Pharma/ Biotechnology Investments Specialist, Vasuda Capital Management

Dr. Bhavneesh Sharma, MD, MBA

Pharma/ Biotechnology Investments Specialist

Vasuda Capital Management

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/3918" target="_blank" data-smartkarma-citation="entities:3918:1">Cipla Ltd (CIPLA IN)</a> is India’s third largest pharmaceutical company. Cipla’s common stock is not the cheapest among peers, looking at the forward EV/EBITDA or forward P/E ratio. Moreover, its profitability measures like operating margin, return on equity, and five-year revenue growth (CAGR) are not enough. Cipla's low presence in the U.S. market compared to its peers may explain underperformance.We rate Cipla’s common stock neutral for now. We prefer <a href="https://www.smartkarma.com/entities/19974" target="_blank" data-smartkarma-citation="entities:19974:1">Aurobindo Pharma Ltd (ARBP IN)</a>, but will keep Cipla on our watchlist. We feel bullish about Cipla's restructuring efforts and plans for further U.S. expansion.

Cipla Ltd (CIPLA IN) is India’s third largest pharmaceutical company. Cipla’s common stock is not the cheapest among peers, looking at the forward EV/EBITDA or forward P/E ratio. Moreover, its profitability measures like operating margin, return on equity, and five-year revenue growth (CAGR) are not enough. Cipla's low presence in the U.S. market compared to its peers may explain underperformance.We rate Cipla’s common stock neutral for now. We prefer Aurobindo Pharma Ltd (ARBP IN), but will keep Cipla on our watchlist. We feel bullish about Cipla's restructuring efforts and plans for further U.S. expansion.

Cipla: Not the Best Among Peers but Catching up Fast, Keep on Watchlist.

Asia Healthcare Analyst, Pathology Associates Limited

Dion Stéfan Büchner M.D., FCAP

Asia Healthcare Analyst

Pathology Associates Limited

Thematic (Sector/Industry)

With a focus on novel mechanisms of action (MoA), we highlight select non-Hodgkin's lymphoma (NHL) and Multiple Myeloma (MM) related abstracts at the upcoming American Society of Hematology (<a href="http://www.hematology.org/Annual-Meeting/" target="_blank">ASH – 2016</a>) conference in San Diego this weekend.We use our proprietary ranking methodology (PRM) to rank concerned abstracts on seven criteria (mechanism of action, clinical phase, indication, route of administration, study design, safety profile and efficacy profile) and assign weight to each criterion...

With a focus on novel mechanisms of action (MoA), we highlight select non-Hodgkin's lymphoma (NHL) and Multiple Myeloma (MM) related abstracts at the upcoming American Society of Hematology (ASH – 2016) conference in San Diego this weekend.We use our proprietary ranking methodology (PRM) to rank concerned abstracts on seven criteria (mechanism of action, clinical phase, indication, route of administration, study design, safety profile and efficacy profile) and assign weight to each criterion...

American Society of Hematology (ASH) -Annual Conference (2016) Preview

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Capital Markets

India-based Laurus Labs has filed for a listing on the BSE and NSE, and reportedly plans to raise up to Rs300 crore for debt repayment and general corporate purposes. The company manufactures active pharmaceutical ingredients (APIs) for medications used to treat HIV, Hepatitis C, and cancer. The primary customers are the world’s largest generic pharmaceutical manufacturers. This Insight will provide an overview of the company, and we will follow up with a view of the offering after the announcement of the offering’s terms.

India-based Laurus Labs has filed for a listing on the BSE and NSE, and reportedly plans to raise up to Rs300 crore for debt repayment and general corporate purposes. The company manufactures active pharmaceutical ingredients (APIs) for medications used to treat HIV, Hepatitis C, and cancer. The primary customers are the world’s largest generic pharmaceutical manufacturers. This Insight will provide an overview of the company, and we will follow up with a view of the offering after the announcement of the offering’s terms.

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

The first 10 months of 2016 brought its fair share of macroeconomic challenges to the region. During the 10 months, the Straits Times Index (STI) generated a 1% total return, which was not far behind that of the MSCI AC Asia Pacific Index. However, the 1% gain is hardly the full story for the 30 STI stocks in the year thus far.  All five Global Industry Classification Standards (GICS®) Sectors without STI representation also generated gains over the first 10 months. These Sectors are also at junctures of opportunity and challenge, with Sector-wide themes such as technology disruptors, population longevity &amp; growth and asymmetric trends in commodity prices. The five Sectors have also become increasingly important for investors who seek portfolio diversification in times of increased economic uncertainty.

The first 10 months of 2016 brought its fair share of macroeconomic challenges to the region. During the 10 months, the Straits Times Index (STI) generated a 1% total return, which was not far behind that of the MSCI AC Asia Pacific Index. However, the 1% gain is hardly the full story for the 30 STI stocks in the year thus far.  All five Global Industry Classification Standards (GICS®) Sectors without STI representation also generated gains over the first 10 months. These Sectors are also at junctures of opportunity and challenge, with Sector-wide themes such as technology disruptors, population longevity &amp; growth and asymmetric trends in commodity prices. The five Sectors have also become increasingly important for investors who seek portfolio diversification in times of increased economic uncertainty. 

Buoyant Returns Beyond the Benchmark in 2016 YTD

Zydus Lifesciences Ltd / Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/12914" target="_blank" data-smartkarma-citation="entities:12914:1">Cadila Healthcare Ltd (CDH IN)</a> is the 4th largest pharmaceutical company in India and 9th largest generic drug company in the U.S. At FY 2018 P/E ratio of 25x, the share price could be worth INR 479.55 (at FY 2018 sell-side consensus EPS estimate of INR 19.182, excluding extraordinary items), representing about 31% potential upside. The company also pays 0.86% dividend. Consensus sell-side analyst estimate for the stock price is INR 398.63 (35 analysts). The common stock also appears undervalued at the current price using the reverse DCF approach.

Cadila Healthcare Ltd (CDH IN) is the 4th largest pharmaceutical company in India and 9th largest generic drug company in the U.S. At FY 2018 P/E ratio of 25x, the share price could be worth INR 479.55 (at FY 2018 sell-side consensus EPS estimate of INR 19.182, excluding extraordinary items), representing about 31% potential upside. The company also pays 0.86% dividend. Consensus sell-side analyst estimate for the stock price is INR 398.63 (35 analysts). The common stock also appears undervalued at the current price using the reverse DCF approach.

Cadila Healthcare: Potential More than 30% Upside.

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)

Cipla: Not the Best Among Peers but Catching up Fast, Keep on Watchlist.

Cipla Ltd (CIPLA IN) is India’s third largest pharmaceutical company. Cipla’s common stock is not the cheapest among peers, looking at the forward...

Dr. Bhavneesh Sharma, MD, MBA

American Society of Hematology (ASH) -Annual Conference (2016) Preview

With a focus on novel mechanisms of action (MoA), we highlight select non-Hodgkin's lymphoma (NHL) and Multiple Myeloma (MM) related abstracts at...

Dion Stéfan Büchner M.D., FCAP

Laurus Labs IPO Overview

India-based Laurus Labs has filed for a listing on the BSE and NSE, and reportedly plans to raise up to Rs300 crore for debt repayment and general...

Kemp Dolliver, CFA

Buoyant Returns Beyond the Benchmark in 2016 YTD

The first 10 months of 2016 brought its fair share of macroeconomic challenges to the region. During the 10 months, the Straits Times Index (STI)...

Singapore Exchange Ltd (SGX)

Cadila Healthcare: Potential More than 30% Upside.

Cadila Healthcare Ltd (CDH IN) is the 4th largest pharmaceutical company in India and 9th largest generic drug company in the U.S. At FY 2018 P/E...

Dr. Bhavneesh Sharma, MD, MBA

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