Buy, Sell, Hold: 5 stocks are in focus on March 22, 2018

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Sun Pharma

Brokerage: Credit Suisse | Rating: Outperform | Target: Rs 640

The global brokerage firm said that MK-3222 approval should give medium-term visibility for co’s revenue. Its analysis for Halol’s Form 483 indicates that a re-inspection is not needed for clearance. It expects Halol to be cleared by September 2018.

Brokerage: IDFC Sec | Rating: Outperform | Target: Rs 587

The drug clearance, IDFC Sec said, is a major milestone in the firm’s speciality foray. It expects Tildrakizumab to be commercialised in the next couple of quarters. It also believes that the company is placed better than its Indian peers currently.

Brokerage: CLSA | Rating: Sell | Target: Raised to Rs 445

Tildrakizumab’s nod is on expected lines with a likely launch in H1FY19, it said. further, it estimated that peak sales of USD 330 million by FY22 is translating to NPV-based value of Rs 12 apiece. Estimate Sun to target 5% market share in the first year of launch. Having said that, inability to ramp up US sales is a key risk to Sun’s valuation.

Brokerage: Macquarie

The global research firm believes that the launch of the product will take place in a few months. The drug, it said, has the potential to generate USD 300-350 million revenue at the peak for the firm. The company believes that re-rating triggers are elusive and medium term pain cannot be ignored.

Brokerage: Jefferies | Rating: Hold

The brokerage house said that it is expecting Sun to launch Ilumya in the second half of this calendar year. Execution will be key & with this being sun's first foray in NBE.

Brokerage: Morgan Stanley

The research firm said that Ilumya should be the largest by sales in the years ahead. The nod is a milestone in transition from generic to a specialty firm. Assuming a market share of 5%, Sun could gross $300-500 m in sales over 2-4 Yrs.

Vedanta

Brokerage: Credit Suisse

Credit Suisse said that the management remains confident of taking full advantage of the India growth story. Moreover, further growth capex to help raise volume in zinc, aluminium, oil & gas assets.

Jubilant Food

Brokerage: Macquarie

Macquarie said that increasing affordability with improved product quality will drive same-store-sales growth. It highlighted that the company is its top pick in the consumer discretionary space.

PNB Housing

Brokerage: Credit Suisse | Rating: Outperform | Target: Rs 1,700

The global research firm said that the firm is benefitting from operating expenditure leverage. The stock is attractively priced in the most recent correction. The company is not seeing business impact from the recent events at the parent firm.

SBI

Brokerage: Credit Suisse | Rating: Outperform | Target: Rs 381

The management will look at non-dilutive options to boost capital levels, the brokerage said, adding that NIMs are expected to improve in FY19 on increasing LDRs. It also expects Q4 show to be weak.