External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Dr Lal Pathlabs (DLPL) is expected to sustain steady revenue growth, led by (1) patient and sample volume growth, with no price test increase in the near term, (2) increasing traction from its wellness segment (Swasthfit share at 24% in 9MFY25 vs 21% in FY24), and (3) an expansion strategy to drive volumes</li><li>We expect DLPL’s future growth to be driven by a combination of strengthening its operations in core metro and Tier-1 cities, penetration in Tier-3/4 cities in the North and East, and building clusters in the South and West regions</li><li>The company is focusing on innovation, including new wellness packages and high-end, super-specialty tests, with a focus on capturing prescription shares</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.

Dr Lal Pathlabs (DLPL) is expected to sustain steady revenue growth, led by (1) patient and sample volume growth, with no price test increase in the near term, (2) increasing traction from its wellness segment (Swasthfit share at 24% in 9MFY25 vs 21% in FY24), and (3) an expansion strategy to drive volumesWe expect DLPL’s future growth to be driven by a combination of strengthening its operations in core metro and Tier-1 cities, penetration in Tier-3/4 cities in the North and East, and building clusters in the South and West regionsThe company is focusing on innovation, including new wellness packages and high-end, super-specialty tests, with a focus on capturing prescription sharesContent 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.

Dr. Lal Pathlabs: Focus on volume-led growth and margin. Maintain ADD

Thematic (Sector/Industry)

<ul><li>The US president Donald Trump signed an “Executive Order” (EO) to bring the prices for prescription (Rx) drugs in line with other developed nations</li><li>The EO institutes the “Most-Favoured-Nation (MFN)” price model (international reference pricing for prescription drugs) for drugs as a ceiling which means the US will pay for drugs at same levels as the lowest paid by other countries</li><li>This time MFN model has expanded its coverage for both Medicare and Medicaid (earlier in 2020, it was only for Medicare)</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.

The US president Donald Trump signed an “Executive Order” (EO) to bring the prices for prescription (Rx) drugs in line with other developed nationsThe EO institutes the “Most-Favoured-Nation (MFN)” price model (international reference pricing for prescription drugs) for drugs as a ceiling which means the US will pay for drugs at same levels as the lowest paid by other countriesThis time MFN model has expanded its coverage for both Medicare and Medicaid (earlier in 2020, it was only for Medicare)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.

Pharmaceuticals: US to cut Rx drug price, no impact on generics

<ul><li>SBI Life Insurance: SBILIFE’s H1FY25 VNB printed at INR24.2bn (+2.5% YoY), as the VNB margin softened to 26.8% (-180bps YoY) on the back of a higher share of ULIP in the overall APE mix at 69% (H1FY24: 64%)</li><li>Based on the management commentary, we maintain our APE growth forecast (+14% YoY), driven by sustained growth in individual business, and a weak Q4FY24 in the base</li><li>Our high conviction BUY is anchored on three powerful and sustainable moats: (a) exclusive access to SBI’s massive distribution network (branch penetration at ~2%), (b) scope for improvement in margin-accretive traditional mix, and (c) cost leadership (excl renewal comm)/APE ratio among peers (H1FY25: 37.1%, H1FY24: 36.3%)</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.

SBI Life Insurance: SBILIFE’s H1FY25 VNB printed at INR24.2bn (+2.5% YoY), as the VNB margin softened to 26.8% (-180bps YoY) on the back of a higher share of ULIP in the overall APE mix at 69% (H1FY24: 64%)Based on the management commentary, we maintain our APE growth forecast (+14% YoY), driven by sustained growth in individual business, and a weak Q4FY24 in the baseOur high conviction BUY is anchored on three powerful and sustainable moats: (a) exclusive access to SBI’s massive distribution network (branch penetration at ~2%), (b) scope for improvement in margin-accretive traditional mix, and (c) cost leadership (excl renewal comm)/APE ratio among peers (H1FY25: 37.1%, H1FY24: 36.3%)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.

HSIE Results Daily: SBI Life Insurance, Godrej Properties, SRF, AU Small Finance Bank

<ul><li>The India Pharma &amp; Healthcare sector is expected to maintain its growth momentum in Q2FY25E</li><li>We project sales/EBITDA growth of 11%/15% YoY for our coverage universe</li><li>Our assumptions are: (1) Pharma coverage is expected to see 11% YoY sales growth, driven by a 12% YoY increase in the India business, offset by a ~5% QoQ decline in the US</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.

The India Pharma &amp; Healthcare sector is expected to maintain its growth momentum in Q2FY25EWe project sales/EBITDA growth of 11%/15% YoY for our coverage universeOur assumptions are: (1) Pharma coverage is expected to see 11% YoY sales growth, driven by a 12% YoY increase in the India business, offset by a ~5% QoQ decline in the USContent 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.

Pharma and Healthcare (Q2FY25E Results Preview): Steady Q2, Revlimid to Normalise

<ul><li>Cummins: Cummins India Ltd (CIL) reported in-line/below performance vs consensus/our estimates with revenue/EBITDA/APAT missing our estimates by 7/13/12%</li><li>Domestic business grew 12% YoY whilst exports declined 22% on the back of weak overseas demand.</li><li>CPCB 4+ implementation seems to be a game changer as it forces demand to move from commodity players to technology players and opens up service opportunities</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.

Cummins: Cummins India Ltd (CIL) reported in-line/below performance vs consensus/our estimates with revenue/EBITDA/APAT missing our estimates by 7/13/12%Domestic business grew 12% YoY whilst exports declined 22% on the back of weak overseas demand.CPCB 4+ implementation seems to be a game changer as it forces demand to move from commodity players to technology players and opens up service opportunitiesContent 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.

HSIE Results Daily: Cummins, Lupin, Shree Cement, Gujarat Gas, Aditya Birla Fashion and Retail

India

Dr. Lal PathLabs Limited operates clinical laboratories. The Company offers medical diagnostic, cardiology, radiology, pathology and imaging, health checkup, blood test, and customer care services. Dr. Lal PathLabs conducts its business in India.

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Dr Lal PathLabs Ltd (DLPL IN)

Dr. Lal Pathlabs: Focus on volume-led growth and margin. Maintain ADD

The company is focusing on innovation, including new wellness packages and high-end, super-specialty tests, with a focus on capturing prescription...

HDFC Securities

Pharmaceuticals: US to cut Rx drug price, no impact on generics

The US president Donald Trump signed an “Executive Order” (EO) to bring the prices for prescription (Rx) drugs in line with other developed nations

HDFC Securities

HSIE Results Daily: SBI Life Insurance, Godrej Properties, SRF, AU Small Finance Bank

SBILIFE’s H1FY25 VNB printed at INR24.2bn (+2.5% YoY), as the VNB margin softened to 26.8% (-180bps YoY) on the back of a higher share of ULIP in...

HDFC Securities

Pharma and Healthcare (Q2FY25E Results Preview): Steady Q2, Revlimid to Normalise

The India Pharma & Healthcare sector is expected to maintain its growth momentum in Q2FY25E. We project sales/EBITDA growth of 11%/15% YoY for our...

HDFC Securities

HSIE Results Daily: Cummins, Lupin, Shree Cement, Gujarat Gas, Aditya Birla Fashion and Retail

Cummins India Ltd (CIL) reported in-line/below performance vs consensus/our estimates with revenue/EBITDA/APAT missing our estimates by 7/13/12%

HDFC Securities

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