External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

Torrent Pharmaceuticals / Equity Bottom-Up

<ul><li>In its FY24 annual report, Torrent Pharma (TRP) has highlighted strategic themes that align with its short, medium and long-term goals: (1) improving market share in core markets (India, Brazil, Germany, and the US)</li><li>(2) investing in growth engines (capabilities in EMs)</li><li>3) operational excellence (cost competitiveness); (4) engaged and empowered stakeholders (productivity, innovation)</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.

In its FY24 annual report, Torrent Pharma (TRP) has highlighted strategic themes that align with its short, medium and long-term goals: (1) improving market share in core markets (India, Brazil, Germany, and the US)(2) investing in growth engines (capabilities in EMs)3) operational excellence (cost competitiveness); (4) engaged and empowered stakeholders (productivity, innovation)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: Focus on branded generics and profitability. Maintain ADD

Thematic (Sector/Industry)

<ul><li>The India Pharma &amp; Healthcare sector is expected to maintain the growth momentum in Q1FY25E.</li><li>We expect our coverage universe to see 11%/13% YoY sales/EBITDA growth.</li><li>Our assumptions – (1) Pharma coverage to see 10% YoY sales growth, largely led by 12% YoY growth in India business and ~6% QoQ growth in the US business, which will be driven by moderate price erosion, steady traction in gRevlimid/gSpiriva, new launches (gMyrbetriq), and steady traction in specialty business</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.

The India Pharma &amp; Healthcare sector is expected to maintain the growth momentum in Q1FY25E.We expect our coverage universe to see 11%/13% YoY sales/EBITDA growth.Our assumptions – (1) Pharma coverage to see 10% YoY sales growth, largely led by 12% YoY growth in India business and ~6% QoQ growth in the US business, which will be driven by moderate price erosion, steady traction in gRevlimid/gSpiriva, new launches (gMyrbetriq), and steady traction in specialty businessContent 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.

Pharma and Healthcare (Q1FY25E Results Preview): Start the Year on a Strong Nod

<ul><li>The India Pharma Market (IPM) has maintained a steady ~10% CAGR from FY12 to FY23, despite various disruptions, driven mainly by volume expansion ranging between 5-10% during FY12-18, which subsequently tapered to 2-3% from FY19-23, primarily due to generic competition (FY22 growth was on a low base due to the COVID-19 pandemic)</li><li>However, this deceleration in volume growth has been somewhat offset by 5-6% price growth annually, since FY19</li><li>We expect IPM growth to remain steady at 8-10% over the next few years, with companies boasting strong franchises and brands likely to see faster growth</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.

The India Pharma Market (IPM) has maintained a steady ~10% CAGR from FY12 to FY23, despite various disruptions, driven mainly by volume expansion ranging between 5-10% during FY12-18, which subsequently tapered to 2-3% from FY19-23, primarily due to generic competition (FY22 growth was on a low base due to the COVID-19 pandemic)However, this deceleration in volume growth has been somewhat offset by 5-6% price growth annually, since FY19We expect IPM growth to remain steady at 8-10% over the next few years, with companies boasting strong franchises and brands likely to see faster growthContent 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.

Pharmaceuticals: Domestic formulations sector: secular growth stories

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

Motilal Oswal

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.

<ul><li>Torrent Pharma (TRP) is set to acquire Curatio Healthcare (Curatio) for enterprise value of INR19b.</li><li>While the acquisition will help with the company’s portfolio expansion and widen its reach to dermatologists/paediatricians, the deal valuation is expensive at 6.8x EV/ FY23 sales, 22.4x EV/FY23 EBITDA basis.</li><li>We reduce our EPS estimate by 2% for FY24 to factor in the Curatio acquisition.</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.

Torrent Pharma (TRP) is set to acquire Curatio Healthcare (Curatio) for enterprise value of INR19b.While the acquisition will help with the company’s portfolio expansion and widen its reach to dermatologists/paediatricians, the deal valuation is expensive at 6.8x EV/ FY23 sales, 22.4x EV/FY23 EBITDA basis.We reduce our EPS estimate by 2% for FY24 to factor in the Curatio acquisition.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  - Curatio Acquisition Strengthens Derma Portfolio

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

ICICI Securities Limited

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.

<ul><li>The company is set to acquire 100% of Curatio Healthcare for | 2000 crore. The consideration includes | 115 crore of cash and cash equivalents in the acquired business indicating an enterprise value of | 1,885 crore</li><li>Curatio has a strong presence in the cosmetic dermatology segment with a portfolio of over 50 brands, marketed in India.</li><li>Top 10 brands of Curatio account for ~75% of total revenue. With this deal, Torrent Pharma will enter the league of top 10 players in the dermatology segment and will be the leader in the cosmetic dermatology 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.

The company is set to acquire 100% of Curatio Healthcare for | 2000 crore. The consideration includes | 115 crore of cash and cash equivalents in the acquired business indicating an enterprise value of | 1,885 croreCuratio has a strong presence in the cosmetic dermatology segment with a portfolio of over 50 brands, marketed in India.Top 10 brands of Curatio account for ~75% of total revenue. With this deal, Torrent Pharma will enter the league of top 10 players in the dermatology segment and will be the leader in the cosmetic dermatology spaceContent 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 - Curatio Acquisition to Strengthen Branded Portfolio...

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)

Torrent Pharma: Focus on branded generics and profitability. Maintain ADD

In its FY24 annual report, Torrent Pharma (TRP) has highlighted strategic themes that align with its short, medium and long-term goals

HDFC Securities

Pharma and Healthcare (Q1FY25E Results Preview): Start the Year on a Strong Nod

The India Pharma & Healthcare sector is expected to maintain the growth momentum in Q1FY25E. We expect our coverage universe to see 11%/13% YoY...

HDFC Securities

Pharmaceuticals: Domestic formulations sector: secular growth stories

We expect IPM growth to remain steady at 8-10% over the next few years, with companies boasting strong franchises and brands likely to see faster...

HDFC Securities

Torrent Pharma - Curatio Acquisition Strengthens Derma Portfolio

While the acquisition will help with the company’s portfolio expansion and widen its reach to dermatologists/paediatricians, the deal valuation is...

Motilal Oswal

Torrent Pharmaceuticals - Curatio Acquisition to Strengthen Branded Portfolio...

Curatio has a strong presence in the cosmetic dermatology segment with a portfolio of over 50 brands, marketed in India.

ICICI Securities Limited

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