External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Equity Bottom-Up

Dr. Reddy's Laboratories / Equity Bottom-Up

<p>Dr. Reddy's Laboratories Ltd (DRREDDY) offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, biosimilars, and differentiated formulations. The major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain manageme..</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>

Dr. Reddy's Laboratories Ltd (DRREDDY) offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, biosimilars, and differentiated formulations. The major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain manageme..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.

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<div class="content-highlight">
<p>Indonesia's leading diagnostics company, <a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia Widyahusada (PRDA IJ)</a> just released a strong set of FY2020 numbers, confirming the company's ability to adapt and thrive in the face of the pandemic. It looks set to resume its expansion and trades on very attractive valuations.</p>
</div>
<p><a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia Widyahusada (PRDA IJ)</a> saw its net profit increase by  +7.4% to IDR1,873.38bn, with revenues from each customer segment increasing and making a significant contribution.</p>
<p>Individual and referral customers from doctors made up 61.2% of revenues, whilst third-party referrals and corporate clients made up 38.8% of total revenues.</p>
<p>In 2020, the total number of tests reached 13.99m from 3.06m visits, with the demand for esoteric testing increasing by +191.5% YoY in 2020 to 1.6 million tests. Revenue from esoteric tests increased by +131.8% in 2020 to IDR700.3bn.</p>
<p><a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia Widyahusada (PRDA IJ)</a> continues to provide assistance to the government in dealing with the COVID-19 pandemic by providing tests for COVID-19 using the rapid test method, EIA antibody serology test, and PCR COVID-19,  and performing more than 1m COVID-19 tests in Indonesia in 2020.</p>
<p><a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia Widyahusada (PRDA IJ)</a> continues to expand the capacity for PCR COVID-19 examinations to more than 2,000 tests/day by adding the Cobas 6800 automatic testing tool.</p>
<p><a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia Widyahusada (PRDA IJ)</a> continues to add to its digital capabilities to aims to provide convenience for customers, without them having to visit the Prodia Lab through teleconsulting and the Prodia App. </p>
<p>The company plans to expand its clinical labs, hospital labs, POC outlets, and add one specialty clinic in 2021, after a pause in 2020. Apart from growing its network of outlets, the company plans to upgrade its existing clinical labs to provide a greater array of tests.</p>
<p><a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia Widyahusada (PRDA IJ)</a> valuations are very attractive versus healthcare peers in Indonesia but also Indian diagnostic peers, which trade on significantly higher multiples.</p>


Indonesia's leading diagnostics company, Prodia Widyahusada (PRDA IJ) just released a strong set of FY2020 numbers, confirming the company's ability to adapt and thrive in the face of the pandemic. It looks set to resume its expansion and trades on very attractive valuations.

Prodia Widyahusada (PRDA IJ) saw its net profit increase by  +7.4% to IDR1,873.38bn, with revenues from each customer segment increasing and making a significant contribution.
Individual and referral customers from doctors made up 61.2% of revenues, whilst third-party referrals and corporate clients made up 38.8% of total revenues.
In 2020, the total number of tests reached 13.99m from 3.06m visits, with the demand for esoteric testing increasing by +191.5% YoY in 2020 to 1.6 million tests. Revenue from esoteric tests increased by +131.8% in 2020 to IDR700.3bn.
Prodia Widyahusada (PRDA IJ) continues to provide assistance to the government in dealing with the COVID-19 pandemic by providing tests for COVID-19 using the rapid test method, EIA antibody serology test, and PCR COVID-19,  and performing more than 1m COVID-19 tests in Indonesia in 2020.
Prodia Widyahusada (PRDA IJ) continues to expand the capacity for PCR COVID-19 examinations to more than 2,000 tests/day by adding the Cobas 6800 automatic testing tool.
Prodia Widyahusada (PRDA IJ) continues to add to its digital capabilities to aims to provide convenience for customers, without them having to visit the Prodia Lab through teleconsulting and the Prodia App. 
The company plans to expand its clinical labs, hospital labs, POC outlets, and add one specialty clinic in 2021, after a pause in 2020. Apart from growing its network of outlets, the company plans to upgrade its existing clinical labs to provide a greater array of tests.
Prodia Widyahusada (PRDA IJ) valuations are very attractive versus healthcare peers in Indonesia but also Indian diagnostic peers, which trade on significantly higher multiples.

Prodia Widyahusada (PRDA IJ) - Diagnosed as Resilient

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

Gland Pharma Ltd / Equity Capital Markets

<div>
<p><a href="https://www.smartkarma.com/entities/gland-pharma-ltd" target="_blank" data-smartkarma-citation="entities:29723:1" rel="noopener">Gland Pharma (7172753Z IN)</a> raised around US$900m in one of India’s largest IPOs in 2020. The company was established in 1978 by P.V.N. Raju. KKR invested in the company in 2014 and <a href="https://www.smartkarma.com/entities/shanghai-fosun-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:8045:1" rel="noopener">Shanghai Fosun Pharmaceutical (Group) (2196 HK)</a> bought a 74% stake in the company in 2017. </p>
</div>
<div>
<p>I have covered the background of the deal in my earlier note, <a href="https://www.smartkarma.com/insights/gland-pharma-ipo-high-on-growth-but-low-on-details" target="_blank" rel="noopener">Gland Pharma IPO - High on Growth but Low on Details.</a></p>
<p>In this note, I'll talk about the deal updates and provide a table with implied valuations at different share price levels.</p>
</div>


Gland Pharma (7172753Z IN) raised around US$900m in one of India’s largest IPOs in 2020. The company was established in 1978 by P.V.N. Raju. KKR invested in the company in 2014 and Shanghai Fosun Pharmaceutical (Group) (2196 HK) bought a 74% stake in the company in 2017. 


I have covered the background of the deal in my earlier note, Gland Pharma IPO - High on Growth but Low on Details.
In this note, I'll talk about the deal updates and provide a table with implied valuations at different share price levels.


Gland Pharma IPO Trading - Squeezed Through, Now for the Real Test

<p><a href="https://www.smartkarma.com/entities/gland-pharma-ltd" target="_blank" data-smartkarma-citation="entities:29723:1" rel="noopener">Gland Pharma (7172753Z IN)</a> aims to raise around US$900m in what would be one of India’s largest IPOs in 2020. The company was established in 1978 by P.V.N. Raju. KKR invested in the company in 2014 and <a href="https://www.smartkarma.com/entities/shanghai-fosun-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:8045:1" rel="noopener">Shanghai Fosun Pharmaceutical (Group) (2196 HK)</a> bought a 74% stake in the company in 2017. </p><p>Gland Pharma was one of the fastest growing generic injectables-focused companies by revenue in the United States from 2014 to 2019. GP sells its products primarily via a B2B model in over 60 countries, including US, Europe, Canada, Australia, and India. It also operates a B2C model in India.</p><p>GP’s revenue has grown at 28.78% CAGR over FY18-20 and was up another 29.4% in 1Q21. At the same time, PAT margins have increased from 19.2% in FY18 to 34.2% in 1Q21. Thus, PAT has grown at 55.15% CAGR and was up another 70.6% in 1Q21. </p><p>However, the company hasn’t provided a whole lot of details about the revenue breakdown for its products. In addition, not all the pre-IPO shareholders will be locked-up post listing.</p>

Gland Pharma (7172753Z IN) aims to raise around US$900m in what would be one of India’s largest IPOs in 2020. The company was established in 1978 by P.V.N. Raju. KKR invested in the company in 2014 and Shanghai Fosun Pharmaceutical (Group) (2196 HK) bought a 74% stake in the company in 2017. Gland Pharma was one of the fastest growing generic injectables-focused companies by revenue in the United States from 2014 to 2019. GP sells its products primarily via a B2B model in over 60 countries, including US, Europe, Canada, Australia, and India. It also operates a B2C model in India.GP’s revenue has grown at 28.78% CAGR over FY18-20 and was up another 29.4% in 1Q21. At the same time, PAT margins have increased from 19.2% in FY18 to 34.2% in 1Q21. Thus, PAT has grown at 55.15% CAGR and was up another 70.6% in 1Q21. However, the company hasn’t provided a whole lot of details about the revenue breakdown for its products. In addition, not all the pre-IPO shareholders will be locked-up post listing.

Gland Pharma IPO - High on Growth but Low on Details

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Dr. Reddy's Laboratories (DRRD IN)

Event Update:Dr Reddys Labs

Dr. Reddy's Laboratories Ltd (DRREDDY) offers a portfolio of products and services including APIs, custom pharmaceutical services, generics,...

Axis Direct

Event Update:Dr Reddys Labs

Dr. Reddy's Laboratories Ltd (DRREDDY) offers a portfolio of products and services including APIs, custom pharmaceutical services, generics,...

Axis Direct

Prodia Widyahusada (PRDA IJ) - Diagnosed as Resilient

Prodia remains one of our top healthcare picks in Indonesia, showing resilience during the pandemic, just releasing a strong set of numbers, and...

Angus Mackintosh

Gland Pharma IPO Trading - Squeezed Through, Now for the Real Test

Gland Pharma raised around US$900m in one of India’s largest IPOs in 2020. The company was established in 1978. KKR invested in 2014 and Fosun...

Sumeet Singh

Gland Pharma IPO - High on Growth but Low on Details

Gland Pharma aims to raise around US$900m in what would be one of India’s largest IPOs in 2020. Fosun Pharmaceutical bought a 74% stake in the...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)