Torrent Pharmaceuticals -- Brazil, Elder portfolio join growth bandwagon; maintain HOLD :: ICICI Securities, report link

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Brazil, Elder portfolio join growth bandwagon; maintain HOLD
After a long layoff, the Brazilian market demonstrated meaningful traction,
thanks to the recalibrated approach of adding Institutional and generic
generics in the branded portfolio. The management also sounded quite
bullish on Elder’s portfolio, which is likely to improve the margins
scenario considerably. The US remains in good shape despite the
exclusivity sunset of gCymbalta as the pipeline remains healthy. Other
segments such as RoW and Europe are the only draggers in an otherwise
high growth engine. We have ascribed a target price of | 1010 as we roll
forward to FY17 numbers. Our target price is based on 16x FY17E EPS of
| 63.1. We maintain HOLD on the stock owing to a sharp run up recently.

LINK
http://content.icicidirect.com/mailimages/IDirect_TorrentPharma_Q2FY15.pdf