reports
Shilpa Medicare Ltd: 1 director
A director at Shilpa Medicare Ltd sold 5,758 shares at 368.000INR and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cle...
- Team Research
MOSL: SHILPA MEDICARE (Buy)-Op. leverage yet to kick in-faster approva...
Shilpa Medicare: Op. leverage yet to kick in; faster approvals/launches crucial for growth (slpa IN, Mkt Cap USD0.4b, CMP INR377, TP INR480, 27% Upside, Buy) Revenue growth impacted by CRAMS: Revenue declined 7% YoY (+7% QoQ) to INR1.7b (our estimate: INR1.6b) in 3QFY19. SLPA maintained its momentum in US business, where sales grew 46% YoY to INR365m (21% of sales). This, however, was offset by the subdued performance of CRAMS business, where sales declined by 48% YoY to INR260m (15% of s...
- Tushar Manudhane
MOSL: SHILPA MEDICARE (Buy)-G-Gleevec to boost profitability- US gener...
SHILPA MEDICARE: G-Gleevec to boost profitability; US generics the key growth driver for SLPA over medium term (SLPA IN, Mkt Cap USD0.5b, CMP INR400, TP INR620, 55% Upside, Buy) Shilpa Medicare (SLPA) has received the USFDA’s final approval for Imatinib Mesylate (g-Gleevec) used in Leukemia in the form of tablets (100mg and 400mg). g-Gleevec (Imatinib Mesylate) is expected to open business opportunity of USD10-12m for SLPA in the US generics segment. With four ANDA approvals (3-final and...
- Tushar Manudhane
MOSL: SHILPA MEDICARE (Buy)-Formulation business drive earnings-outloo...
Shilpa Medicare: Formulation business drive earnings; outlook positive (SLPA IN, Mkt Cap USD0.5b, CMP INR430, TP INR620, 44% Upside, Buy) Sharp ramp-up in Formulation sales: Shilpa Medicare’s (SLPA) 1QFY19 revenue increased 17.6% YoY to INR1.9b (our estimate: INR2b), led by a 170% YoY increase in Formulation sales (27% of sales) and a 77% YoY rise in Non-onco API sales (27% of sales). Notably, the contribution of Formulation sales to overall sales increased from 12% YoY to 27% in the quar...
- Tushar Manudhane
MOSL: SHILPA MEDICARE (Buy)-Base business remains healthy-ANDA approva...
Shilpa Medicare: Base business remains healthy; ANDA approvals – key for overall growth (SLPA IN, Mkt Cap USD0.6b, CMP INR435, TP INR593, 36% Upside, Buy) Performance marginally ahead of expectations: Net sales grew 3.8% YoY to INR2.3b (est. of INR2.1b) in 4QFY18, led by increased formulation sales. Gross margin shrank 500bp YoY to 54% due to increased RM prices in the CRAMS business. EBITDA margin, too, contracted 480bp YoY to 20.3% (est. of 19.9%). This, along with higher depreciation...
- Tushar Manudhane
MOSL: SHILPA MEDICARE (Buy)-EIR lowers regulatory risk over medium ter...
Shilpa Medicare: EIR lowers regulatory risk over medium term; Focus to shift to product approvals (SLPA IN, Mkt Cap USD0.6b, CMP INR489, TP INR749, 53% Upside, Buy) The receipt of establishment inspection report (EIR), with unchanged status – voluntary action initiated (VAI) – for the Jadcherla formulations facility from the USFDA is a positive. It minimizes regulatory risk over the medium term. SLPA’s ANDA pipeline remains robust. We expect 16% CAGR in sales to INR12b and 35% CAGR in PA...
- Tushar Manudhane
MOSL: SHILPA MEDICARE (Buy)-One-offs led weak results-Outlook remains ...
Shilpa Medicare: One-offs led weak results; Outlook remains promising (SLPA IN, Mkt Cap USD0.6b, CMP INR509, TP INR749, 47% Upside, Buy) Plant specific issue dragged overall sales growth: Shilpa Medicare (SLPA) delivered sales of INR1.9b (our est: INR2.4b), up 1.1% YoY. Lower US sales on account of equipment specific issues dragged overall sales growth for the quarter. In addition, it received lower development income for the quarter as it has started its own filing. Onco-API growth momen...
- Tushar Manudhane
MOSL: SHILPA MEDICARE (Buy)-Product approvals/EIR – key indicators o...
​SHILPA MEDICARE: Product approvals/EIR – key indicators of successful compliance(SLPA IN, Mkt Cap USD0.8b, CMP INR624, TP INR797, 28% Upside, Buy)Shilpa Medicare (SLPA) was recently issued 10 observations in form 483 as part of the USFDA inspection at its Jadcherla formulation facility. Our interpretation of the form 483 indicates the resolution may take 3-6 months. Although the observations appear to be product-specific, we believe SLPA will have to take a holistic approach in reviewing an...
- Tushar Manudhane
MOSL: SHILPA MEDICARE (Buy)-Margins driven by superior product mix-rem...
​Shilpa Medicare: Margins driven by superior product mix; remains aggressive in filings(SLPA IN, Mkt Cap USD0.8b, CMP INR658, TP INR797, 21% Upside, Buy)Strong growth in sales post adjusting for shift in business to JV: Sales fell 3.4% YoY to INR2b, but were better than our estimate of INR1.9b. The sales decline can be ascribed to the transfer of the CRAMS business to a JV (since 3QFY17). Excluding the impact of this transfer, sales growth stands higher at 24% (led by addition of formulations ...
- Tushar Manudhane
MOSL: SHILPA MEDICARE (Buy)-Strong pipeline and forward integration to...
​SHILPA MEDICARE: Strong pipeline and forward integration to drive earnings(SLPA IN, Mkt Cap USD0.7b, CMP INR585, TP INR804, 41% Upside, Buy)We recently met Shilpa Medicare’s (SLPA) management to get an update on its business segments. The company is progressing well on ANDA filings, with cumulative pending approvals of 26. With a low base in the US market, sales there are expected to ramp-up, led by its existing products and new approvals. We expect SLPA to deliver US revenue of INR4b in FY...
- Tushar Manudhane
MOSL: SHILPA MEDICARE (Buy)-US formulation on track-Outlook positive
​Shilpa Medicare: US formulation on track; Outlook positive(SLPA IN, Mkt Cap USD0.8b, CMP INR551, TP INR805, 46% Upside, Buy)SLPA's sales rose marginally by 0.8% YoY to INR1.7b due to the shift of part of the CRAMS business to the JV with ICE. This shift of operations started 3QFY17 onward. The company, however, has witnessed improved traction on the formulations front over the past year. EBITDA margin expanded 30bp YoY to 20.2%, which, along with higher other income and lower taxes, led to an...
- Tushar Manudhane
MOSL: SHILPA MEDICARE (INITIATING COVERAGE)-Injecting growth-Product a...
​SHILPA MEDICARE (INITIATING COVERAGE): Injecting growth; Product approvals, superior execution to drive earnings(SLPA IN, Mkt Cap USD0.8b, INR647, TP INR805, 24% Upside, Buy)Shilpa Medicare (SLPA) has been engaged in the manufacture of active pharmaceutical ingredients (APIs) since 1987. However, over a period of time, it has shifted its focus toward creating a niche in Oncology generics. In the process, it has developed a strong capability in manufacturing oncology APIs and formulations. Bes...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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