May 26, 2010, 05.01 PM | Source: Moneycontrol.com
Karvy Stock Broking has come out with a research report on Unichem Laboratories. The broking firm has upgraded rating from outperformer to a buy, in its report dated May 26, 2010.
, Karvy Stock Broking |
The report says, "Unichem is the 8th largest company in the represented market (48.7% of DF in India). The company's DF portfolio revenues comprise 57% from chronic therapies and 43% from acute therapies. The top 7 brands which contribute nearly 50% of DF revenues are Ampoxin, Losar, Losar H, Trika, Unienzyme, TG-Tor and Vizylac. Unichem has 1800 (MR's) working in 7 divisions (Acute - 3 divisions & Chronic - 4 divisions)."
"Revenue traction in domestic formulations business the most profitable business segment, breakeven of UK subsidiary and possible supply agreement enthuse us. We have marginally downgraded our FY 11E earnings estimates by 2.8% in lieu of lower gross margin expectations due to adverse movement of euro . However, we maintain our earnings estimates for FY 12E. We maintain our price target of Rs 520 based on 11x FY 2012E. On account of price decline we upgrade our rating from outperformer to a buy," according to report.
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