4QFY2017 Result Update | Pharmaceutical
June 12, 2017
Sun Pharma
BUY
CMP
`525
Performance Highlights
Target Price
`712
(` cr)
4QFY2017
3QFY2017
% chg (qoq)
4QFY2016
% chg (yoy)
Investment Period
12 months
Net sales
6,825
7,683
(11.2)
7,414
(7.9)
Sector
Pharmaceutical
Other income
536
352
52.6
185
189.4
Market Cap (` cr)
1,25,916
Gross profit
4,630
5,435
(14.8)
5,962
(22.3)
Net Debt (` cr)
(8,242)
Operating profit
1,235
2,224
(44.4)
2,300
(46.3)
Beta
0.7
Adj. Net profit
1,385
1,722
(19.5)
1,714
(19.2)
52 Week High / Low
855/493
Source: Company, Angel Research
Avg. Daily Volume
1,78,292
For 4QFY2017, Sun Pharma posted tepid numbers. For the quarter, the sales came in at
Face Value (`)
1
`6,825cr v/s. `7,600cr expected, registering a yoy dip of 7.9%. India sales at `1,916cr,
BSE Sensex
31,262
were up by 10% as compared to 4QFY2016, US finished dosage sales at US$381mn
Nifty
9,668
down by 34% vis-à-vis 4QFY2016. On the OPM front, the gross margins came in at
Reuters Code
SUN.BO
67.8% v/s. 80.4% in 4QFY2016, which lead the EBDITA margins to come in at 18.1% (v/s.
Bloomberg Code
SUNP@IN
31.1% expected) v/s. 31.0% in 4QFY2016. Despite the sharp dip in margins, the higher
other income at `536cr v/s. `185cr in 4QFY2016, lead the Adj. net profit to come in at
`1,385cr v/s. `1,433cr expected, a yoy dip of 19.2%. We maintain our Buy.
Shareholding Pattern (%)
Promoters
54.4
Results lower than expectations: India sales at `1,916cr, were up by 10% as compared to
MF / Banks / Indian Fls
16.0
4QFY2016, US finished dosage sales at US$381mn down by 34% vis-à-vis 4QFY2016.
FII / NRIs / OCBs
21.6
Emerging Markets sales at US$181mn was up 46% over 4QFY2016. Rest of World sales
Indian Public / Others
8.0
at US$109mn grew
38% over 4QFY2016. This growth was partly driven by the
consolidation of the Japan business. On the OPM front, the gross margins came in at
67.8% v/s. 80.4% in 4QFY2016, which lead the EBDITA margins to come in at 18.1% (v/s.
Abs. (%)
3m 1yr
3yr
31.1% expected) v/s. 31.0% in 4QFY2016. Despite the sharp dip in the margins, the
Sensex
8.1
16.8
22.2
higher other income at `536cr v/s. `185cr in 4QFY2016, lead Adj. net profit to come in at
Sun Pharma
(23.4)
(29.3)
(12.7)
`1,385cr, a yoy dip of 19.2%.
Outlook and valuation: Sun Pharma is one of the largest and fastest growing Indian
pharmaceutical companies. We expect its net sales to post a CAGR of 9.7% (including
Ranbaxy Laboratories) to `36,451cr and EPS to come in at `32.3 over FY2017-19E. We
recommend a Buy rating on the stock.
3-year price chart
1,200
Key financials (Consolidated)
Y/E March (` cr)
FY2016
FY2017
FY2018E
FY2019E
1,000
Net sales
27,888
30,264
32,899
36,451
800
% chg
2.2
8.5
8.7
10.8
600
Adj. Net profit
6,248
7,846
7,580
7,760
400
% chg
31.7
25.6
(3.4)
2.4
EPS (`)
200
26.0
32.7
31.6
32.3
EBITDA margin (%)
24.6
29.0
26.9
25.4
P/E (x)
20.2
16.0
16.6
16.2
Source: Company, Angel Research
RoE (%)
21.0
22.2
18.7
18.8
RoCE (%)
15.6
18.8
16.9
15.1
P/BV (x)
3.8
3.4
2.9
2.5
Sarabjit Kour Nangra
EV/Sales (x)
+91 22 39357600 Ext: 6806
4.4
3.9
3.5
3.0
EV/EBITDA (x)
[email protected]
17.7
13.6
13.1
11.9
Source: Company, Angel Research; Note: CMP as of June 9, 2017
Please refer to important disclosures at the end of this report
1
Sun Pharma | 4QFY2017 Result Update
Exhibit 1: 4QFY2017 performance (Consolidated)
Y/E March (` cr)
4QFY2017
3QFY2017
% chg QoQ
4QFY2016
% chg yoy
FY2017
FY2016
% chg
Net sales
6,825
7,683
(11.2)
7,414
(7.9)
30,264
27,888
8.5
Other income
536.4
351.6
52.6
185.3
189.4
1,902
1,257.2
51.3
Total income
7,362
8,035
(8.4)
7,599
(3.1)
32,166
29,145
10.4
Gross profit
4,630
5,435
(14.8)
5,962
(22.3)
22,133
21,558
2.7
Gross margin (%)
67.8
70.7
80.4
73.1
77.3
Operating profit
1,235
2,224
(44.4)
2,300
(46.3)
8,810
6,874
28.2
Operating margin (%)
18.1
28.9
31.0
29.1
24.6
Interest
45
167
(73.0)
89
(49.2)
400
523
(23.6)
Depreciation
338
307
10.2
264
27.9
1,265
1,038
21.9
Extraordinary item loss/ ( gain)
0
0
0
0
-590
PBT
1,389
2,102
(33.9)
2,132
(34.9)
9,048
6,571
37.7
Provision for taxation
44.3
372.9
(88.1)
170.6
(74.0)
1,212
914
32.6
PAT before extra-ordinary item
1,344
1,729
(22.2)
1,962
(31.5)
7,836
5,657
38.5
Minority interest(MI)
(41)
7
-
248
-
(10)
1
-
Reported PAT
1,385
1,722
(19.5)
1,714
(19.2)
7,846
5,655
38.7
Adj. PAT
1,385
1,722
(19.5)
1,714
(19.2)
7,846
6,248
25.6
Adj. EPS (`)
5.8
7.2
7.1
32.6
26.0
Source: Company, Angel Research
Exhibit 2: 4QFY2017 - Actual V/s Angel estimates
(` cr)
Actual
Estimates
Variance (%)
Net sales
6,825
7,600
(10.2)
Other income
536
185
189.4
Operating profit
1,235
2,364
(47.7)
Tax
44
372
(88.1)
Adj. Net profit
1,385
1,443
(4.0)
Source: Company, Angel Research
Numbers lower than expectations: For 4QFY2017, the company posted tepid
numbers. For the quarter, the sales came in at `6,825cr v/s. `7,600cr expected,
registering a yoy dip of 7.9%. India sales at `1,916cr, were up by 10% over
4QFY2016, US finished dosage sales at US$381mn were down by
34% over
4QFY2016. Emerging Markets sales at US$181mn were up by 46% over 4QFY2016.
Rest of World sales at US$109mn grew 38% over 4QFY2016. This growth was partly
driven by the consolidation of the Japan business.
Sales of branded formulations in India for 4QFY2017 stood at `1,916cr, up 10% yoy
and accounted for 28% of total sales. Sun Pharma is ranked No. 1 and holds ~8.6%
market share in the `100,000cr pharmaceutical market as per the March-2017
AIOCD-AWACS report.
Sales in the US came in at US$381mn for the quarter, accounting for 37% of total
sales. Sales in emerging markets were at US$181mn for 4QFY2017, a yoy growth of
46% and accounted for 18% of total sales. Formulation sales in Rest of World (ROW)
markets excluding US and Emerging markets were US$109mn in 4QFY2017, a growth
of 38% yoy and accounted for ~11% of revenues for the quarter.
June 9, 2017
2
Sun Pharma | 4QFY2017 Result Update
The company had a total of 427 ANDAs filed with the USFDA. Currently, ANDAs for
157 products await USFDA approval, including 16 tentative approvals.
Exhibit 3: Sales trend
7000
6153
5673
5755
5714
6000
4909
5000
4000
3000
2010
1969
1807
1854
1916
2000
1000
0
4QFY2016 1QFY2017 2QFY2017 3QFY2017 4QFY2017
Domestic Formulation
Export Formulation, Bulk and others
Source: Company, Angel Research
OPM at 18.1%, lower than expected: On the OPM front, the gross margins came in at
67.8% v/s. 80.4% in 4QFY2016, which lead the EBDITA margins to come in at 18.1%
(v/s.
31.1% expected) v/s.
31.0% in 4QFY2016. Company’s performance was
impacted by the challenging generic pricing environment in the US. The R&D expenses
came in at 8.8% of sales, almost in-line with last year, at 9.6% of sales as in
4QFY2016.
Exhibit 4: OPM trend (%)
40.0
34.3
31.0
28.9
28.9
30.0
20.0
18.1
10.0
4QFY2016 1QFY2017 2QFY2017 3QFY2017 4QFY2017
Source: Company, Angel Research,
Net profit slightly below expectations: Despite the sharp dip in margins, the higher
other income at `536cr v/s. `185cr in 4QFY2016, lead the Adj. net profit to come
in at `1,385cr v/s. `1,433cr expected, a yoy dip of 19.2%. Other operating
income for the quarter at `312cr included a milestone payment from Almirall S.A.
(Spain), as a part of the licensing agreement for the development and
commercialization of Tildrakizumab for psoriasis in Europe.
June 9, 2017
3
Sun Pharma | 4QFY2017 Result Update
Exhibit 5: Adjusted Net profit trend (` cr)
3,000
2,500
2,235
2,034
2,000
1,714
1,472
1,385
1,500
1,000
500
0
4QFY2016 1QFY2017 2QFY2017 3QFY2017 4QFY2017
Source: Company, Angel Research
Concall takeaways
Revenue may decline due to challenges in the US (assuming no new approval
from Halol and no disruption at Dadra).
Two thirds of Ranbaxy integration benefit came in FY2017; rest expected in
FY2018.
Tildrakizumab NDA launch expected by early 2019.
Gleevec launch in FY2018E.
Investment arguments
Strongest ANDA pipeline: Sun Pharma, with the recent acquisitions of DUSA, URL
Pharma and Ranbaxy Laboratories, has now become strong in the US region, with
the geography accounting for 37% of its sales in FY2017. In terms of ANDAs, the
company cumulatively has 427 products, out of which 157 products now await
USFDA approval, including 16 tentative approvals. With the merger of Ranbaxy
Laboratories, the company is now the fifth-largest specialty generics company in
the world (behind Teva, Sandoz, Activas and Mylan). However, the near term
performance of the company has been impacted on the back of supply constraints
at the Halol facility although the company has taken redemption measures
including site transfers. Overall, we expect the region to post a CAGR of 6.4% in
sales over FY2017-19E, accounting for almost 44% of the overall sales in
FY2019E.
Domestic business: Sun Pharma’s domestic formulation business is among the
fastest growing in the Indian pharmaceutical industry. It contributed 23% to the
company’s total turnover in FY2014. Sun Pharma, with Ranbaxy Laboratories’
merger, is now the segment leader with a market share of 8.7% in the domestic
formulation market, followed by Abbott India, which has a market share of 6.5%.
This is a significant gap considering that the segment is highly fragmented. We
expect the domestic formulation business to post a CAGR of
14.5% over
June 9, 2017
4
Sun Pharma | 4QFY2017 Result Update
FY2017-19E, contributing 28% to the overall formulation sales of the company in
FY2019.
Healthy balance sheet: Sun Pharma has one of the strongest balance sheets in the
sector with cash of
~`15,000cr. The same can continue to support the
Management in inorganic growth and in scouting for acquisitions, especially in the
US and in emerging markets.
Outlook and valuation: Sun Pharma is one of the largest and fastest growing
Indian pharmaceutical companies. We expect its net sales to post a CAGR of 9.7%
(including Ranbaxy Laboratories) to `36,451cr and EPS to post a CAGR of (0.5)%
to `32.3 over FY2017-19E. We recommend a Buy rating on the stock.
Exhibit 6: Key assumptions
FY2018E
FY2019E
Domestic Formulation sales growth (%)
14.0
15.0
Export Formulation sales growth (%)
8.9
9.9
Growth in employee expenses (%)
20.0
20.0
Operating margins (%)
26.9
25.4
Tax as % of PBT
15.0
15.0
Source: Company, Angel Research
Exhibit 7: One-year forward PE band
1,200
1,000
800
600
400
200
-
10x
15x
20x
25x
Source: Company, Angel Research
June 9, 2017
5
Sun Pharma | 4QFY2017 Result Update
Exhibit 8: Valuation summary
Company
Reco
CMP
Tgt. Price
Upside
FY2018E
FY16-18E
FY2018E
(`)
(`)
% PE (x) EV/Sales (x) EV/EBITDA (x) CAGR in EPS (%) RoCE (%) RoE (%)
Alembic Pharma
Buy
552
648
17.3
21.7
2.5
12.0
(10.8)
27.5
25.3
Aurobindo Pharma
Buy
609
823
35.2
13.6
2.2
9.9
18.1
22.5
26.1
Cadila Healthcare
Sell
541
450
(16.8)
28.4
4.8
23.8
(0.5)
16.2
24.6
Cipla
Sell
550
465
(15.5)
22.4
2.5
15.2
14.2
12.2
13.9
Dr Reddy's
Neutral
2,631
-
-
24.8
2.9
15.8
(13.7)
10.8
13.6
Dishman Pharma
Under Review
301
-
-
26.6
2.9
12.7
16.3
13.0
13.5
GSK Pharma*
Neutral
2,463
-
-
49.7
6.2
38.4
6.0
22.3
21.3
Indoco Remedies
Sell
193
153
(20.7)
17.1
1.7
11.7
6.3
10.1
15.0
Ipca labs
Buy
501
710
41.7
25.8
1.8
12.6
13.9
10.4
9.5
Lupin
Buy
1,161
1,526
31.5
19.0
2.7
11.4
10.0
20.6
17.8
Sanofi India
Neutral
4,051
-
-
29.0
3.3
19.8
16.8
22.5
26.4
Sun Pharma
Buy
525
712
35.7
16.6
3.5
12.9
1.2
16.9
18.7
Source: Company, Angel Research; Note: * December year ending
Company background
Sun Pharma is an international specialty pharma company, with a large presence
in the US and India, and a footprint across 40 other markets. In India and rest of
the world markets, the key chronic therapy areas for the company are cardiology,
psychiatry, neurology, gastroenterology, diabetology, etc. The company is a
market leader in specialty therapy areas in India. In India, the company has
emerged as a leading pharma company, where it is the third largest player. Also,
in the US, a key geography, the company has expanded significantly through both
in-organic and organic routes.
June 9, 2017
6
Sun Pharma | 4QFY2017 Result Update
Profit & Loss statement (Consolidated)
Y/E March (` cr)
FY2015
FY2016
FY2017
FY2018E
FY2019E
Gross sales
27,652
28,254
30,536
33,198
36,782
Less: Excise duty
366
366
272
299
331
Net sales
27,287
27,888
30,264
32,899
36,451
Other operating income
147
599
1,314
1,314
1,314
Total operating income
27,433
28,487
31,578
34,213
37,765
% chg
70.6
3.8
10.9
8.3
10.4
Total expenditure
19,470
21,014
21,489
24,054
27,193
Net raw materials
6,739
6,330
8,131
8,839
9,793
Other mfg costs
1,192
1,218
1,322
1,437
1,593
Personnel
4,430
4,772
4,902
5,883
7,059
Other
7,109
8,693
7,134
7,896
8,748
EBITDA
7,817
6,874
8,775
8,845
9,258
% chg
12.9
(12.1)
(27.5)
(34.4)
34.7
(% of Net Sales)
28.6
24.6
29.0
26.9
25.4
Depreciation & amort.
1,195
1,038
1,265
1,465
1,665
EBIT
6,622
6,436
8,825
8,694
8,907
% chg
1.7
(2.8)
(18.7)
(1.5)
2.5
(% of Net Sales)
24.3
23.1
29.2
26.4
24.4
Interest & other charges
579
523
400
400
400
Other income
451
1,248
623
623
623
(% of PBT)
6.8
17.4
6.9
7.0
6.8
Share in profit of Asso.
-
-
-
1.0
Recurring PBT
6,641
7,161
9,048
8,917
9,131
% chg
-6.4
7.8
-16.8
0.0
0.1
Extraordinary expense/(inc.)
237.8
589.9
-
-
1.0
PBT (reported)
6,641
7,161
9,048
8,917
9,130
Tax
914.7
913.8
1,211.6
1,337.6
1,369.4
(% of PBT)
13.8
12.8
13.4
15.0
15.0
PAT (reported)
5,726
6,247
7,836
7,580
7,760
Add: Share of earnings of asso.
(13)
1
10
-
-
Less: Minority interest (MI)
936
-
-
-
-
Prior period items
-
-
-
-
PAT after MI (reported)
4,539
5,658
7,846
7,580
7,760
ADJ. PAT
4,743
6,248
7,846
7,580
7,760
% chg
(10.0)
31.7
65.4
(3.4)
2.4
(% of Net Sales)
16.6
0.0
1.0
2.0
3.0
Basic EPS (`)
22.9
26.0
32.7
31.6
32.3
Fully Diluted EPS (`)
22.9
26.0
32.7
31.6
32.3
% chg
(10.0)
13.4
42.8
(3.4)
2.4
June 9, 2017
7
Sun Pharma | 4QFY2017 Result Update
Balance Sheet (Consolidated)
Y/E March (` cr)
FY2015
FY2016
FY2017
FY2018E
FY2019E
SOURCES OF FUNDS
Equity share capital
207
241
240
240
240
Preference capital
Reserves & surplus
26,300
32,742
36,400
42,857
49,494
Shareholders’ funds
26,507
32,982
36,640
43,097
49,734
Minority interest
2,851
4,085
3,791
3,791
3,791
Total loans
7,596
8,316
8,091
8,091
8,091
Deferred tax liability
(1,752)
(3,046)
(2,178)
(2,178)
(2,178)
Other Long Term Liabilities
9
-
-
-
-
Long Term Provisions
2,710
2,106
1,342
2,523
2,853
Total liabilities
37,922
44,443
47,685
55,324
62,290
APPLICATION OF FUNDS
Gross block
15,041
15,084
18,162
19,162
20,162
Less: Acc. depreciation
4,863
7,139
8,404
9,869
11,534
Net block
10,179
7,945
9,758
9,293
8,628
Capital work-in-progress
842
842
303
303
303
Goodwill
3,701
9,261
10,417
10,417
10,417
Investments
2,716
1,830
1,192
1,388
1,389
Long term long & adv.
2,736
3,276
4,526
4,574
5,068
Current assets
27,005
29,227
32,723
38,436
46,757
Cash
10,998
13,182
15,141
19,178
25,420
Loans & advances
2,193
2,006
2,480
2,696
2,987
Other
13,813
14,040
15,102
16,562
18,351
Current liabilities
9,256
7,938
11,232
9,086
10,272
Net current assets
17,748
21,290
21,491
29,350
36,486
Others
-
-
-
-
-
Total assets
37,922
44,443
47,685
55,324
62,290
June 9, 2017
8
Sun Pharma | 4QFY2017 Result Update
Cash Flow Statement (Consolidated)
Y/E March (` cr)
FY2015
FY2016
FY2017
FY2018E
FY2019E
Profit before tax
6,641
7,161
9,048
8,917
9,131
Depreciation
1,195
1,038
1,265
1,465
1,665
(Inc)/Dec in working capital
(4,322)
(1,898)
(2,505)
(14,746)
(4,750)
Direct taxes paid
915
914
1,212
1,338
1,369
Cash Flow from Operations
2,598
5,386
6,596
(5,702)
4,676
(Inc.)/Dec.in Fixed Assets
(8,653)
(43)
(1,682)
(1,000)
(1,000)
(Inc.)/Dec. in Investments
70
886
1,524
(196)
(1)
Other income
-
-
-
-
-
Cash Flow from Investing
(8,583)
843
(157)
(1,196)
(1,001)
Issue of Equity
-
-
-
-
-
Inc./(Dec.) in loans
(4,928)
(1,333)
(1,873)
1,181
329
Dividend Paid (Incl. Tax)
-
(282)
(1,123)
(1,123)
(1,123)
Others
14,320
(2,431)
(1,485)
10,875
3,360
Cash Flow from Financing
9,392
(4,046)
(4,480)
10,934
2,566
Inc./(Dec.) in Cash
3,408
2,184
1,959
4,036
6,242
Opening Cash balances
7,590
10,998
13,182
15,141
19,178
Closing Cash balances
10,998
13,182
15,141
19,178
25,420
June 9, 2017
9
Sun Pharma | 4QFY2017 Result Update
Key Ratios
Y/E March
FY2015
FY2016
FY2017
FY2018E
FY2019E
Valuation Ratio (x)
P/E (on FDEPS)
22.9
20.2
16.0
16.6
16.2
P/CEPS
19.0
18.9
13.8
13.9
13.4
P/BV
4.8
3.8
3.4
2.9
2.5
Dividend yield (%)
0.6
0.2
0.2
0.2
0.2
EV/Sales
3.9
4.4
3.9
3.5
3.0
EV/EBITDA
13.5
17.7
13.6
13.1
11.9
EV / Total Assets
2.8
2.7
2.5
2.1
1.8
Per Share Data (`)
EPS (Basic)
22.9
26.0
32.7
31.6
32.3
EPS (fully diluted)
22.9
26.0
32.7
31.6
32.3
Cash EPS
27.7
27.8
38.0
37.7
39.3
DPS
3.0
1.0
1.0
1.0
1.0
Book Value
110.2
137.1
152.3
179.1
206.7
Dupont Analysis
EBIT margin
24.3
23.1
29.2
26.4
24.4
Tax retention ratio
86.2
87.2
86.6
85.0
85.0
Asset turnover (x)
1.2
1.0
1.1
1.0
1.0
ROIC (Post-tax)
26.1
19.7
27.5
22.4
21.5
Cost of Debt (Post Tax)
9.8
5.7
4.4
8.4
4.1
Leverage (x)
0.0
0.0
0.0
0.0
0.0
Operating ROE
26.1
19.7
27.5
22.4
21.5
Returns (%)
ROCE (Pre-tax)
21.1
15.6
18.8
16.9
15.1
Angel ROIC (Pre-tax)
38.3
29.6
41.3
36.8
34.5
ROE
21.1
21.0
22.2
18.7
18.8
Turnover ratios (x)
Asset Turnover (Gross Block)
2.6
1.9
1.9
1.8
1.9
Inventory / Sales (days)
58
77
76
82
90
Receivables (days)
50
76
76
82
90
Payables (days)
61
91
95
69
69
WC cycle (ex-cash) (days)
82
95
71
54
93
Solvency ratios (x)
Net debt to equity
(0.1)
(0.1)
(0.2)
(0.3)
(0.3)
Net debt to EBITDA
(0.4)
(0.7)
(0.8)
(1.3)
(1.9)
Interest Coverage (EBIT/Int.)
-
-
-
-
-
June 9, 2017
10
Sun Pharma | 4QFY2017 Result Update
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
DISCLAIMER
Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited,
Bombay Stock Exchange Limited and Metropolitan Stock Exchange Limited. It is also registered as a Depository Participant with CDSL
and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is a
registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number
INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing
/dealing in securities Market. Angel or its associates/analyst has not received any compensation / managed or co-managed public
offering of securities of the company covered by Analyst during the past twelve months.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should
make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the
companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine
the merits and risks of such an investment.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals. Investors are advised to refer the Fundamental and Technical Research Reports available on our website to evaluate the
contrary view, if any.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot
testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.
While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be
regulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from
or in connection with the use of this information.
Disclosure of Interest Statement
Sun Pharma
1. Financial interest of research analyst or Angel or his Associate or his relative
No
2. Ownership of 1% or more of the stock by research analyst or Angel or associates or relatives
No
3. Served as an officer, director or employee of the company covered under Research
Yes
4. Broking relationship with company covered under Research
No
Ratings (Based on expected returns
Buy (> 15%)
Accumulate (5% to 15%)
Neutral (-5 to 5%)
over 12 months investment period):
Reduce (-5% to -15%)
Sell (< -15)
June 9, 2017
11