In today’s briefing:
- Initial Thoughts on the KOSPI200 Rebalance in June 2022
- Emcure Pharmaceuticals Pre-IPO – Proforma Earnings Were Strong but It Faces a Host of Legal Issues
- Pre-IPO Biocytogen Pharmaceuticals – The Novel Development Model Offset the Pipeline’s Shortcomings
- Metropolis Healthcare Ltd – Q3FY22 Result Update
- Apollo Hospitals: In Line Quarter; Numbers Trend Pre-Covid Level
- Glenmark Pharmaceuticals: Launches, Margins Sustainability to Hold Key
Initial Thoughts on the KOSPI200 Rebalance in June 2022
- In this insight, we discuss the potential additions and deletions in the upcoming June 2022 KOSPI200 rebalance.
- These top 10potential inclusionsare down on average 4.4% YTD, outperforming KOSPI which is down 10.1% YTD.
- These top 10 potential exclusions are down on average 12.3% YTD, underperforming KOSPI which is down 10.1% YTD.
Emcure Pharmaceuticals Pre-IPO – Proforma Earnings Were Strong but It Faces a Host of Legal Issues
- Emcure Pharmaceuticals Limited is looking to raise around US$500m in its upcoming India IPO.
- EP is an Indian Pharmaceutical company engaged in the developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.
- In this note, we talk about the various aspects of the deal.
Pre-IPO Biocytogen Pharmaceuticals – The Novel Development Model Offset the Pipeline’s Shortcomings
- The candidates in Biocytogen’s pipeline do not have advantages in development progress and also have to face fierce competition, so continuous large R&D investment in the future would be inevitable.
- However, the development model of Biocytogen is very novel and special, which could make it a rare target in the market if it is successfully listed.
- Therefore, the certainty of Biocytogen’s future growth is expected to improve gradually, and the mid- and long-term investment value would continue to increase due to the high moat.
Metropolis Healthcare Ltd – Q3FY22 Result Update
- Missed estimates, margin contraction with lower realisations.
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Apollo Hospitals: In Line Quarter; Numbers Trend Pre-Covid Level
- Apollo is one of the leading integrated healthcare service provider with avenues like hospitals, pharmacies, primary care & diagnostic clinics
- Apollo reported in line results but it was skewed with hospitals lagging our expectations while pharmacies were a beat on our estimates
- Target Price and Valuation: We value Apollo at Rs 5480 based on SOTP valuation.
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Glenmark Pharmaceuticals: Launches, Margins Sustainability to Hold Key
- Glenmark Pharmaceuticals for building a global generic, specialty and OTC business in therapy areas of dermatology, respiratory, oncology among others
- Glenmark Life Sciences for manufacturing and marketing API
- Innovation new company (ICHNOS) to focus on discovery and development of novel, firstinclass treatments
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