Dishman Carbogen Amcis Ltd. News and Updates

Name: Latest research reports of Dishman Carbogen Amcis Ltd. authored by IDBI Capital and published by - Trendlyne research reports.
Item: Dishman Carbogen Amcis Ltd.
Rating: 5
Author: IDBI Capital

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Dishman Carbogen Amcis Ltd.

27 Jul 2018

193.41

0.18%

Result Review of Dishman Carbogen Amcis

Buy: Dishman Carbogen Amcis Ltd.

Recommendation Target

IDBI Capital

Dishman Carbogen Amcis's (Dishman) Q1FY19 revenue was a marginal miss but EBITDA/PAT were below our estimates by 31.9%/24.7%. Sales grew 32.6% YoY to Rs4.5 bn while EBITDA/PAT increased 26.7%/204.5% to Rs872/396 mn.EBITDA margins...

Dishman Carbogen Amcis Ltd. has lost -21.02% in the last 3 Months

Dishman Carbogen Amcis Ltd.

10 Jul 2018

193.41

0.18%

Pharmaceuticals: 1QFY19 Results Preview

Sector Update: Dishman Carbogen Amcis Ltd.

HDFC Securities

We believe FY19 may see a gradualcomebackfor large cap pharma companies, driven by (1) Actual and likely regulatory resolutions, (2) Moderating price erosion and (3) Several product launches across generic and specialty categories in 2HFY19. For the first time after six consecutive quarters, the pharma companies under our coverage will report double digit YoY growth (~13%) in revenues. EBITDA and PAT will grow at 25% and 28% YoY respectively. However, this growth is on the favorable base of 1QFY18, which was affected by GST disruption. Sequentially, revenues, EBITDA and PAT are likely to remain flat due to lack of lucrative approvals in the US and continued investment for specialty business. Within the sector, depreciated rupee is likely to benefit CRAMS companies like DIVIS and DCAL. Most of the US focused companies will report flat sequential growth and steady EBITDA margin

Dishman Carbogen Amcis Ltd. is trading below all available SMAs

Dishman Carbogen Amcis Ltd.

30 Jun 2018

193.41

0.18%

Dishman Carbogen Amcis Ltd.

Buy: Dishman Carbogen Amcis Ltd.

Ashika Research

Dishman Carbogen Amcis Ltd. has lost -21.02% in the last 3 Months

Dishman Carbogen Amcis Ltd.

18 May 2018

193.41

0.18%

Dishman Carbogen Amcis (4QFY18): Few hiccups, but prospects remain healthy. Maintain BUY

Buy: Dishman Carbogen Amcis Ltd.

Target

HDFC Securities

Re-iterate BUY with a revised TP of Rs 450 (12x FY20E EV/EBITDA). On the back of fall in market molecule revenues and capacity constrains at Switzerland entity, DCAL reported sequentially flat top line at Rs 4.5bn. It was down 16%YoY on a high base. EBITDA margin was steady at 26.8% (up 47bps YoY and down 63bps QoQ). This was primarily owing to an unfavorable business mix, which led to a decline in gross margin level (~164bps YoY). Employee cost was also higher at Rs 1.7bn, up 8% QoQ. PAT came in at Rs 511mn, 8% below estimates, but up ~20% YoY, aided by higher other income and relatively lower taxes.

Dishman Carbogen Amcis Ltd. has lost -21.02% in the last 3 Months

Dishman Carbogen Amcis Ltd.

25 Apr 2018

193.41

0.18%

Dishman Carbogen Amcis (Update): Niraparib update. Maintain BUY

Buy: Dishman Carbogen Amcis Ltd.

HDFC Securities

Maintain BUY with a TP of Rs 480 (12x FY20E EV/EBITDA). As per the recent updates from Tesaro (one of the key clients of Dishman Carbogen), Niraparib has met the primary end point in QUADRA clinical trial for 4th line of treatment in ovarian cancer. It enables Tesaro to market Niraparib for late phase ovarian cancer treatments (4L+). Effectively, it will increase the volumes for Tesaro and Dishman carbogen both.

Dishman Carbogen Amcis Ltd. has lost -21.02% in the last 3 Months

Dishman Carbogen Amcis Ltd.

13 Apr 2018

193.41

0.18%

Pharmaceuticals: 4QFY18 Results Preview

Top Picks: Dishman Carbogen Amcis Ltd.

HDFC Securities

Top picks: CDH, ALKEM, DCAL, NLL After reporting two better quarters, we expect the top line for our pharmaceutical coverage universe to decline 2-3% QoQ while EBITDA margin is likely to remain steady at 21% in 4QFY18. Within the sector, considering the seasonality in the business, only CRAMS companies are likely to report sequential improvement. Most of the US focused formulation companies will report single digit decline in the top line and earnings are likely to be better sequentially due to low base of 3QFY18 (hit by US tax adjustments). Although YoY performance appears much better (Revenues Up 3%YoY and EBITDA Margin up 170bps YoY), structural issues like unfavorable US pricing environment, pending plant clearances and low visibility on the lucrative approvals are still dominating. We continue to believe that the US generic businesses are not completely out of the woods and will need more time to recover.

Dishman Carbogen Amcis Ltd. has lost -21.02% in the last 3 Months

Dishman Carbogen Amcis Ltd.

29 Jan 2018

193.41

0.18%

Result Review of Dishman Carbogen Amcis

Accumulate: Dishman Carbogen Amcis Ltd.

Recommendation

IDBI Capital

Total revenues for Q3FY18 were at Rs4.3bn (est. Rs4.8bn) were up 20.9% YoY and remained flat on a QoQ basis. Gross margins dipped to 76% lowest since Q1FY16, we expect these to ramp up to ~80% going forward. PAT was up 27.8% at Rs420mn...

Dishman Carbogen Amcis Ltd. has lost -21.02% in the last 3 Months

Dishman Carbogen Amcis Ltd.

26 Jan 2018

193.41

0.18%

Dishman Carbogen Amcis (3QFY18): Unfavourable business mix; thesis unchanged. Maintain BUY

Buy: Dishman Carbogen Amcis Ltd.

Target

HDFC Securities

Maintain BUY with a revised TP of Rs 480 (12.5x Dec-19E EV/EBITDA). DCAL reported a strong top-line but lower margins in 3QFY18. Revenue grew 27% YoY to Rs 4.6bn (in-line with estimates), and EBITDA came in at Rs 1.2bn, up 22% YoY. However, there was a miss at the margin level, with the EBITDA margin coming in at 26.4%, down ~100bps YoY. This was primarily owing to an unfavourable business mix, which led to a decline at the gross margin level (~460bps YoY). The lower margin Carbogen Amcis pie contributed 62% of the top-line in 3QFY18 (vs 49% in 3QFY17) and the high margin India CRAMs segment contributed 10% (vs 15% YoY), causing the margin decline. PAT came in at Rs 420mn, below estimates, but up ~29% YoY.

Dishman Carbogen Amcis Ltd. is trading below all available SMAs

Dishman Carbogen Amcis Ltd.

03 Jan 2018

193.41

0.18%

Dishman Carbogen Amcis

Buy: Dishman Carbogen Amcis Ltd.

IDBI Capital

Strong financials: With the improved product mix, capacity utilization, commercial manufacturing of some APIs for a high-margin products and financial cost savings to help improve the EBITDA margins going forward. We expect Dishman's revenues/EBITDA/Net Profit to grow at a CAGR of 15%/18.7%/36.4% respectively over FY17-20E on the back of better utilization of capacities, increased revenues from high-margin HIPO APIs and Vit-D analogues. Valuation: We initiate coverage on Dishman with a BUY and a target price of Rs412,...

Dishman Carbogen Amcis Ltd. is trading below all available SMAs

Dishman Carbogen Amcis Ltd.

26 Dec 2017

193.41

0.18%

Dishman Carbogen Amcis (Update): On the fast track. Maintain BUY

Buy: Dishman Carbogen Amcis Ltd.

Target

HDFC Securities

At CMP, DCAL is trading 9.1x FY19 EBITDA and 7.2x FY20E EBITDA, at ~25% discount to the sector average. Foresee 13% revenue CAGR and 36% earnings CAGR over FY1720E. Maintain BUY. One of the molecules from Dishman Carbogen Amcis (DCAL) pipeline, crenolanib (disclosed by us in our IC note Highly potent), has received fast track designation from the US FDA for the indication of relapsed or refractory (R/R) acute myeloid leukemia (AML). A drug program with Fast Track status is afforded greater access to the FDA for the purpose of expediting the drugs development, review, and potential approval.

Dishman Carbogen Amcis Ltd. is trading below all available SMAs

Is Dishman Carbogen Amcis Ltd. worth buying?

442 Votes:

Buy 80.77%

Sell 12.44%

Hold 6.79%