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ID:8229663
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页数:21页
时间:2018-03-11
《汇丰银行-印度制药业-india pharmaceuticals 1qfy18 preview,no tail to this headwind-20170712-hsbc》由会员上传分享,免费在线阅读,更多相关内容在行业资料-天天文库。
1、12July2017IndiaPharmaceuticalsEQUITIESPHARMACEUTICALS1QFY18Preview:NotailtothisheadwindIndiaExpect1QFY18weakperformancewithflatyoysalesandGirishBakhru*,CFAc28%declineincoreearningsincoverageuniverseAnalyst,SouthEastAsiaHealthcareHSBCSecuritiesandCapitalMarkets(India)Pr
2、ivateLimitedWeexpectcoreEBITDAdeclineofc18%yoyforourcoveragegirishbakhru@hsbc.co.in+912222681638inpharma.Higherformid-capswithhigherIndiaexposureDamayantiKerai*Analyst,Healthcare&HospitalsIndiaslowdownaheadofGSTtoimpactentiresector.NoHSBCSecuritiesandCapitalMarkets(India)
3、PrivateLimitedstrongplayaheadof1QFY18earningsdamayantikerai@hsbc.co.in+912233960692Sectorearnings:WeexpectIndiaPharmatoreportweak1Qledbya)slowdowninIndiaasaresultofchannelde-stockingaheadofGST(Goods&ServicesTax)rollout–*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc,and
4、isnotregistered/qualifiedpursuanttoFINRAregulationsinventoryat17.4daysinweekending28Junb)USDdepreciationagainstINRc)lackofbigticketlaunchesandd)continuingbaseerosionintheUS.WeexpectoverallsalestoremainflatyoyandbuildcoreEBITDAdeclineofc18%yoy(~480bpsdecline).WeexpectQoQsale
5、sgrowthofc2.6%andmargindeclineofc80bps.Baseeffectimpact:WeexpectSunPharmaandLupintoreportc45%declineinreportedPATbasisonhighbase.Onthecontrary,DrReddy’swillbenefitfromalowbasethoughweexpectqoqperformancetoremainweakowingtoflattishUSexpectationdespitenewlaunches.Weexpecthigh
6、shareIndiaimpacttobevisibleintheearningsofAlkem,Torrent,AlembicandCipla.QoQweexpectastrongperformanceforGlenmarkonthebackofhighergZetiasales.WealsoexpectAurobindotorecordabetterqoqdrivenbynewlaunchesintheUSandnoimpactfromIndiaslowdown.Healthcareservices:Weexpectmarginalreco
7、veryinhealthcareservicespost✔VoteinAsiamoneyBrokersPoll2017demonetisationledvolumeslippagesinQ4FY17.WeexpectbenefitofFHTLtransactionVotingstarts6thJulytoreflectinFortis,whileApolloearningswillremainunderpressureowingtostart-upIfyouvalueourserviceandinsight,voteforHSBClosses
8、intheNaviMumbaifacility.ClickheretovoteFY18outlook:AsperthelatestAIOCDdata,Indiagr
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