Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a> is looking to raise around US$1bn in its upcoming India IPO.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>We have looked at the company background and undertaken a peer comparison in our previous notes. In this note, we will talk about valuations.</li>
</ul>



Mankind Pharma is looking to raise around US$1bn in its upcoming India IPO.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
We have looked at the company background and undertaken a peer comparison in our previous notes. In this note, we will talk about valuations.


Mankind Pharma Pre-IPO - Thoughts on Valuations

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

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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.

Equity Bottom-Up

<ul><li>Sanofi offers drugs in therapies like diabetes (insulins &amp; orals), cardiology, pain, allergy and epilepsy.</li><li>Around 70% of sales stem from top seven brands.</li><li>Lantus, Allegra &amp; Combiflam are in Top 100 pharmaceutical brands in India </li></ul><p><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></p>

Sanofi offers drugs in therapies like diabetes (insulins &amp; orals), cardiology, pain, allergy and epilepsy.Around 70% of sales stem from top seven brands.Lantus, Allegra &amp; Combiflam are in Top 100 pharmaceutical brands in India 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.

Sanofi India - Steady Numbers, Margins Improve QoQ; Focus on Growth of Power Brands…

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Investing in dominant brands: Sanofi India has been relying on the growth of dominant brands like Lantus, Toujeo, Amaryl and Allegra in the domestic portfolio.</li></ul><div><div><div><ul><li>We currently assume Lantus to come under DPCO: While the new NLEM list is yet to be finalized and there is a probability that Lantus may be included in the same.</li></ul><div><div><div><div><ul><li>Potential introduction of other insulin products in India: Sanofi’s parent company has received approval for the biosimilar version of other insulin brands in regulated markets and we believe the company would look to introduce these biosimilar versions in India too.</li></ul></div></div></div></div></div></div></div></div></div></div></div><p><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></p>

Investing in dominant brands: Sanofi India has been relying on the growth of dominant brands like Lantus, Toujeo, Amaryl and Allegra in the domestic portfolio.We currently assume Lantus to come under DPCO: While the new NLEM list is yet to be finalized and there is a probability that Lantus may be included in the same.Potential introduction of other insulin products in India: Sanofi’s parent company has received approval for the biosimilar version of other insulin brands in regulated markets and we believe the company would look to introduce these biosimilar versions in India too.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.

Sanofi India - Beat on Margins; Strong Recovery Sequentially

<p>About the stock: Sanofi offers drugs in therapies like diabetes (insulins &amp; orals), cardiology, thrombosis, anti-infective, CNS, allergy, vitamins, minerals &amp; supplements.</p><ul><li>Lantus, Allegra &amp; Combiflam are in Top 100 pharmaceutical brands in India</li><li>Sanofi is one of the fastest growing companies in India in anti-diabetic therapy</li></ul><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>

About the stock: Sanofi offers drugs in therapies like diabetes (insulins &amp; orals), cardiology, thrombosis, anti-infective, CNS, allergy, vitamins, minerals &amp; supplements.Lantus, Allegra &amp; Combiflam are in Top 100 pharmaceutical brands in IndiaSanofi is one of the fastest growing companies in India in anti-diabetic therapyContent 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.

Sanofi India: Decent 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

<p>With U.S. markets stumbling, the MSCI ACWI index is breaking down to new lows: defensive Sectors remain attractive. Relative to MSCI ACWI however, emerging markets are the place to be.<strong> </strong>China, Brazil, Hungary, Qatar, India, Poland, and Indonesia all display positive price and/or RS trends. In this report we recap technical important levels on all major indexes and highlight attractive stocks within Real Estate, Health Care/Pharma, Precious Metals Mining, and Utilities.</p>

With U.S. markets stumbling, the MSCI ACWI index is breaking down to new lows: defensive Sectors remain attractive. Relative to MSCI ACWI however, emerging markets are the place to be. China, Brazil, Hungary, Qatar, India, Poland, and Indonesia all display positive price and/or RS trends. In this report we recap technical important levels on all major indexes and highlight attractive stocks within Real Estate, Health Care/Pharma, Precious Metals Mining, and Utilities.

India

Sanofi India Limited manufactures pharmaceuticals and chemicals. The Company has a worldwide presence, an extensive portfolio of prescription medicines, a portfolio of vaccines, major biological products, generics medicines, consumer healthcare, animal healthcare, and has a presence in both traditional and emerging markets.

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Sanofi India (SANL IN)

Mankind Pharma Pre-IPO - Thoughts on Valuations

Mankind Pharma is looking to raise about US$1bn in its upcoming India IPO. In this note, we will talk about valuations.

Sumeet Singh

Sanofi India - Steady Numbers, Margins Improve QoQ; Focus on Growth of Power Brands…

Sanofi offers drugs in therapies like diabetes (insulins & orals), cardiology, pain, allergy and epilepsy. Around 70% of sales stem from top seven...

ICICI Securities Limited

Sanofi India - Beat on Margins; Strong Recovery Sequentially

Sanofi India’s revenue declined by 2.5% YoY and came in 2.5% lower than our estimate but 7.6% higher than consensus estimate.

Nirmal Bang

Sanofi India: Decent Performance with Strong Margins

Sanofi offers drugs in therapies like diabetes (insulins & orals), cardiology, thrombosis, anti-infective, CNS, allergy, vitamins, minerals &...

ICICI Securities Limited

Global Markets Deteriorating...Except EM

With U.S. markets stumbling, the MSCI ACWI index is breaking down to new lows: defensive Sectors remain attractive. Relative to MSCI ACWI however,...

Vermilion Research

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