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>Our 2023 outlook, initially discussed in our January 6th 2023 Int'l Compass, was for $93 to cap upside on the MSCI ACWI (ACWI-US); this has again proven prescient.</li>
<li>Since late-January/early-February we have recommended shifting to defensives, and MSCI ACWI defensive Sectors including Health Care (IXJ-US), Utilities (JXI-US), and Consumer Staples (KXI-US) are now hitting 3-4-month RS highs.</li>
<li>With the ACWI-US just now starting to turn down after testing $93, we continue to recommend a tactical overweight to the aforementioned defensive Sectors, and also to gold miners (GDX-US).</li>
</ul>


Our 2023 outlook, initially discussed in our January 6th 2023 Int'l Compass, was for $93 to cap upside on the MSCI ACWI (ACWI-US); this has again proven prescient.
Since late-January/early-February we have recommended shifting to defensives, and MSCI ACWI defensive Sectors including Health Care (IXJ-US), Utilities (JXI-US), and Consumer Staples (KXI-US) are now hitting 3-4-month RS highs.
With the ACWI-US just now starting to turn down after testing $93, we continue to recommend a tactical overweight to the aforementioned defensive Sectors, and also to gold miners (GDX-US).


Stay Tactically Overweight Defensives; Remain Overweight Europe, Japan, & EAFE. Buys in Defensives

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

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 (6596876Z IN)</a>, a pharmaceutical company, is seeking to raise up to Rs43.3 billion (US$527 million) at Rs1,026-1,080 per share. The public offer runs from 25-27 April.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/mankind-pharma-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:99882" rel="noopener">Mankind Pharma IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/mankind-pharma-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:99946" rel="noopener">Mankind Pharma IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/mankind-pharma-ipo-updates-warrant-caution" target="_blank" data-smartkarma-citation="insights:100442" rel="noopener">Mankind Pharma IPO: Updates Warrant Caution</a>. </li>
<li>Our valuation analysis suggests that Mankind Pharma is fully valued at the IPO price range. Therefore, we are inclined to pass on this IPO. </li>
</ul>



Mankind Pharma (6596876Z IN), a pharmaceutical company, is seeking to raise up to Rs43.3 billion (US$527 million) at Rs1,026-1,080 per share. The public offer runs from 25-27 April.
We previously discussed the IPO in Mankind Pharma IPO: The Bull Case, Mankind Pharma IPO: The Bear Case and Mankind Pharma IPO: Updates Warrant Caution. 
Our valuation analysis suggests that Mankind Pharma is fully valued at the IPO price range. Therefore, we are inclined to pass on this IPO. 


Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma (6596876Z IN)</a> IPO will open for public subscription on April 24 and close on April 27. The shares are expected to be listed on May 9.  </li>
<li>The company has set IPO price band of INR1,026 –1,080 per share, valuing the company at INR433 billion at the top of the price band.</li>
<li>The IPO price band implies P/E of 30.9x at the lower band and 32.6x at the upper band. This is pricier than other India focused pharmaceutical companies.</li>
</ul>



Mankind Pharma (6596876Z IN) IPO will open for public subscription on April 24 and close on April 27. The shares are expected to be listed on May 9.  
The company has set IPO price band of INR1,026 –1,080 per share, valuing the company at INR433 billion at the top of the price band.
The IPO price band implies P/E of 30.9x at the lower band and 32.6x at the upper band. This is pricier than other India focused pharmaceutical companies.


Mankind Pharma (6596876Z IN) IPO:  Pricey Valuation Limits Upside Potential

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma (6596876Z IN)</a>, a pharmaceutical company, is seeking to raise up to Rs43.3 billion (US$527 million) at Rs1,026-1,080 per share. The public offer runs from 25-27 April.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/mankind-pharma-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:99882" rel="noopener">Mankind Pharma IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/mankind-pharma-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:99946" rel="noopener">Mankind Pharma IPO: The Bear Case</a>. </li>
<li>The 9MFY23 (nine months to December) disclosure showcases a slowdown in growth, market share losses, margin pressure and declining RoCE. We are cautious about the IPO. </li>
</ul>



Mankind Pharma (6596876Z IN), a pharmaceutical company, is seeking to raise up to Rs43.3 billion (US$527 million) at Rs1,026-1,080 per share. The public offer runs from 25-27 April.
We previously discussed the IPO in Mankind Pharma IPO: The Bull Case and Mankind Pharma IPO: The Bear Case. 
The 9MFY23 (nine months to December) disclosure showcases a slowdown in growth, market share losses, margin pressure and declining RoCE. We are cautious about the IPO. 


Mankind Pharma IPO: Updates Warrant Caution

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.

<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> (MP) is looking to raise up to US$527m 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 various aspects of the deal in our earlier notes. In this note, we talk about the implied valuations.</li>
</ul>



Mankind Pharma (MP) is looking to raise up to US$527m 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 various aspects of the deal in our earlier notes. In this note, we talk about the implied valuations.


Mankind Pharma IPO - Quality Name but Might Not Have a Whole Lot of Upside

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)

Stay Tactically Overweight Defensives; Remain Overweight Europe, Japan, & EAFE. Buys in Defensives

$93 on $ACWI continues to be a key resistance that we have discussed since early-Jan as capping upside for 2023. Stick with defensives $IXJ $XLV...

Vermilion Research

Mankind Pharma IPO: Valuation Insights

Our valuation analysis suggests that Mankind Pharma is fully valued at the IPO price range. Therefore, we are inclined to pass on this IPO.

Arun George

Mankind Pharma (6596876Z IN) IPO: Pricey Valuation Limits Upside Potential

Mankind Pharma has set IPO price band of INR1,026 –1,080 per share. The IPO price band implies P/E of 30.9x at the lower band and 32.6x at the...

Tina Banerjee

Mankind Pharma IPO: Updates Warrant Caution

The 9MFY23 (nine months to December) disclosure showcases a slowdown in growth, market share losses, margin pressure and declining RoCE. We are...

Arun George

Mankind Pharma IPO - Quality Name but Might Not Have a Whole Lot of Upside

Mankind Pharma (MP) is looking to raise up to US$527m in its upcoming India IPO. In this note, we talk about the implied valuations.

Sumeet Singh

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