External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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

Sun Pharmaceutical Industries / Equity Bottom-Up

<ul><li>Motilal Oswal's research report onSun Pharma In this note, we explored the specialty pipeline of SUNP, examining products under development, the commercialized portfolio, and the competitive dynamics within each segment.</li><li>The overall R&amp;D expenditure is expected to increase by 33% YoY in FY24 and maintain an 18% CAGR over FY24-26 to support clinical development of certain assets.</li><li>Despite some delays in the clinical trial processes of Ilumya (additional indication), MM-II, and GL0034, the innovative/discovery pipeline continues to be the most promising within the India listed space.</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.

Motilal Oswal's research report onSun Pharma In this note, we explored the specialty pipeline of SUNP, examining products under development, the commercialized portfolio, and the competitive dynamics within each segment.The overall R&amp;D expenditure is expected to increase by 33% YoY in FY24 and maintain an 18% CAGR over FY24-26 to support clinical development of certain assets.Despite some delays in the clinical trial processes of Ilumya (additional indication), MM-II, and GL0034, the innovative/discovery pipeline continues to be the most promising within the India listed space.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.

Sun Pharma - ‘Specialty’ Way of Driving Growth Prospects

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

<ul><li>Sun Pharma (SUNP) owns ~78.5% of Taro Pharma (represented 10% of SUNP’s revenues/3% of EBITDA in FY23)</li><li>Taro posted strong sales growth of 13% YoY to USD 157 mn (+6% QoQ), led by new launches with a sharp improvement in adjusted EBITDA to USD 24 mn (up 180% YoY) and margin of 15.4% (vs 6.2% YoY), led by sales growth, improved gross margin (+482 bps YoY) and decreased operating costs</li><li>The consistent improvement in Taro’s performance in the last two quarters is positive, given Taro was facing growth and operational challenges due to increased competition (leading to price erosion) in its key products in the last 7-8 quarters</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.

Sun Pharma (SUNP) owns ~78.5% of Taro Pharma (represented 10% of SUNP’s revenues/3% of EBITDA in FY23)Taro posted strong sales growth of 13% YoY to USD 157 mn (+6% QoQ), led by new launches with a sharp improvement in adjusted EBITDA to USD 24 mn (up 180% YoY) and margin of 15.4% (vs 6.2% YoY), led by sales growth, improved gross margin (+482 bps YoY) and decreased operating costsThe consistent improvement in Taro’s performance in the last two quarters is positive, given Taro was facing growth and operational challenges due to increased competition (leading to price erosion) in its key products in the last 7-8 quartersContent 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.

Sun Pharmaceutical Industries: SUNP’s Subsidiary Taro Posts Strong Performance.

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.

Event-Driven

<ul>
<li>A group of shareholders raised around US$530m in <a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a>(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.</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>In this note, we will talk about the lock-up dynamics and recent updates.</li>
</ul>


A group of shareholders raised around US$530m in Mankind Pharma(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.
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.
In this note, we will talk about the lock-up dynamics and recent updates.


Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cipla-ltd" target="_blank" data-smartkarma-citation="entities:3918:1" rel="noopener">Cipla Ltd (CIPLA IN)</a> reported better-than-expected Q1FY24 result, with revenue growing 18% YoY, driven by India and the U.S., both of which reported record high revenue.  </li>
<li>Stellar performance across all markets drove EBITDA to multi-quarter highs. EBITDA margin expanded 230 bps YoY and 310 bps QoQ to 23.6%. Net profit increased 45% YoY to INR10 billion.</li>
<li>Cipla expects the average revenue run rate of $210–215M from its U.S. business in the coming quarters. For FY24, management has raised EBITDA margin guidance to 23% from 22%.</li>
</ul>



Cipla Ltd (CIPLA IN) reported better-than-expected Q1FY24 result, with revenue growing 18% YoY, driven by India and the U.S., both of which reported record high revenue.  
Stellar performance across all markets drove EBITDA to multi-quarter highs. EBITDA margin expanded 230 bps YoY and 310 bps QoQ to 23.6%. Net profit increased 45% YoY to INR10 billion.
Cipla expects the average revenue run rate of $210–215M from its U.S. business in the coming quarters. For FY24, management has raised EBITDA margin guidance to 23% from 22%.


2023 High Conviction Update: Cipla (CIPLA IN)- Stellar Q1FY24 Performance; Margin Guidance Raised

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 about 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>In this note, we will undertake a peer comparison with some of the India listed and domestically focussed pharmaceutical firms.</li>
</ul>



Mankind Pharma is looking to raise about 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.
In this note, we will undertake a peer comparison with some of the India listed and domestically focussed pharmaceutical firms.


Mankind Pharma Pre-IPO - Peer Comparison - One of the Largest, with Better Growth and Margins

India

Sun Pharmaceutical Industries Limited manufactures and markets pharmaceuticals for domestic and international distribution. The Company's pharmaceutical portfolio includes drugs in the areas of diabetes, cardiology, neurology, psychiatry and  gastroenterology.

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Sun Pharmaceutical Industries (SUNP IN)

Sun Pharma - ‘Specialty’ Way of Driving Growth Prospects

The overall R&D expenditure is expected to increase by 33% YoY in FY24 and maintain an 18% CAGR over FY24-26 to support clinical development of...

Motilal Oswal

Sun Pharmaceutical Industries: SUNP’s Subsidiary Taro Posts Strong Performance.

Taro posted strong sales growth of 13% YoY to USD 157 mn (+6% QoQ), led by new launches with a sharp improvement in adjusted EBITDA to USD 24 mn

HDFC Securities

Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

The two pre-IPO investors have launched a block to sell around US$591m worth of Mankind Pharma shares. Since the lockup on the shares expired not...

Sumeet Singh

2023 High Conviction Update: Cipla (CIPLA IN)- Stellar Q1FY24 Performance; Margin Guidance Raised

Q1FY24 result beat expectations. Both India and the U.S. businesses reported record high revenue. EBITDA rose to multi-quarter high. For FY24,...

Tina Banerjee

Mankind Pharma Pre-IPO - Peer Comparison - One of the Largest, with Better Growth and Margins

Mankind Pharma is looking to raise about US$1bn in its upcoming India IPO. In this note, we will undertake a peer comparison.

Sumeet Singh

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