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

<p>Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.</p>In this Insight:<ol><li><a href='/entities/tata-motors-ltd' target='_blank' rel='noopener'>Tata Motors Ltd</a></li><li><a href='/entities/anton-oilfield-services-gp' target='_blank' rel='noopener'>Anton Oilfield</a></li><li><a href='/entities/china-south-city-holdings' target='_blank' rel='noopener'>China South City</a></li><li><a href='/entities/panda-green-energy-group-ltd' target='_blank' rel='noopener'>Panda Green</a></li><li><a href='/entities/gcl-new-energy-holdings-ltd' target='_blank' rel='noopener'>Gcl New Energy Holdings</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Tata Motors LtdAnton OilfieldChina South CityPanda GreenGcl New Energy Holdingsand more...

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

Equity Bottom-Up

Glenmark Pharmaceuticals / Equity Bottom-Up

<p>What should investors do? Glenmark's share price has de-grown by ~0.7x over the past five years (from ~Rs 856 in July 2016 to ~Rs 607 levels in July 2021). In India, it is the market leader in dermatology and improving its presence in respiratory, CVS, anti-infectives and anti-diabetics, in particular. It has also forayed into consumer health segment focusing on Rx-OTC switch products...</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>

What should investors do? Glenmark's share price has de-grown by ~0.7x over the past five years (from ~Rs 856 in July 2016 to ~Rs 607 levels in July 2021). In India, it is the market leader in dermatology and improving its presence in respiratory, CVS, anti-infectives and anti-diabetics, in particular. It has also forayed into consumer health segment focusing on Rx-OTC switch products...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.

Glenmark Pharmaceuticals: Q1 Growth Driven by India Business

<p>Leadership in select APIs, strong relation with large companies GLS is a leading developer, manufacturer of select high value, noncommoditised APIs in chronic therapeutic areas, including CVS, CNS &amp; pain management, diabetes and continue to branch into other APIs. It has strong market share in select specialised APIs like Telmisartan (anti-hypertensive), Atovaquone (anti-parasitic), Perindopril (anti-hypertensive), Teneligliptin (diabetes), Zonisamide (CNS) and Adapalene (dermatology).</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>

Leadership in select APIs, strong relation with large companies GLS is a leading developer, manufacturer of select high value, noncommoditised APIs in chronic therapeutic areas, including CVS, CNS &amp; pain management, diabetes and continue to branch into other APIs. It has strong market share in select specialised APIs like Telmisartan (anti-hypertensive), Atovaquone (anti-parasitic), Perindopril (anti-hypertensive), Teneligliptin (diabetes), Zonisamide (CNS) and Adapalene (dermatology).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.

Glenmark Life Sciences IPO: Leadership in Select APIs, Strong Relation with Large Companies

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

<p>We recently had an interaction with Glenmark Pharmaceuticals management to understand the business as it stands in an evolving market environment. The key takeaway is that the company is poised for free cash flow generation as the key business segments (US and domestic formulations) are expected to deliver strong growth in FY22. Successful listing of Life Sciences business and potential fund raise in Ichnos Sciences would be sweeteners. Indian Branded Formulation Business (ex-COVID products) is off to a strong start.</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>

We recently had an interaction with Glenmark Pharmaceuticals management to understand the business as it stands in an evolving market environment. The key takeaway is that the company is poised for free cash flow generation as the key business segments (US and domestic formulations) are expected to deliver strong growth in FY22. Successful listing of Life Sciences business and potential fund raise in Ichnos Sciences would be sweeteners. Indian Branded Formulation Business (ex-COVID products) is off to a strong start.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.

Glenmark Pharmaceuticals- Management Meet Update- Glenmark Pharma management meet update

External broker reports(aggregated public sources), Geojit BNP Paribas

Geojit

<p>Glenmark Pharma Ltd (GNP) is an India-based pharmaceutical company with commercial presence in more than 80 countries across the globe. GNP is primarily focused on generics, specialty and OTC businesses. The company has strong regional/country-specific presence in diabetes,...</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>

Glenmark Pharma Ltd (GNP) is an India-based pharmaceutical company with commercial presence in more than 80 countries across the globe. GNP is primarily focused on generics, specialty and OTC businesses. The company has strong regional/country-specific presence in diabetes,...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.

GLENMARK: Glenmark Pharma Ltd (GNP) is an India-based pharmaceutical company with commercial pres...

India

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

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Glenmark Pharmaceuticals (GNP IN)

Weekly Wrap - 21 Nov 2021

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Glenmark Pharmaceuticals: Q1 Growth Driven by India Business

Glenmark's share price has de-grown by ~0.7x over the past five years (from ~Rs 856 in July 2016 to ~Rs 607 levels in July 2021). In India, it is...

ICICI Securities Limited

Glenmark Life Sciences IPO: Leadership in Select APIs, Strong Relation with Large Companies

Leadership in select APIs, strong relation with large companies GLS is a leading developer, manufacturer of select high value, noncommoditised APIs...

ICICI Securities Limited

Glenmark Pharmaceuticals- Management Meet Update- Glenmark Pharma management meet update

We recently had an interaction with Glenmark Pharmaceuticals management to understand the business as it stands in an evolving market environment....

Nirmal Bang

GLENMARK: Glenmark Pharma Ltd (GNP) is an India-based pharmaceutical company with commercial pres...

Glenmark Pharma Ltd (GNP) is an India-based pharmaceutical company with commercial presence in more than 80 countries across the globe. GNP is...

Geojit

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