reports
- Tushar Manudhane
MOSL : ALKEM LABORATIES: US Generics and higher OPEX drags earnings
. ALKEM LABORATIES: US Generics and higher OPEX drags earnings (ALKEM IN, Mkt Cap USD4.7b, CMP INR3112, TP INR3240, 4% Upside, Downgrade to Neutral) Downgrade our rating on the stock to Neutral ALKEM delivered a lower than expected 1QFY23 earnings, led by a sharp rise in operational cost and increased competition in the US Generics segment. In addition to the Domestic Formulation (DF) segment and US Generics, it is adding Biosimilars and contract development and manufacturing operations (C...
Alkem Laboratories Ltd: 1 director
A director at Alkem Laboratories Ltd sold 25,000 shares at 3,609.423INR and the significance rating of the trade was 67/100. 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 yea...
ALKEM LABORATORIES sees a downgrade to Neutral on account of less fund...
The independent financial analyst theScreener just lowered the general evaluation of ALKEM LABORATORIES (IN), active in the Pharmaceuticals industry. As regards its fundamental valuation, the title now shows 0 out of 4 stars while market behaviour can be considered defensive. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date February 8, 2022, the closing price was INR 3,490.60 and its ...
- Tushar Manudhane
MOSL: ALKEM LABORATORIES (Buy)-Domestic Formulation/non-US segment dri...
ALKEM LABORATORIES: Domestic Formulation/non-US segment drives earnings growth (ALKEM IN, Mkt Cap USD5.7b, CMP INR3551, TP INR4150, 17% Upside, Buy) Posts market beating growth in Acute/Chronic therapies in the DF segment ALKEM delivered an in line 2QFY22 earnings, led by a strong showing in the Domestic Formulations (DF) segment, but excluding the international US segment. Like its peers, ALKEM also exhibited subdued performance in the US segment, impacted by high single-digit price ero...
- Tushar Manudhane
MOSL: ALKEM LABORATORIES (Buy)-DF outshines for the quarter; US to fol...
Alkem Lab (ALKEM) delivered a strong beat on expectations in its 1QFY22 performance, led by superior execution in the Domestic Formulations (DF) segment and International (ex-US) segment. While the US business witnessed higher price erosion in 1QFY22, upcoming niche launches would offset this and drive double-digit growth in the US. We raise our EPS estimate by 4%/2% for FY22/FY23, factoring in a) the at-risk launch of g-Duexis, b) biosimilar launches in India, c) the higher off-take of pr...
- Tushar Manudhane
MOSL: ALKEM LABORATIES (Buy)-DF and US business lead strong earnings g...
Alkem Laboraties: DF and US business lead strong earnings growth (ALKEM IN, Mkt Cap USD4.2b, CMP INR2505, TP INR2950, 18% Upside, Buy) DF on robust growth path; US profitability to gradually improve Alkem is one of the companies with higher exposure (two-third of the business) to domestic formulation (DF), which is a strong industry outperformer. It has lower exposure to US generics (~25%), which is driven by new launches. Further, Alkem has delivered 34% EBITDA growth for 9MFY20, led by...
- Tushar Manudhane
MOSL: ALKEM LABORATORIES (Buy)-DF-led beat on earnings, undertaking ef...
Alkem Laboratories: DF-led beat on earnings, undertaking efforts to maintain momentum (ALKEM IN, Mkt Cap USD3.3b, CMP INR1964, TP INR2325, 18% Upside, Buy) Highest-ever quarterly revenue run-rate: ALKEM's revenue increased ~18% YoY to INR22.6b (our estimate: INR20.2b) in 2QFY20, led by robust growth in domestic formulation (DF) sales (+18% YoY to INR15.5b, 70% of sales) due to strong traction in major therapies. International business grew ~15% YoY to INR6.7b (30% of sales), mainly led by th...
- Tushar Manudhane
MOSL: ALKEM LABORATORIES (Buy)-Robust growth in DF-New launches in US/...
ALKEM LABORATORIES: Robust growth in DF; New launches in US/softening RM prices to improve profitability (ALKEM IN, Mkt Cap USD3b, CMP INR1793, TP INR2100, 17% Upside, Buy) India/US leads while other international business drags revenue growth: Sales increased ~11% YoY to INR18.5b (v/s est. INR18.6b), majorly supported by (a) the US business, which grew 13.7% YoY to INR4.8b (26% of sales), and (b) the Domestic business, which grew ~12% YoY to INR12.2b (66% of sales), on strong performance...
- Tushar Manudhane
MOSL: ALKEM LABORATORIES (Buy)-Favorable base effect comes into play-s...
Alkem Laboratories: Favorable base effect comes into play; superior execution to drive profitability (ALKEM IN, Mkt Cap USD3b, CMP INR1762, TP INR2100, 19% Upside, Buy) Revenues driven by India biz: Sales increased 24% YoY to INR18.5b (our estimate: INR20b) in 4QFY19, with India sales growth of 27% YoY to INR12b off a low base. We note that India sales were impacted in the year-ago period due to changes in the distribution policy, adjusting for which domestic sales growth was in early tee...
- Tushar Manudhane
MOSL: ALKEM LABORATORIES (Buy)-FY19 an aberration, but outlook remains...
Alkem Laboratories: FY19 an aberration, but outlook remains promising; New launches in the US, superior execution in India to aid earnings growth (ALKEM IN, Mkt Cap USD3b, CMP INR1772, TP INR2170, 22% Upside, Buy) The price correction of the past six months provides a good buying opportunity in Alkem Labs (ALKEM), in our view. With compliance in place and ANDA filings/approvals proceeding at a healthy rate, we expect ALKEM to post revenue CAGR of 16% over FY19-21E and improve profitabilit...
- Tushar Manudhane
MOSL: ALKEM LABORATORIES (Buy)-Strong US growth-key DF biz suffers
Alkem Laboratories: Strong US growth; key DF biz suffers (ALKEM IN, Mkt Cap USD3.2b, CMP INR1900, TP INR2365, 24% Upside, Buy) Profitability impacted by lower gross margin: Revenue grew 10% YoY to INR19.3b (our estimate: INR18.9b) in 3QFY19, led by strong 44% YoY growth in the US business (27% of sales). This, however, was partly offset by de-growth of 1% YoY in the domestic formulation business (DF; 66% of sales). Growth in the US was driven by healthy traction in the existing portfolio,...
MOSL: ALKEM LABORATORIES (Buy)-1QFY19 an aberration-Levers intact for ...
Alkem Laboratories: 1QFY19 an aberration; Levers intact for superior earnings growth (ALKEM IN,Mkt Cap USD3.6b, CMP INR2071, TP INR2475, 19% Upside, Buy) Earnings miss due to deferred sales: Alkem Laboratories (ALKEM) reported a growth of 29% YoY to INR16.7b (v/s est. of INR17.6b) on the back of a strong growth in the domestic formulation (DF) and US businesses. Gross margin expanded by ~350bp YoY (+80bp QoQ) to ~60% due to a change in product mix and favorable currency impact. EBITDA mar...
MOSL: ALKEM LABORATORIES (Buy)-Weak 4Q-margin improvement is key
Alkem LaboratorieS: Weak 4Q; margin improvement is key (ALKEM IN, Mkt Cap USD4.1b, CMP INR1978, TP INR2400, 21% Upside, Buy) Revenue grew 21% YoY to INR15.1b (est. of INR14.5b) in 4QFY18. EBITDA came in at INR1.4b, with the adj. EBITDA margin at ~9.4%. Other expenses included one-time cost of INR282.5m related to net loss on fair valuation of current investments. Weak margin during the quarter is due to higher contribution from the international business, the GST impact, and high API cost...
MOSL: ALKEM LABORATORIES (Buy)-Strong numbers-operating leverage impa...
Alkem Laboratories: Strong numbers; operating leverage impact visible (alkem IN, Mkt Cap USD4.1b, CMP INR2182, TP INR2500, 15% Upside, Buy) Revenue grew 17% YoY to INR17.4b (est. of INR16.7b) in 3QFY18. EBITDA came in at INR3.6b, with the margin at ~20.7% (est. of ~20%). This is despite higher other expense (+410bp QoQ) due to higher promotional charges related to the OTC business and doctors’ conferences. R&D expense stood at INR927m (or 5.3% of sales). PAT was at INR1.7b, lower than our...
MOSL: ALKEM LABORATORIES (Upgrade to Buy)-Uniquely positioned-Fundamen...
​ALKEM LABORATORIES: Uniquely positioned; Fundamentals strong; valuations reasonable(ALKEM IN, Mkt Cap USD3.6b, CMP INR1968, TP INR2500, 27% Upside, Upgrade to Buy)Domestic business set to grow at >20% over next three quarters: Alkem Laboratories (ALKEM) has guided for GST-adjusted (impact of ~7%) growth of mid-teens in the domestic market in FY18. This would translate into >20% growth in 2HFY18 (growth will be >25% if we normalize it for GST). Also, in 1QFY19, we expect similar growth levels ...
MOSL: ALKEM LABORATORIES (Neutral)-Strong numbers-operating leverage i...
​Alkem Laboratories: Strong numbers; operating leverage impact visible(ALKEM IN, Mkt Cap USD3.6b, CMP INR1937, TP INR1950, 1% Upside, Neutral)Revenue increased ~14% YoY to INR18.6b (8% beat; adjusted for GST, revenue growth stands at ~20%). EBITDA rose 48% YoY to INR4.6b (48% beat), with the margin at ~24.7% (+570bp YoY and 1740bp QoQ), as other expense declined ~500bp YoY (as % of sales). R&D expense stood at INR901m (4.8% of sales). PAT increased ~13% YoY to INR3.2b (29% beat).Strong domesti...
MOSL: ALKEM LABORATORIES (Neutral)-Weak 1Q due to GST impact-recovery ...
Alkem Laboratories: Weak 1Q due to GST impact; recovery expected in coming quarters(ALKEM IN, Mkt Cap USD4.1b, CMP INR1707, TP INR1830, 7% Upside, Neutral)Revenue declined 12.5% YoY to INR12.9b (17% miss). Adjusted for accounting treatment of excise duty cost of INR520m, gross margin remained flat. EBITDA stood at INR944m, with the margin of ~7% coming in significantly below our estimate due to poor performance in the domestic business (-21% YoY). R&D expense stood at INR701m (5.4% of sales). PA...
MOSL: ALKEM LABORATORIES (Neutral)- Weak 4Q-domestic business delivers...
​Alkem Laboratories: Weak 4Q; domestic business delivers muted performance(ALKEM IN, Mkt Cap USD4.1b, CMP INR1866, TP INR1900, 2% Upside, Neutral)Revenues grew 9% YoY to INR12.5b, missing estimate by 10.8%, primarily due to weak domestic business growth of ~7%. US business sales stood at USD44m (v/s USD50m in 3QFY17). EBITDA of INR1.5b declined 4% YoY, with the margin contracting 160bp YoY (-620bp QoQ) to ~11.9%, mainly due to higher R&D spend (7.3% of sales v/s normalized rate of ~4-4.5%), mu...
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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