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

ICICI Securities Limited

External broker reports(aggregated public sources)

Equity Bottom-Up

About the stock: Pfizer collectively addresses 15 therapy areas with a portfolio of over 150 products that include therapeutics &amp; vaccines. The company has been continuously restructuring its portfolio in the last few years to improve the...<div class="content-highlight">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.</div>

About the stock: Pfizer collectively addresses 15 therapy areas with a portfolio of over 150 products that include therapeutics &amp; vaccines. The company has been continuously restructuring its portfolio in the last few years to improve the...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.

Pfizer: Exemplary Performance with Strong Margins

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

While the major averages are stalling below major resistance and their direction is unclear, there are many individual stocks that continue to act well and that are offering fantastic entry points at current levels. Health Care and Technology remain our two favorite global Sectors, and they are outperforming across all major markets including the US, Europe, Japan, and China. Remain overweight/add exposure. Consumer Staples is another leadership Sector, particularly in the Asia/Pacific region. Lastly, we are also continuing to expand our recommendations to include bottom-up ideas within several other Sectors as the market goes through a bottoming process.

While the major averages are stalling below major resistance and their direction is unclear, there are many individual stocks that continue to act well and that are offering fantastic entry points at current levels. Health Care and Technology remain our two favorite global Sectors, and they are outperforming across all major markets including the US, Europe, Japan, and China. Remain overweight/add exposure. Consumer Staples is another leadership Sector, particularly in the Asia/Pacific region. Lastly, we are also continuing to expand our recommendations to include bottom-up ideas within several other Sectors as the market goes through a bottoming process.

Today's report puts a spotlight on the Health Care Sector, which is assuming a global leadership role vs. other Sectors. We also focus on the Communications Sector as we are seeing steady relative strength ranking (RSR) improvements over the last couple of months. At the Group level, we highlight select smid-cap Casinos &amp; Gaming stocks. Finally, India’s S&amp;P BSE SENSEX is breaking out to new all-time highs as RS bullishly inflects, we highlight actionable stocks.

Today's report puts a spotlight on the Health Care Sector, which is assuming a global leadership role vs. other Sectors. We also focus on the Communications Sector as we are seeing steady relative strength ranking (RSR) improvements over the last couple of months. At the Group level, we highlight select smid-cap Casinos &amp; Gaming stocks. Finally, India’s S&amp;P BSE SENSEX is breaking out to new all-time highs as RS bullishly inflects, we highlight actionable stocks.

Global Strategy: Health Care Outperforming - Overweight; India Breaking Out -Add Exposure

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Eris Lifesciences / Equity Capital Markets

Eris Lifesciences plans to raise US$270m in its IPO through a selldown of shares by a ChrysCapital, a PE investor, and the founders. Our fellow Insight Provider, <a href="https://www.smartkarma.com/profiles/13" target="_blank" data-smartkarma-citation="accounts:13">Kemp Dolliver, CFA</a>, covered part of the deal in his earlier insight, <a href="https://www.smartkarma.com/insights/eris-lifesciences-ask-some-questions-take-the-deal" target="_blank" data-smartkarma-citation="insights:11423">Eris Lifesciences: Ask Some Questions, Take the Deal</a>.In this insight, we will run the deal through our framework, discuss  more about the company and analyse its bottomline growth which has primarily been driven by margin expansion, and we also discuss valuations.

Eris Lifesciences plans to raise US$270m in its IPO through a selldown of shares by a ChrysCapital, a PE investor, and the founders. Our fellow Insight Provider, Kemp Dolliver, CFA, covered part of the deal in his earlier insight, Eris Lifesciences: Ask Some Questions, Take the Deal.In this insight, we will run the deal through our framework, discuss  more about the company and analyse its bottomline growth which has primarily been driven by margin expansion, and we also discuss valuations.

Eris Lifesciences IPO - Rich Valuations at What Appears to Be Unsustainably High Margins

Asia focused research insights & advisory, Asia Advisors

Vinay Patel

Asia focused research insights & advisory

Asia Advisors

Asia Advisors is an independent financial advisory and research firm working closely with corporates and institutions to provide consulting solutions & research insights. We provide advisory services including capital solutions, business strategy and investment insights.
Firm is headed by Vinay Patel who has close to two decades of experience in research and business development at large, international investment banks such as HSBC and ICICI Securities. Led research efforts in areas of Macroeconomics, Asset Allocation & Investment Strategy for close to a decade in global & domestic research teams. As a business head in Singapore, advised top global investment management firms & Portfolio managers in Asia for India related investments.
Vinay was recently joined by Swapnil Manish, an investment banker and ex-ecommerce entrepreneur with more than 12 years of experience. Swapnil was the TMT banker at BNP Paribas and was part of several large M&A and ECM transactions (Bharti-Zain, Bharti Infratel IPO, Schneider-Zicom among several others). He's also had a stint as an ecommerce entrepreneur having launched & led Mumbai's first online grocery player.

Thematic (Sector/Industry)

Primary issuances are expected to remain strong in 2017 following a five-year high in funds raised in 2016 (Rs 220bn) even as Fed rate expectations weigh on the broader secondary market outlook for India. Data shows that primary issuances in previous years have bucked the trend of weak capital inflows and in our view companies evaluate sector appetite &amp; valuations levels before deciding on a public issue. For e.g. in the recent past, CY2015 hardly recorded any significant FII inflows however the…

Primary issuances are expected to remain strong in 2017 following a five-year high in funds raised in 2016 (Rs 220bn) even as Fed rate expectations weigh on the broader secondary market outlook for India. Data shows that primary issuances in previous years have bucked the trend of weak capital inflows and in our view companies evaluate sector appetite &amp; valuations levels before deciding on a public issue. For e.g. in the recent past, CY2015 hardly recorded any significant FII inflows however the…

IPO Pipeline to Remain Strong as PE Funds, Quasi-Govt Promoters Aim for Portfolio Exits

India

Pfizer Limited is a healthcare company focusing on pharmaceuticals and consumer products. The Company has three divisions in India - pharmaceuticals, animal health and research & development. Two of Pfizer India's known brands are, Corex-a cough formulation and Becosules-a multivitamin.

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Pfizer Limited (PFIZ IN)

Pfizer: Exemplary Performance with Strong Margins

Pfizer collectively addresses 15 therapy areas with a portfolio of over 150 products that include therapeutics & vaccines. The company has been...

ICICI Securities Limited

Global Equities: Lower Highs Forming

While the major averages are stalling below major resistance and their direction is unclear, there are many individual stocks that continue to act...

Vermilion Research

Global Strategy: Health Care Outperforming - Overweight; India Breaking Out -Add Exposure

Today's report puts a spotlight on the Health Care Sector, which is assuming a global leadership role vs. other Sectors. We also focus on...

Vermilion Research

Eris Lifesciences IPO - Rich Valuations at What Appears to Be Unsustainably High Margins

Eris Lifesciences plans to raise US$270m in its IPO through a selldown of shares by a ChrysCapital, a PE investor, and the founders. Our fellow...

Sumeet Singh

IPO Pipeline to Remain Strong as PE Funds, Quasi-Govt Promoters Aim for Portfolio Exits

Primary issuances are expected to remain strong in 2017 following a five-year high in funds raised in 2016 (Rs 220bn) even as Fed rate expectations...

Asia Advisors

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