Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<ul>
<li>As expected, the December review of the <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">S&amp;P BSE SENSEX Index (SENSEX INDEX)</a> sees <a href="https://www.smartkarma.com/entities/wipro-ltd" target="_blank" data-smartkarma-citation="entities:15360:1" rel="noopener">Wipro Ltd (WPRO IN)</a> added and <a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a> deleted.</li>
<li>Buying on Wipro is 2.5 days of ADV and 8.2 days of delivery volume, while selling on Bajaj Auto is 4.5 days of ADV and 8.9 days of delivery volume.</li>
<li>The overweight of the Information Technology sector in the Sensex gets even bigger and the Consumer Discretionary sector gets even more underweighted vs the BSE All Cap Index.</li>
</ul>


As expected, the December review of the S&amp;P BSE SENSEX Index (SENSEX INDEX) sees Wipro Ltd (WPRO IN) added and Bajaj Auto Ltd (BJAUT IN) deleted.
Buying on Wipro is 2.5 days of ADV and 8.2 days of delivery volume, while selling on Bajaj Auto is 4.5 days of ADV and 8.9 days of delivery volume.
The overweight of the Information Technology sector in the Sensex gets even bigger and the Consumer Discretionary sector gets even more underweighted vs the BSE All Cap Index.


SENSEX Dec 21 Index Rebalance: Wipro Added, Bajaj Auto Deleted

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

Torrent Pharmaceuticals / Equity Bottom-Up

<p>The company repaid debt of INR4.9bn in H1 and is on track to reduce it by ~INR10bn in FY22. We reduce our EBITDA estimates by 4-5% for FY22-23e and roll forward our TP, based on Sep'23e estimates. Our revised TP is INR3,240/sh, based on 16x Sep'23 EV/EBITDA. Maintain ADD. Torrents Q2 results were marginally below estimates due to subdued gross margin (~100bps impact), primarily on account of higher acute mix in India, inventory provisioning, and price erosion in the US. Barring Germany (-4% YoY, customer consolidation), most key markets such as India, Brazil and US reported healthy growth.</p><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>

The company repaid debt of INR4.9bn in H1 and is on track to reduce it by ~INR10bn in FY22. We reduce our EBITDA estimates by 4-5% for FY22-23e and roll forward our TP, based on Sep'23e estimates. Our revised TP is INR3,240/sh, based on 16x Sep'23 EV/EBITDA. Maintain ADD. Torrents Q2 results were marginally below estimates due to subdued gross margin (~100bps impact), primarily on account of higher acute mix in India, inventory provisioning, and price erosion in the US. Barring Germany (-4% YoY, customer consolidation), most key markets such as India, Brazil and US reported healthy growth.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.

Torrent Pharma (Results Review Q2FY22): Tepid quarter; steady outlook. Maintain ADD

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

ICICI Securities Limited

<p>A strong growth track in top brands, measured new launches (including innovative launches) besides strong balance sheet and comfort on corporate governance front are some key attributes of Sanofi...</p><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>

A strong growth track in top brands, measured new launches (including innovative launches) besides strong balance sheet and comfort on corporate governance front are some key attributes of Sanofi...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.

Torrent Pharmaceuticals: India Growth Drives Steady Numbers

<p>HSIE Results Daily DLF: DLF surprised positively on presales at INR 10bn (6.6x/-5% YoY/QoQ) despite the lockdown during the quarter. While office collection remains robust at 99%, occupancy at DCCDL declined to 86% vs. 88% at Mar 21-end. The consumption of malls rebounded to 50% of pre-COVID level during Jun-21, with footfalls exhibiting a rising trend. With robust Q1FY22, DLF is well on course to achieve INR 40bn presales in FY22, aided by 8msf launches. Net debt also continues to trend down (INR 47.bn vs INR 49bn on Mar-21).</p><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>

HSIE Results Daily DLF: DLF surprised positively on presales at INR 10bn (6.6x/-5% YoY/QoQ) despite the lockdown during the quarter. While office collection remains robust at 99%, occupancy at DCCDL declined to 86% vs. 88% at Mar 21-end. The consumption of malls rebounded to 50% of pre-COVID level during Jun-21, with footfalls exhibiting a rising trend. With robust Q1FY22, DLF is well on course to achieve INR 40bn presales in FY22, aided by 8msf launches. Net debt also continues to trend down (INR 47.bn vs INR 49bn on Mar-21).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.

HSIE Results Daily: DLF, Dr. Reddy’s, IndusInd Bank and More

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

Motilal Oswal

<p>TRP's 1QFY22 performance was largely in line with our estimates. Growth momentum in the Domestic Formulation (DF) business was offset by a muted showing in the US business and a higher tax rate. It continues to...</p><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>

TRP's 1QFY22 performance was largely in line with our estimates. Growth momentum in the Domestic Formulation (DF) business was offset by a muted showing in the US business and a higher tax rate. It continues to...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.

DF on a strong footing; making inroads in Trade Generics

India

Torrent Pharmaceuticals Ltd. manufactures bulk drugs and pharmaceutical formulations. The Company's formulations include cardio-vascular, psychotropic and anti-biotic drugs while its bulk drugs include atenolol, ciprofloxacin and norfloxacin. Torrent Pharmaceuticals has wholly owned subsidiaries in several regulated and less regulated international markets.

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Torrent Pharmaceuticals (TRP IN)

SENSEX Dec 21 Index Rebalance: Wipro Added, Bajaj Auto Deleted

Wipro will be added to the Sensex in December while Bajaj Auto will be deleted. Impact on both stocks is over 8 days of delivery volume to trade....

Brian Freitas

Torrent Pharma (Results Review Q2FY22): Tepid quarter; steady outlook. Maintain ADD

The company repaid debt of INR4.9bn in H1 and is on track to reduce it by ~INR10bn in FY22. We reduce our EBITDA estimates by 4-5% for FY22-23e and...

HDFC Securities

Torrent Pharmaceuticals: India Growth Drives Steady Numbers

A strong growth track in top brands, measured new launches (including innovative launches) besides strong balance sheet and comfort on corporate...

ICICI Securities Limited

HSIE Results Daily: DLF, Dr. Reddy’s, IndusInd Bank and More

HSIE Results Daily DLF: DLF surprised positively on presales at INR 10bn (6.6x/-5% YoY/QoQ) despite the lockdown during the quarter. While office...

HDFC Securities

DF on a strong footing; making inroads in Trade Generics

TRP's 1QFY22 performance was largely in line with our estimates. Growth momentum in the Domestic Formulation (DF) business was offset by a muted...

Motilal Oswal

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