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.

Thematic (Sector/Industry)

<ul><li>The pharmaceutical universe under our coverage reported Q2FY25 growth of 10.2% year-on-year (YoY) and 1.7% quarteron-quarter (QoQ), driven by robust growth in North America (10.8% YoY) and the India business (9.8% YoY).</li><li>In the domestic market, the Indian Pharmaceutical Market (IPM) recorded 8% YoY growth for Q2FY25.</li><li>Chronic therapies grew by 9%, while acute therapies saw a modest 4% growth, primarily due to a weak season for acute segments.</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 pharmaceutical universe under our coverage reported Q2FY25 growth of 10.2% year-on-year (YoY) and 1.7% quarteron-quarter (QoQ), driven by robust growth in North America (10.8% YoY) and the India business (9.8% YoY).In the domestic market, the Indian Pharmaceutical Market (IPM) recorded 8% YoY growth for Q2FY25.Chronic therapies grew by 9%, while acute therapies saw a modest 4% growth, primarily due to a weak season for acute segments.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.

Top Conviction Ideas – “Pharmaceutical & Hospitals”

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Eisai Announced that global revenue of Leqembi in Q2FY25 was ¥10B, up 1.6x than Q1FY25. Takeda Pharma announced positive interim results from a Phase 3 study.</li>
<li>Shionogi’s COVID-19 drug was effective in reducing transmission of the disease. JCR Pharmaceuticals initiated first patient dosing in Japan in the Phase I clinical trial of JR-441.</li>
<li>Celltrion signed a contract with a U.S. GPO to list Zymfentra on private insurance formularies, which will expand the drug's coverage to 90%+ of the U.S. health insurance market.</li>
</ul>


Eisai Announced that global revenue of Leqembi in Q2FY25 was ¥10B, up 1.6x than Q1FY25. Takeda Pharma announced positive interim results from a Phase 3 study.
Shionogi’s COVID-19 drug was effective in reducing transmission of the disease. JCR Pharmaceuticals initiated first patient dosing in Japan in the Phase I clinical trial of JR-441.
Celltrion signed a contract with a U.S. GPO to list Zymfentra on private insurance formularies, which will expand the drug's coverage to 90%+ of the U.S. health insurance market.


APAC Healthcare Weekly (Nov 3)- Eisai, Takeda, Shionogi, Astellas Pharma, Celltrion, Wuxi AppTec

<ul><li>We anticipate that the pharmaceutical companies within our coverage will collectively demonstrate revenue growth of 8.5% YoY and 3.1% QoQ, along with EBITDA growth of 10.5% YoY and 3.8% QoQ.</li><li>Moreover, adjusted PAT is expected to grow by 14% YoY and 1% QoQ.</li><li>This growth will likely be driven by domestic formulations and niche launches in the US market. </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.

We anticipate that the pharmaceutical companies within our coverage will collectively demonstrate revenue growth of 8.5% YoY and 3.1% QoQ, along with EBITDA growth of 10.5% YoY and 3.8% QoQ.Moreover, adjusted PAT is expected to grow by 14% YoY and 1% QoQ.This growth will likely be driven by domestic formulations and niche launches in the US market. 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.

Equity Bottom-Up

Aster DM Healthcare Ltd / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aster-dm-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:23662:1" rel="noopener">Aster DM Healthcare Ltd (ASTERDM IN)</a> shares took a beating as Olympus Capital offloaded ~49M shares at a price range of INR405.00–406.72 (~7% discount to the last close price).</li>
<li>GCC business separation is expected to complete in Q4FY24. Aster DM plans to consider distributing 70–80% of the upfront consideration of $903M as dividend to its shareholders.</li>
<li>Stake sale by Olympus Capital is not a warning sign for the company. Despite CGHS rate overhang, we think recent pullback in Aster DM share provides an attractive entry point.</li>
</ul>



Aster DM Healthcare Ltd (ASTERDM IN) shares took a beating as Olympus Capital offloaded ~49M shares at a price range of INR405.00–406.72 (~7% discount to the last close price).
GCC business separation is expected to complete in Q4FY24. Aster DM plans to consider distributing 70–80% of the upfront consideration of $903M as dividend to its shareholders.
Stake sale by Olympus Capital is not a warning sign for the company. Despite CGHS rate overhang, we think recent pullback in Aster DM share provides an attractive entry point.


Aster DM Healthcare Ltd (ASTERDM IN): Recent Correction Can Be a Good Entry Point

HealthCare Global Enterprises / Equity Bottom-Up

<ul><li>Healthcare Global Enterprises (HCG) reported revenue of Rs 487 Cr, up 15.9% YoY, which stood above our expectations.</li><li>Growth was primarily driven by ARPOB improvement to Rs 42,000, up 13.9% YoY.</li><li>The number of occupied bed days increased 1.1% YoY as occupancy improved by 100bps to 66.4% YoY.</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.

Healthcare Global Enterprises (HCG) reported revenue of Rs 487 Cr, up 15.9% YoY, which stood above our expectations.Growth was primarily driven by ARPOB improvement to Rs 42,000, up 13.9% YoY.The number of occupied bed days increased 1.1% YoY as occupancy improved by 100bps to 66.4% YoY.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.

Healthcare Global Enterprises Ltd - Margins Still Below Industry Levels; ARPOB Improves

India

HealthCare Global Enterprises Limited provides medical and surgical hospital services. The Hospital offers cancer care, chemotherapy, cyberknife surgery, surgical, radiation, and medical oncology services. HealthCare Global Enterprises operates worldwide.

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HealthCare Global Enterprises (HCG IN)

Top Conviction Ideas – “Pharmaceutical & Hospitals”

The pharmaceutical universe under our coverage reported Q2FY25 growth of 10.2% year-on-year (YoY) and 1.7% quarteron-quarter (QoQ), driven by...

Axis Direct

APAC Healthcare Weekly (Nov 3)- Eisai, Takeda, Shionogi, Astellas Pharma, Celltrion, Wuxi AppTec

Large APAC healthcare companies are reporting mixed earnings. Demography will play a key role in ensuring how the overall domestic demand scenario...

Tina Banerjee

Q2FY25 Earnings Preview - Pharma

We anticipate that the pharmaceutical companies within our coverage will collectively demonstrate revenue growth of 8.5% YoY and 3.1% QoQ, along...

Axis Direct

Aster DM Healthcare Ltd (ASTERDM IN): Recent Correction Can Be a Good Entry Point

Aster DM shares drop after Olympus Capital sells 49M shares at a block deal. Stake sale is not a concern. The company is separating its GCC...

Tina Banerjee

Healthcare Global Enterprises Ltd - Margins Still Below Industry Levels; ARPOB Improves

Healthcare Global Enterprises (HCG) reported revenue of Rs 487 Cr, up 15.9% YoY, which stood above our expectations. Growth was primarily driven by...

Axis Direct

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Top Conviction Ideas – “Pharmaceutical & Hospitals”

The pharmaceutical universe under our coverage reported Q2FY25 growth of 10.2% year-on-year (YoY) and 1.7% quarteron-quarter (QoQ), driven by...

Axis Direct

APAC Healthcare Weekly (Nov 3)- Eisai, Takeda, Shionogi, Astellas Pharma, Celltrion, Wuxi AppTec

Large APAC healthcare companies are reporting mixed earnings. Demography will play a key role in ensuring how the overall domestic demand scenario...

Tina Banerjee

Q2FY25 Earnings Preview - Pharma

We anticipate that the pharmaceutical companies within our coverage will collectively demonstrate revenue growth of 8.5% YoY and 3.1% QoQ, along...

Axis Direct

Aster DM Healthcare Ltd (ASTERDM IN): Recent Correction Can Be a Good Entry Point

​Aster DM shares drop after Olympus Capital sells 49M shares at a block deal. Stake sale is not a concern. The company is separating its GCC...

Tina Banerjee

Healthcare Global Enterprises Ltd - Margins Still Below Industry Levels; ARPOB Improves

Healthcare Global Enterprises (HCG) reported revenue of Rs 487 Cr, up 15.9% YoY, which stood above our expectations. Growth was primarily driven by...

Axis Direct

Aster DM shares drop after Olympus Capital sells 49M shares at a block deal. Stake sale is not a concern. The company is separating its GCC...