / -0.8% revised p), mainly driven by a decline in bookings for...

Lucror Analytics

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Biocon Ltd - More Challenges Ahead; Gaining Market Share

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.

Axis Direct

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

Celltrion Inc (068270 KS): Record High Sales in 3Q; Pipeline Progress Entails Long-Term Growth

​Celltrion reports 31% YoY revenue growth in 3Q24, driven by new products. The company is maintaining 2024 sales guidance of KRW3.5T (up 60% YoY),...

Tina Banerjee

Lucror Analytics - Morning Views Asia

In the US, the September preliminary durable goods orders fell 0.8% m-o-m (-1.0% e / -0.8% revised p), mainly driven by a decline in bookings for...

Lucror Analytics

Celltrion reports 31% YoY revenue growth in 3Q24, driven by new products. The company is maintaining 2024 sales guidance of KRW3.5T (up 60% YoY),...