Crime Today News
Goldman Sachs on Custom Research & Manufacturing Services (CRO/CDMO)
Initiate Buy on Syngene, TP ₹875
Initiate Buy on Neuland , TP ₹9100
Initiate Sell on Laurus Labs , TP ₹350
GS on Syngene
Initiate Buy , TP ₹875
Barring short-term macro challenges in CY24, see multiple catalysts
(i) improving biotech funding environment,
(2) ramp-up of Mangalore API/ Stelis biologics plant in H2FY25/FY26
(3) new contract wins esp. in current anti-China environment.
While pharma R&D outsourcing TAM of $200bn is seeing healthy double-digit growth p.a, forecast India’s global market share to increase 30bps (in small molecule CDMO) & 70 bps (CRO) by FY28E in base case
GS on Neuland
Initiate Buy, TP ₹9100
Barring challenges to FY25 growth on a/c of a high base, see multiple catalysts
i)improving biotech funding environment,
2)new capacity at unit-3 coming online from FY25-end
3)commercialisation of large molecule in FY26/27
GS on Laurus Labs
Initiate Sell, TP ₹350
Risk-reward unfavourable
i)lack of catalysts for CDMO biz in CY24
2)mismatch in timelines for new capacity monetisation vs expectations
3)slower FY25 growth with risk on margin guidance vs expensive valuations
Trades @34x FY26E EPS
Nomura on Lupin
Buy Call, Target ₹1,949
Mgmt’s Comments Suggest Co Would Consolidating Its Presence Across Markets
Co To Consolidate Its Presence Through Improved Execution And Cost Control
As Per Management, Co Has Learned From Past Mistakes
Co Is Conservative On Inorganic Expansion & Would Not Pursue A Large Acquisition
Expansion In EBITDA Margin & Low Capex To Improve Free Cash Generation Over Next 2 Yrs
An Improved Balance Sheet, Earnings Could Surprise On Upside
GS on CreditAccess Grameen
Initiate Buy, Target ₹1,788
Co Has Demonstrated A Good Track Record Through The Cycles
Forecast A Healthy 21% Profit CAGR, Coverage At 15% Over FY24-FY26
Forecast A Healthy Profit CAGR On Strong Lending CAGR Of 24%
Forecast A Healthy Profit CAGR On Continued Superior Profitability With Avg RoAs Of 5.6%
Continued Superior Profitability On, Diversified Loan Book, Mkt Sh Gains From Geographies
Maintaining Competitive Edge On Ind-Leading Credit Costs & Operating Efficiency
Stock Currently Trades At 2.7x P/B & 12x P/E FY25
Jefferies on Entero Healthcare
Initiate Buy, Target ₹1,510
Co Is A Fast-Growing Healthcare Products Distributor In A Large & Fragmented Mkt
Co’s Wide Reach & Product Offering Should Lead To 20% Organic Rev CAGR For FY24-26
Co’s Strong Tech Platform, Should Lead To 20% Organic Revenue CAGR For FY24-26E
Co Should Gain From Industry Consolidation
Over FY24-26E, Est 44% Rev CAGR & 8x Rise In Adj Profit As Economies Of Scale Kick In
MS on Phoenix Mills
Overweight Call, Target ₹3,000
Co Reported 9% YoY Growth In Same Store Consumption In Q4, Up From 5% In Q3
Same Store Consumption Data Higher Than Consensus
Consensus Expressed Concerns About Decelerating Consumption Growth For Mature Malls
For Example, Palladium Mumbai Consumption Only Rose 1% YoY
Palladium Mumbai Consumption Only Rose 1% YoY Partly Due To Closure Of Lifestyle Section
Same Store Consumption, Ex-Indore Decelerated From Q3 FY24
InCred on Navin Fluorine
Upgrade To ADD, Target Cut To ₹4,080
Co’s FY24 EPS May Decline By 31% YoY, Driven Mainly By Agrochem Slowdown
Future Growth for EPS To Be Driven By Less Cyclical Pharma Products
Co Is Making Multiple Potential Intermediates For Cystic Fibrosis, Cancer & Pain Treatments
Correction In Its Stock Price Based On Cyclical Factors Is A Buying Opportunity
Macquarie on Industrials
BEL And Cummins India Are Our Preferred Picks
Target ₹280 For BEL
Target ₹3,600 For Cummins India
Outperform Call On L&T, Target ₹4,400
Outperform Call On Carborundum, Target ₹1,500
Neutral Call On ABB, Target ₹6,550
Target At ₹5,575 For Siemens
Underperform Call On BHEL, Target ₹200
Target At ₹3,550 For Thermax
India Looks Set For A Multi-Year Capex Upcycle With Multiple Themes At Play
Several Themes Are Still At Early/Mid-Cycle And Often Feed Into Each Other
Tailwinds Have Started To Bolster Order Backlogs
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