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

Dr. Reddy's Laboratories / Equity Bottom-Up

<ul><li>gRevlimid sales ($125 Mn), led to the overall growth of the US business to $370 Mn (+47%, YoY).</li><li>The rest of the US-based portfolio ($245 Mn), stayed flat due to low volume in Ciprodex and Vasopressin.</li><li>The India business grew by 10% YoY which is as per the expectation of IPM growth.</li></ul><p><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></p>

gRevlimid sales ($125 Mn), led to the overall growth of the US business to $370 Mn (+47%, YoY).The rest of the US-based portfolio ($245 Mn), stayed flat due to low volume in Ciprodex and Vasopressin.The India business grew by 10% YoY which is as per the expectation of IPM growth.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 Reddy Lab Ltd - GRevlimid-Fuelled Growth in the US

Thematic (Sector/Industry)

<div><div><div><div><ul><li>In Q3FY23, the Pharma sector is expected to benefit from positive attributes such as currency depreciation, fall in raw material prices, low crude prices, and correction in shipping prices which would aid in revenue growth and improvement in gross margins.</li><li>We expect the Pharma universe under our coverage to report healthy aggregate Revenue/EBITDA/PAT growth of 7.4%/9.5%/9.1% YoY. 8% depreciation in the Indian currency (Rs) may majorly contribute to the overall growth of 7.4% for the last quarter.</li><li>Low single-digit growth in the US market (due to intense competition) and low double-digit growth in the India business after Covid-19 business has now stabilised. </li></ul></div></div></div></div><p><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></p>

In Q3FY23, the Pharma sector is expected to benefit from positive attributes such as currency depreciation, fall in raw material prices, low crude prices, and correction in shipping prices which would aid in revenue growth and improvement in gross margins.We expect the Pharma universe under our coverage to report healthy aggregate Revenue/EBITDA/PAT growth of 7.4%/9.5%/9.1% YoY. 8% depreciation in the Indian currency (Rs) may majorly contribute to the overall growth of 7.4% for the last quarter.Low single-digit growth in the US market (due to intense competition) and low double-digit growth in the India business after Covid-19 business has now stabilised. 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.

<div><div><div><div><ul><li>Dr Reddy’s Laboratories Ltd (DRREDDY) is a global pharmaceutical company committed to providing access to affordable and innovative medicines.</li><li>DRREDDY offers a portfolio of products and services including APIs, Generics, Branded Generics, Biosimilars, and OTC.</li><li>DRREDDY has major therapeutic areas of focus, which are gastrointestinal, cardiovascular, diabetology, oncology, pain management, and dermatology and major markets include – USA, India, Russia &amp; CIS countries, China, Brazil and Europe.</li></ul></div></div></div></div><p><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></p>

Dr Reddy’s Laboratories Ltd (DRREDDY) is a global pharmaceutical company committed to providing access to affordable and innovative medicines.DRREDDY offers a portfolio of products and services including APIs, Generics, Branded Generics, Biosimilars, and OTC.DRREDDY has major therapeutic areas of focus, which are gastrointestinal, cardiovascular, diabetology, oncology, pain management, and dermatology and major markets include – USA, India, Russia &amp; CIS countries, China, Brazil and Europe.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.

Pick of the Week - Dr Reddy’s Laboratories Ltd

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>As forecast, <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> will be added to 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> in December to replace <a href="https://www.smartkarma.com/entities/dr-reddy-s-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:16406:1" rel="noopener">Dr. Reddy's Laboratories (DRRD IN)</a>.</li>
<li>We estimate passive trackers will need to buy 2.3x ADV (7.2x delivery volume) on <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT)</a> while selling 5x ADV (10.5x delivery volume) on <a href="https://www.smartkarma.com/entities/dr-reddy-s-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:16406:1" rel="noopener">Dr. Reddy's Laboratories (DRRD)</a>. </li>
<li>The <a href="https://www.smartkarma.com/entities/housing-development-finance" target="_blank" data-smartkarma-citation="entities:252:1" rel="noopener">HDFC Limited (HDFC IN)</a> / <a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> merger should see <a href="https://www.smartkarma.com/entities/adani-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:245:1" rel="noopener">Adani Enterprises (ADE IN)</a> added to 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> prior to the June rebalance.</li>
</ul>


As forecast, Tata Motors Ltd (TTMT IN) will be added to the S&amp;P BSE SENSEX Index (SENSEX INDEX) in December to replace Dr. Reddy's Laboratories (DRRD IN).
We estimate passive trackers will need to buy 2.3x ADV (7.2x delivery volume) on Tata Motors Ltd (TTMT) while selling 5x ADV (10.5x delivery volume) on Dr. Reddy's Laboratories (DRRD). 
The HDFC Limited (HDFC IN) / HDFC Bank (HDFCB IN) merger should see Adani Enterprises (ADE IN) added to the S&amp;P BSE SENSEX Index (SENSEX INDEX) prior to the June rebalance.


SENSEX Dec 22 Index Rebalance: Tata Motors (TTMT) To Replace Dr Reddy (DRRD)

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lotus-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:20568:1" rel="noopener">Lotus Pharmaceutical (1795 TT)</a> reported record high quarterly revenue in 3Q22, majorly driven by the successful launch of oncology drug Lenalidomide in the US, which is its biggest ever launch.</li>
<li>Gross margin expanded to 67.9% in Q3 2022 from 45.3% in Q3 2021 and 47.4% Q2 2022, driven by increasing contribution from high-margin export business.</li>
<li>Exceeding the expectation, the company reported historic high third quarter EPS of NT$7.97 for Q3 2022, versus NT$1.34 in Q3 2021.</li>
</ul>



Lotus Pharmaceutical (1795 TT) reported record high quarterly revenue in 3Q22, majorly driven by the successful launch of oncology drug Lenalidomide in the US, which is its biggest ever launch.
Gross margin expanded to 67.9% in Q3 2022 from 45.3% in Q3 2021 and 47.4% Q2 2022, driven by increasing contribution from high-margin export business.
Exceeding the expectation, the company reported historic high third quarter EPS of NT$7.97 for Q3 2022, versus NT$1.34 in Q3 2021.


Lotus Pharmaceutical (1795 TT): 3Q22 Review- Best-Ever Quarter, Aided by Oncology Drug Launch in US

India

Cipla Limited manufactures and sells pharmaceutical and personal care products. The Company offers active pharmaceutical ingredients, and formulations in therapeutic areas, such as allergy, analgesic, anti malarial, anti-infectives, cardiology, dermatology and cosmeceuticals, diabetology, gastroenterology, steroids, iron chelators, nutritional products.

Cadila Healthcare Ltd. manufactures, and markets healthcare solutions ranging from formulations, active pharmaceutical ingredients, vaccines, diagnostics, health and dietetic foods, animal healthcare to cosmeceuticals.  The Company's products are available in tablets, capsules, injections, liquids, dry syrups, powders, granules, and ointments.

Torrent Pharmaceuticals Ltd. manufactures bulk drugs and pharmaceutical formulations. The Company's formulations include cardio-vascular, psychotropic and anti-biotic drugs while its bulk drugs include atenolol, ciprofloxacin and norfloxacin. Torrent Pharmaceuticals has wholly owned subsidiaries in several regulated and less regulated international markets.

Lupin Limited manufactures bulk actives and formulations. The principal bulk actives manufactured by it include Rifampicin, Pyrazinamide, Ethambutol (anti-TB), Cephalosporins (anti-infectives) and cardiovasculars. The company also possesses competencies in phytomedicines, in which medicines are made out of plant and herbal resources supported by the discipline of modern medicine.

Aurobindo Pharma Limited manufactures and markets oral and sterile antibiotics, antibacterials, anti-ulcerants and other generic basic drugs. Products include semi-synthetic penicillin drugs like ampicillin and amoxycillinas well as antibiotics, which include cloxacillin and dicloxacillin. The Company also manufactures formulations like astemizole, domeperidone and omeprazole.

Glaxosmithkline Pharmaceuticals Ltd. manufactures and distributes a wide variety of pharmaceutical drugs, veterinary products and laboratory chemicals. The Company's products include "Phexin" capsules, "Betnesol" tablets and injections, "Becoride" asthma treatment, "Betnovate" ointment, "Cetzine" antihistamine, "Zucox" and "Rizap" anti-tuberculosis products.

Glaxosmithkline Pharmaceuticals (GLXO IN)

Abbott India Limited manufactures a wide range of pharmaceutical and medical products, agrochemicals, and animal health products. The Company's medical and pharmaceutical products include insulin injections, anti-dysentery drugs, vitamin preparations, penicillin preparations, sulfonamide tablets, and a variety of household remedies.

Glenmark Pharmaceuticals Ltd., is a pharmaceutical company. The Company develops generic drugs for inflammation, metabolic disorders, and pain.

Alkem Laboratories Limited operates as a pharmaceutical company. The Company researches, develops, manufactures, and markets generic and branded pharmaceuticals. Alkem also provides nutraceuticals, functional foods, health foods, and herbal products.

Ajanta Pharma Limited is a pharmaceutical company involved in the areas of product research, manufacturing, and marketing. The Company's manufacturing capabilities include segments such as antiretrovirals, antimalarials, cardiovascular, dermatology, and ophthalmology. The Company also markets over the counter products that include some nature-based remedies.

CSPC Pharmaceutical Group Limited, through its subsidiaries, manufactures and sells pharmaceutical products.  The Company's products include vitamin C, antibiotics and common generic drugs. The Company is also engages in the development of innovative drugs and antibiotics.

Catalent, Inc. provides delivery technologies and development solutions for drugs, biologics and consumer health products. The Company's oral, injectable, and respiratory delivery technologies address the diversity of the pharmaceutical industry including small molecules, large molecule biologics and consumer health products.

Shanghai Fosun Pharmaceutical (Group) Co., Ltd. is a pharmaceutical company. Through its subsidiaries, the Company manufactures genetic medicines, Chinese traditional medicines, diagnostic products, and medical instruments, provides technology, marketing, and advertising services, as well as invests in import and export trading.

Shanghai Fosun Pharmaceutical (Group) (600196 CH)

Kyowa Hakko Kirin Co.,Ltd. develops, manufactures, and markets pharmaceuticals. The Company's products include a protein produced by genetic recombination technology, an anti-anemia agent that attaches new sugar chains through partial modification of the amino acid sequence of human erythropoietin (EPO), and a glycoprotein, human erythropoietin.

Yunnan Baiyao Group Co., Ltd. manufactures and markets traditional Chinese medicines.  The Company also operates in pharmaceutical wholesale and retail trading, empty capsules manufacturing, and hotel operation.

Shionogi & Company Ltd., is a pharmaceutical company. The Company develops prescription & over-the-counter drugs and diagnostics.

Zhejiang NHU Co., Ltd. manufactures and markets organic chemical products and feed additive. The Company's products include EMME, Vitamin E and Vitamin A.

Eisai Co., Ltd. produces prescription drugs and medical equipment and sells mainly to sales agents and subsidiaries.  Through its subsidiary, Sanko Junyaku, the Company produces and sells diagnostic drugs.  Eisai also markets its products through related companies in the US, Europe, and Asia.  The Company also manufactures and sells foods, livestock feeds, chemical, and agrochemicals.

Recordati S.p.A. manufactures pharmaceuticals. The Company researches, develops, manufactures, and markets prescription and non-prescription pharmaceuticals, pharmaceutical chemicals, therapeutic products, and rare disease treatments. The Company sells its products throughout the world.

Ipsen SA manufactures and markets a wide range of medical drugs for targeted disease areas including oncology, endocrinology, and neuromuscular disorders.

Dr. Reddy's Laboratories Limited provides a complete range of pharmaceutical services. The Company manufactures bulk drugs and formulations including verapamil and cephalexin. The Company also manufactures and exports molecules such as norfloxacin, ciprofloxacin, and varieties of semi-synthetic penicillin. The Company markets its products in India and around the world.

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Dr. Reddy's Laboratories (DRRD IN)

Dr Reddy Lab Ltd - GRevlimid-Fuelled Growth in the US

gRevlimid sales ($125 Mn), led to the overall growth of the US business to $370 Mn (+47%, YoY). The rest of the US-based portfolio ($245 Mn),...

Axis Direct

Pharma - Q3FY23 - Earnings Preview

Low single-digit growth in the US market (due to intense competition) and low double-digit growth in the India business after Covid-19 business has...

Axis Direct

Pick of the Week - Dr Reddy’s Laboratories Ltd

Dr Reddy’s Laboratories Ltd (DRREDDY) is a global pharmaceutical company committed to providing access to affordable and innovative medicines.

Axis Direct

SENSEX Dec 22 Index Rebalance: Tata Motors (TTMT) To Replace Dr Reddy (DRRD)

Tata Motors will replace Dr Reddy in the Sensex at the Dec rebal. Passives will need to buy 7.2x delivery vol on TTMT; sell 10.5x on DRRD. Adani...

Brian Freitas

Lotus Pharmaceutical (1795 TT): 3Q22 Review- Best-Ever Quarter, Aided by Oncology Drug Launch in US

In 3Q22, Lotus recorded 76% y/y and 85% q/q to NT$5.389 billion, driven by US launch of Lenalidomide capsules. Going ahead, growth will be mainly...

Tina Banerjee

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