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>Pick of the Week (PoW): Our POW calls delivered an astounding monthly strike rate of 88% in Nov’23.</li><li>Calls that successfully achieved their target were Coforge (11%), JK Lakshmi Cement (10%), Automotive Axles (10%), Cyient (10%), and Minda Corporation (10%).</li><li>Axis Top Picks: We are proud to share that our Axis Top Picks basket delivered impressive returns of 31% in the last one year (till 1st Dec’23), notably beating the benchmark Nifty 50 index which grew by only 8% over the same period. </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.

Pick of the Week (PoW): Our POW calls delivered an astounding monthly strike rate of 88% in Nov’23.Calls that successfully achieved their target were Coforge (11%), JK Lakshmi Cement (10%), Automotive Axles (10%), Cyient (10%), and Minda Corporation (10%).Axis Top Picks: We are proud to share that our Axis Top Picks basket delivered impressive returns of 31% in the last one year (till 1st Dec’23), notably beating the benchmark Nifty 50 index which grew by only 8% over the same period. 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.

Axis Research Scorecard Report for Nov 2023

<ul><li>We are proud to share that our Axis Top Picks basket delivered impressive returns of 31% in the last one year till 1st Dec’23, beating the benchmark Nifty 50 index (8% return over the same period) by a wide margin.</li><li>In Nov’23, the basket inched up further by 6% (till 1st Dec’23). We are extremely happy to inform you that our Top Picks Basket has delivered an astounding return of 231% since its inception (May’20).</li><li>This stands well above the 119% return delivered by NIFTY 50 over the same period. </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 are proud to share that our Axis Top Picks basket delivered impressive returns of 31% in the last one year till 1st Dec’23, beating the benchmark Nifty 50 index (8% return over the same period) by a wide margin.In Nov’23, the basket inched up further by 6% (till 1st Dec’23). We are extremely happy to inform you that our Top Picks Basket has delivered an astounding return of 231% since its inception (May’20).This stands well above the 119% return delivered by NIFTY 50 over the same period. 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.

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>There could be 18 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 28 December.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 58.2% and that will result in a one-way trade of INR 20bn (US$240m).</li>
<li>Since July, the potential adds to the index have outperformed the index and the potential deletes by a big margin. Momentum could keep the outperformance going till implementation date.</li>
</ul>


There could be 18 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 28 December.
If all changes are on expected lines, one-way turnover is estimated at 58.2% and that will result in a one-way trade of INR 20bn (US$240m).
Since July, the potential adds to the index have outperformed the index and the potential deletes by a big margin. Momentum could keep the outperformance going till implementation date.


NIFTY200 Momentum30 Index Rebalance Preview: 58% Turnover & Strong Momentum

<ul><li>In Q2FY24, the Pharma Coverage universe posted robust revenue growth of 14.3%/1.7% YoY/QoQ on account of volume rampup, new launches (especially gRevlimid, gSpiriva, gPrezista), and stabilizing pricing pressure in the US base business.</li><li>EBITDA margin improved by a healthy 210bps/50bps YoY/QoQ amidst normalizing cost inflation and stabilizing prices.</li><li>The US sales were robust, aided by the new launches comprising gRevlimid, gSpiriva, and gPrezista and increased demand for resilient suppliers amid drug shortages.</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.

In Q2FY24, the Pharma Coverage universe posted robust revenue growth of 14.3%/1.7% YoY/QoQ on account of volume rampup, new launches (especially gRevlimid, gSpiriva, gPrezista), and stabilizing pricing pressure in the US base business.EBITDA margin improved by a healthy 210bps/50bps YoY/QoQ amidst normalizing cost inflation and stabilizing prices.The US sales were robust, aided by the new launches comprising gRevlimid, gSpiriva, and gPrezista and increased demand for resilient suppliers amid drug shortages.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.

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>In Q2FY24, <a href="https://www.smartkarma.com/entities/cipla-ltd" target="_blank" data-smartkarma-citation="entities:3918:1" rel="noopener">Cipla Ltd (CIPLA IN)</a> clocked record-high quarterly revenue at INR66.8B (+15% YoY), and EBITDA margin of 26%, driven by double-digit growth across India, North America, and South Africa.</li>
<li>U.S. business reported highest ever revenue of $229M. India revenue is up 10% YoY, driven by continued market beating performance in branded prescription and trade generics businesses.</li>
<li>Cipla raised FY24 EBITDA margin guidance from 23% to 23% to 24% with bias towards the higher end. The company started FY24 with an EBITDA margin guidance of 21–22%.</li>
</ul>


In Q2FY24, Cipla Ltd (CIPLA IN) clocked record-high quarterly revenue at INR66.8B (+15% YoY), and EBITDA margin of 26%, driven by double-digit growth across India, North America, and South Africa.
U.S. business reported highest ever revenue of $229M. India revenue is up 10% YoY, driven by continued market beating performance in branded prescription and trade generics businesses.
Cipla raised FY24 EBITDA margin guidance from 23% to 23% to 24% with bias towards the higher end. The company started FY24 with an EBITDA margin guidance of 21–22%.


2023 High Conviction Update: Cipla (CIPLA IN)- Q2 Result Beats Estimates; Margin Guidance Raised

India

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.

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Lupin Ltd (LPC IN)

Axis Research Scorecard Report for Nov 2023

We are proud to share that our Axis Top Picks basket delivered impressive returns of 31% in the last one year (till 1st Dec’23), notably beating...

Axis Direct

Axis Top Picks - Dec 2023

We are proud to share that our Axis Top Picks basket delivered impressive returns of 31% in the last one year till 1st Dec’23, beating the...

Axis Direct

NIFTY200 Momentum30 Index Rebalance Preview: 58% Turnover & Strong Momentum

There could be 18 changes for the Nifty200 Momentum30 Index resulting in 1-way turnover of 58.2% and in a 1-way trade of INR 20bn (US$240m). Adds...

Brian Freitas

Pharma Sector: Q2FY24 Review

In Q2FY24, the Pharma Coverage universe posted robust revenue growth of 14.3%/1.7% YoY/QoQ on account of volume rampup, new launches (especially...

Axis Direct

2023 High Conviction Update: Cipla (CIPLA IN)- Q2 Result Beats Estimates; Margin Guidance Raised

In Q2, Cipla clocked record high quarterly revenue at INR66.8B, up 15% YoY, and EBITDA margin of 26%. The company raised FY24 EBITDA margin...

Tina Banerjee

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