Express Stock Ideas + Call Success & Updates Reports By Amar Ambani Of IIFL

Express Idea: Marksans Pharma – BUY
CMP Rs72, Target Rs82, Upside 14.1%

• Robust play on niche US softgel opportunity
• European business on sustainable footing
• Expect stellar ~37% EPS cagr over FY15-17E

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ACC (Q1 CY15) – Reduce
CMP Rs1,594, Target Rs1,442, Downside 9.6%

• Drop in volumes was offset by improvement in realizations.
• Adjusted for one-off in other operating income, OPM for ACC stood at 16% better than our estimate of 14%.
• Reported profit at Rs. 237cr (down 41%yoy, last year PAT was boosted by a tax write-back) was better than our estimates of Rs. 221cr.
• Trades at expansive valuation; Maintain Reduce

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Glenmark Pharmaceuticals – Call Success & Update
Reco Price Rs770, Previous Target Price Rs930, New target price Rs1,070

We had initiated coverage on Glenmark Pharma in a detailed report dated February 27, 2015 with a target of Rs930. The stock has surpassed our target translating into ~21% return in less than two months. We remain bullish on the stock as Glenmark’s US business is set to accelerate on the back of key launches like Tarka (Q4 FY15), Desmopressin (May 2015) and Welchol (Q4 FY15) as well as large FTF opportunity in Zetia. We expect a robust ~29% EPS cagr over next two years and advice investors to hold onto the stock with revised 9-12mth target of Rs1,070.

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Torrent Pharmaceuticals – Call Success & Update
Reco Price Rs1,148, Previous Target Price Rs1,320, New target price Rs1,460

We had extended our target to Rs1,320 on Torrent Pharmaceuticals in our Q3 FY15 result update dated January 30, 2015. The stock has surpassed our target and has delivered ~59% return since our recommendation given in India Strategy Report “Diwali Dhamaka” released on October 22, 2014. Despite the recent run up, we believe valuation headroom exists to support further upsides and advise investors to hold on to the stock with revised 9-12mth target of Rs1,460.

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Britannia Industries – Call Success & Update
Reco price Rs2,141, Previous target price Rs2,357, New target price Rs2,598

We had extended our target on Britannia to Rs2,059 in a call update released on January 05, 2015, then revised it to Rs2,141 in Q3 FY15 Result Update released on February 05, 2015 and then extended it to Rs2,357 in a call update released on March 03, 2015. The stock surpassed the target in today’s trading session registering 10.1% returns. We remain positive on the growth prospects of the company and advise investors to continue to hold the investment for a revised target of Rs2,598.

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GSK Consumer Healthcare – Call Success & Update
Reco price Rs5,660, Previous target price Rs6,517, New target price Rs7,168

We had recommended a BUY on GSK Consumer in Q3 FY15 Result Update released on February 05, 2015, with a target price of Rs6,517. The stock surpassed the target in today’s trading session registering 15.1% returns from our recommended price of Rs5,660. We remain positive on the growth prospects of the company and advise investors to continue to hold the investment for a revised one year price target of Rs7,168.

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Tata Communications – Call Success & Update
Reco Price Rs412, Previous Target Price Rs475, New target price Rs530

We had maintained our long standing BUY reco and extended the target to Rs475 on Tata Communications in our Q2 FY15 result update dated Nov 05, 2014. Stock has surpassed our target and we advice investors to hold onto the stock with revised 9-12mth target of Rs530.

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