In today’s briefing:
- Quiddity Leaderboard SE600 Sep 23: CD Projekt Could Become an Intra-Review ADD
- Max Healthcare (MAXHEALTH IN): Record High Sales and Profitability in Q4; Expansion to Drive Growth
- Porton Pharma Solutions (300363.CH) 23H1 – Performance Pressure Would Remain in 2023
- Stada – ESG Report – Lucror Analytics
Quiddity Leaderboard SE600 Sep 23: CD Projekt Could Become an Intra-Review ADD
- In this insight, we take a look at the names leading the race to become ADDs/DELs for the SE600 and EURSTX Indices for the September 2023 Rebalance.
- SimCorp A/S (SIM DC) could trigger an intra-review ADD prior to the September 2023 Rebalance.
- Apart from that, I expect four other changes during the regular rebalance in September 2023. These expected ADDs and DELs are different from those in my last insight.
Max Healthcare (MAXHEALTH IN): Record High Sales and Profitability in Q4; Expansion to Drive Growth
- Max Healthcare Institute (MAXHEALT IN) reported robust Q4 performance, with revenue and EBITA increasing 26% and 44%, YoY, respectively. Growth was driven by increase in ARPOB and occupied bed days.
- Max commissioned new 92 beds oncology block at one of its network hospitals in March. New oncology block contributed positively to revenue and EBITDA in the first month of launch.
- Max is on track to double its bed capacity in next 5–6 years. Apart from ongoing brownfield expansions, the company has land parcels with potential to add 1,000 beds.
Porton Pharma Solutions (300363.CH) 23H1 – Performance Pressure Would Remain in 2023
- Porton’s performance declined significantly in 23H1 compared with high base last year, because most of Pfizer’s COVID-19 big orders have been completed. Porton’s performance in 2023 would be under pressure.
- Porton isn’t a first-tier CXO and lags behind industry leaders in terms of new businesses (CGT/ADC CXO). Valuation of entire CXO sector and Porton hasn’t yet reached an inflection point.
- Market’s expectation for CXO would decrease and then bottom out in 2023H2. Whether CXO’s performance would rebound in 2024 still needs to wait for the turnaround in macro environment.
Stada – ESG Report – Lucror Analytics
- Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
- We assess Stada’s ESG as “Adequate”, in line with its Environmental, Social and Governance scores. Controversies are “Material” and Disclosure is “Adequate”.
- Stada is a leading pharmaceuticals company headquartered in Bad Vilbel, Germany. It manufactures and sells a diverse range of generic and branded products across 125 countries globally.
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