APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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/indegene-limited" target="_blank" data-smartkarma-citation="entities:36629:1" rel="noopener">Indegene Limited (1864095D IN)</a> is looking to raise US$220m in its India IPO, via selling a mix of primary and secondary shares.</li>
<li>Indegene is a “digital-first” commercialisation firm with an exclusive focus on the global life sciences industry.</li>
<li>In this note, we will look at peers and discuss our thoughts on valuation.</li>
</ul>



Indegene Limited (1864095D IN) is looking to raise US$220m in its India IPO, via selling a mix of primary and secondary shares.
Indegene is a “digital-first” commercialisation firm with an exclusive focus on the global life sciences industry.
In this note, we will look at peers and discuss our thoughts on valuation.


Indegene IPO - Marquee Clients, Strong Track Record, Decent Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indegene-limited" target="_blank" data-smartkarma-citation="entities:36629:1" rel="noopener">Indegene Limited (1864095D IN)</a> is looking to raise about US$220m in its upcoming India IPO.</li>
<li>Indegene is a “digital-first” commercialisation firm with an exclusive focus on the global life sciences industry.</li>
<li>We looked at the firm’s past performance in an earlier note. In this note, we look at the RHP updates.</li>
</ul>



Indegene Limited (1864095D IN) is looking to raise about US$220m in its upcoming India IPO.
Indegene is a “digital-first” commercialisation firm with an exclusive focus on the global life sciences industry.
We looked at the firm’s past performance in an earlier note. In this note, we look at the RHP updates.


Indegene Pre-IPO - RHP Updates - Client Base Continued to Grow, and Margins Have Begun Stabilizing

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Dr. Reddy's Laboratories / Equity Bottom-Up

<ul>
<li>In Q3FY24, <a href="https://www.smartkarma.com/entities/dr-reddy-s-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:16406:1" rel="noopener">Dr. Reddy's Laboratories (DRRD IN)</a> posted highest ever revenue of INR72B, led by U.S. and Europe generics businesses, with contribution from both base business and new product launches.</li>
<li>Underperformance in the domestic market continued in Q3FY24. However, the company’s initiatives regarding innovative and new generic drugs for Indian market should place it for long-term accelerated growth.</li>
<li>Last month, Dr. Reddy's acquired MenoLabs, a leading women’s health and dietary supplement branded portfolio of seven products designed to provide health support and address symptoms of perimenopause and menopause.  </li>
</ul>


In Q3FY24, Dr. Reddy's Laboratories (DRRD IN) posted highest ever revenue of INR72B, led by U.S. and Europe generics businesses, with contribution from both base business and new product launches.
Underperformance in the domestic market continued in Q3FY24. However, the company’s initiatives regarding innovative and new generic drugs for Indian market should place it for long-term accelerated growth.
Last month, Dr. Reddy's acquired MenoLabs, a leading women’s health and dietary supplement branded portfolio of seven products designed to provide health support and address symptoms of perimenopause and menopause.  


Dr. Reddy's Laboratories (DRRD IN): US and Europe Drive Highest Ever Sales in Q3; Profit Surges 11%

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.

Thematic (Sector/Industry)

<ul><li>The pharmaceutical sector, emerging from the volatility of the past two post-pandemic and geopolitically tumultuous years, is now on a recovery path in CY23</li><li>Overall costs are stabilizing and there are green shoots in the US business</li><li>This positive momentum has led to the BSE Healthcare index outperforming the Sensex by ~15/25% in the past 6/12 months</li><li>We remain constructive on US generics, led by factors such as moderating price erosion and regulatory issues (USFDA) in the US, successful approval and launches of complex products, opportunities arising from the loss of exclusivity, softening input costs, volume growth due to drug shortages, and steady growth in India.</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 pharmaceutical sector, emerging from the volatility of the past two post-pandemic and geopolitically tumultuous years, is now on a recovery path in CY23Overall costs are stabilizing and there are green shoots in the US businessThis positive momentum has led to the BSE Healthcare index outperforming the Sensex by ~15/25% in the past 6/12 monthsWe remain constructive on US generics, led by factors such as moderating price erosion and regulatory issues (USFDA) in the US, successful approval and launches of complex products, opportunities arising from the loss of exclusivity, softening input costs, volume growth due to drug shortages, and steady growth 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.

Pharmaceuticals: US Generic Growth to Stay, Selective on Structural Play

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

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>We see global equities (MSCI ACWI) going through a pause/pullback amid short-term breakouts in the U.S. dollar (DXY) and global sovereign 10-year yields.</li>
<li>A rising DXY and climbing yields is a near-term headwind, and we could continue to see more choppy price action in the weeks ahead.</li>
<li>With that said, as long as the DXY remains below $106, the 10-year Treasury yield remains below 4.35%, and ACWI-US is above $98, we would view pullbacks as buying opportunities.</li>
</ul>


We see global equities (MSCI ACWI) going through a pause/pullback amid short-term breakouts in the U.S. dollar (DXY) and global sovereign 10-year yields.
A rising DXY and climbing yields is a near-term headwind, and we could continue to see more choppy price action in the weeks ahead.
With that said, as long as the DXY remains below $106, the 10-year Treasury yield remains below 4.35%, and ACWI-US is above $98, we would view pullbacks as buying opportunities.


Pause/Pullback Underway; Downgrading Europe and Mexico; Buys in Services, Tech, Comm, Healthcare

India

Cadila Healthcare Ltd. manufactures, and markets healthcare solutions ranging from formulations, active pharmaceutical ingredients, vaccines, diagnostics, health and dietetic foods, animal healthcare to cosmeceuticals.  The Company's products are available in tablets, capsules, injections, liquids, dry syrups, powders, granules, and ointments.

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Zydus Lifesciences Ltd (ZYDUSLIF IN)

Indegene IPO - Marquee Clients, Strong Track Record, Decent Valuation

Indegene Limited (1864095D IN) is looking to raise US$220m in its India IPO, via selling a mix of primary and secondary shares.

Clarence Chu

Indegene Pre-IPO - RHP Updates - Client Base Continued to Grow, and Margins Have Begun Stabilizing

Indegene Limited (1864095D IN) is looking to raise about US$220m in its upcoming India IPO. We looked at the firm’s past performance in an earlier...

Clarence Chu

Dr. Reddy's Laboratories (DRRD IN): US and Europe Drive Highest Ever Sales in Q3; Profit Surges 11%

Dr. Reddy's Laboratories achieves record revenue in Q3FY24, driven by volume gains and new launched in U.S. and Europe. The company has recently...

Tina Banerjee

Pharmaceuticals: US Generic Growth to Stay, Selective on Structural Play

The pharmaceutical sector, emerging from the volatility of the past two post-pandemic and geopolitically tumultuous years, is now on a recovery...

HDFC Securities

Pause/Pullback Underway; Downgrading Europe and Mexico; Buys in Services, Tech, Comm, Healthcare

Pause/pullback underway in $ACWI, but as long as the $DXY remains below $106, the 10-year Treasury yield remains below 4.35%, and $ACWI is above...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Indegene IPO - Marquee Clients, Strong Track Record, Decent Valuation

Indegene Limited (1864095D IN) is looking to raise US$220m in its India IPO, via selling a mix of primary and secondary shares.

Clarence Chu

Indegene Pre-IPO - RHP Updates - Client Base Continued to Grow, and Margins Have Begun Stabilizing

Indegene Limited (1864095D IN) is looking to raise about US$220m in its upcoming India IPO. We looked at the firm’s past performance in an earlier...

Clarence Chu

Dr. Reddy's Laboratories (DRRD IN): US and Europe Drive Highest Ever Sales in Q3; Profit Surges 11%

​Dr. Reddy's Laboratories achieves record revenue in Q3FY24, driven by volume gains and new launched in U.S. and Europe. The company has recently...

Tina Banerjee

Pharmaceuticals: US Generic Growth to Stay, Selective on Structural Play

The pharmaceutical sector, emerging from the volatility of the past two post-pandemic and geopolitically tumultuous years, is now on a recovery...

HDFC Securities

Pause/Pullback Underway; Downgrading Europe and Mexico; Buys in Services, Tech, Comm, Healthcare

Pause/pullback underway in $ACWI, but as long as the $DXY remains below $106, the 10-year Treasury yield remains below 4.35%, and $ACWI is above...

Vermilion Research

Dr. Reddy's Laboratories achieves record revenue in Q3FY24, driven by volume gains and new launched in U.S. and Europe. The company has recently...