Motilal Oswal - MOSL: Morning India (23/February/18): 1. Ajanta Pharma; 2. Sanofi India; 3. Automobile; 4. Healthcare

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Motilal Oswal

Team Research

MOSL: Morning India (23/February/18): 1. Ajanta Pharma; 2. Sanofi India; 3. Automobile; 4. Healthcare

MOrning India (23/February/18): 1. Ajanta Pharma; 2. Sanofi India; 3. Automobile; 4. Healthcare

Today’s top research idea

Ajanta Pharma – Growth ingredients in place; EM execution + US approvals hold key

We remain positive on AJP, considering its strong pipeline for the US market and continued better-than-industry growth in branded generics in India, Africa and Asia.
Rejigged strategies by the company in a favorable business environment have started yielding results in Asia, while its enhanced focus on Anglo Africa is expected to support growth in Africa’s branded generics business.
AJP has also re-strategized to improve growth in dermatology in the domestic formulations segment, and remains on track to outperform industry.
Although growth in the US business has been muted due to pricing pressure, AJP remains aggressive on building a product pipeline for future growth.
We value AJP at 25x 12M forward earnings to arrive at a price target of INR1,840. Re-iterate Buy.

Piping hot news

JSW Group offers highest bid for Jaypee Infratech

The JSW Group has emerged as the highest bidder for Jaypee Infratech, offering little over Rs 9,900 crore to banks amid claims from home buyers that they should be considered on a par with financial lenders in the resolution plan for the debt-laden company.

23/02/2018 24 EN

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MOSL: Morning India (23/February/18): 1. Ajanta Pharma; 2. Sanofi India; 3. Automobile; 4. Healthcare

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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