4QFY2016 Result Update | Pharmaceutical
June 10, 2016
GlaxoSmithKline Pharmaceuticals
NEUTRAL
CMP
`3,515
Performance Highlights
Target Price
-
Y/E Mar (` cr)
4QFY2016 3QFY2016
% chg (qoq) 4QFY2015
% chg (yoy)
Investment Period
-
Net Sales
686
729
(5.9)
613
11.8
Other income
31
33
(5.9)
47
(34.0)
Stock Info
Gross profit
377
387
(2.6)
350
7.7
Sector
Pharmaceutical
Operating profit
122
103
18.4
119
2.5
Market Cap (` cr)
29,775
Adj. PAT
95
82
16.4
107
(10.6)
Net Debt (` cr)
4,320
Source: Company, Angel Research
Beta
0.43
52 Week High / Low
3,850/3,036
For 4QFY2016, GlaxoSmithKline Pharmaceuticals (GSK)’s sales rose by `686cr,
Avg. Daily Volume
2,013
up 11.8% yoy. On the operating front, the gross margin and the EBITDA margin
Face Value (`)
10
came in at 55.0% and 17.8% respectively V/s 57.1% and 19.4% during the
BSE Sensex
27,010
corresponding period of the previous year. The reported net profit for the quarter
Nifty
8,266
thus came in at `106cr V/s `103cr in 4QFY2015, ie a yoy growth of 3.0%. The
Reuters Code
GLAX.BO
Adj. net profit for the quarter came in at `95cr V/s `107cr in 4QFY2015, a dip of
Bloomberg Code
[email protected]
10.6% yoy. We remain Neutral on the stock.
Results below our expectations: The company posted an unimpressive
Shareholding Pattern (%)
performance for 4QFY2016. The company posted sales of `686cr (V/s `828cr
Promoters
75.0
expected), a growth of 11.8% yoy. On the operating front, the gross margin and
MF / Banks / Indian Fls
10.4
the EBITDA margin came in at 55.0% and 17.8% respectively V/s 57.1% and
FII / NRIs / OCBs
2.5
19.4% during the corresponding period of the previous year. The OPM came
Indian Public / Others
12.1
lower than our expectations of 19.6%, weighed down by a lower gross margin on
a yoy basis. The reported net profit for the quarter thus came in at `106cr V/s
`103cr in 4QFY2015, ie a yoy growth of 3.0%. The Adj. net profit for the quarter
Abs. (%)
3m 1yr
3yr
came in at `95cr V/s `107cr in 4QFY2015, a dip of 10.6% yoy.
Sensex
9.6
0.9
39.0
Outlook and valuation: The company has a strong balance sheet with cash of
Glaxo
8.4
10.1
33.5
~`2,000cr, which could be used for future acquisitions or higher dividend
payouts. On the operational front, we expect the company’s net sales to post a
CAGR of 19.0% to `3,881cr and EPS to register a mere CAGR of 21.6% to `65.3
3-year price chart
over FY2016-18E. We remain Neutral on the stock.
4,000
Key financials (Consolidated)
3,500
Y/E Mar (` cr)
FY2015*
FY2016
FY2017E
FY2018E
3,000
Net sales
3,272
2,741
3,528
3,881
2,500
% chg
28.9
(16.2)
28.7
10.0
2,000
Net profit
509
374
509
553
1,500
% chg
9.8
(26.5)
36.1
8.5
EPS (`)
60.1
44.2
60.1
65.3
EBITDA (%)
17.8
16.5
18.9
19.1
Source: Company, Angel Research
P/E (x)
58.5
79.6
58.4
53.8
RoE (%)
26.7
21.2
29.9
31.8
RoCE (%)
26.7
21.7
33.0
35.8
P/BV (x)
16.3
17.6
17.4
16.8
Sarabjit Kour Nangra
EV/Sales (x)
8.5
10.4
8.1
7.4
+91 22 39357800 Ext: 6806
EV/EBITDA (x)
47.9
62.9
43.0
38.8
[email protected]
Source: Company, Angel Research; Note: CMP as of June 6, 2016, * 15 months numbers
Please refer to important disclosures at the end of this report
1
Glaxo Pharma | 4QFY2016 Result Update
Exhibit 1: 4QFY2016 - Standalone performance
Y/E March (` cr)
4QFY2016
3QFY2016
% chg (QoQ) 4QFY2015
% chg (YoY)
FY2016
FY2015
% chg
Net Sales
686
729
(5.9)
613
11.8
2,741
3,272
(16.2)
Other income
31
33
(5.9)
47
(34.0)
153
233
(34.5)
Total Income
717
762
(5.9)
660
8.6
2,894
3,505
(17.4)
Gross profit
377
387
(2.6)
350
7.7
1,503
1,748
(14.0)
Gross margin
55.0
53.1
57.1
54.8
53.4
Operating profit
122
103
18.4
119
2.5
452
599
(24.6)
Operating margin (%)
17.8
14.1
19.4
16.5
18.3
Interest
0
0
-
0
-
0
0
-
Depreciation & Amortisation
7
8
(16.0)
5
34.4
25
25
(0.9)
PBT & Exceptional Items
146
128
14.3
161
(9.1)
579
806
(28.1)
Less : Exceptional Items
16
(3)
-
(6)
-
3
(52)
Profit before tax
162
125
30.0
156
4.1
582
754
(22.8)
Provision for taxation
56
45
25.5
53
6.6
203
277
(26.8)
Reported PAT
106
80
32.6
103
3.0
377
476
(20.9)
Adj. Net profit
95
82
16.4
107
(10.6)
375
509
(26.3)
EPS (`)
11.3
9.7
12.6
44.3
60.1
Source: Company, Angel Research, Note- Full year numbers are consolidated numbers
Exhibit 2: 4QFY2016 - Actual Vs Angel estimates
(` cr)
Actual
Estimates
Variation (%)
Net sales
686
828
(17.1)
Other income
31
33
(5.9)
Operating profit
122
166
(26.3)
Tax
56
48
18.4
Adj. net profit
95
111
(14.2)
Source: Company, Angel Research
Revenue grew by 11.8%
Sales grew 11.8% yoy to `686cr (V/s `828cr expected). This is the second quarter
of strong growth for the company after posting a 12.8% growth in 3QFY2016,
whereas the 1HFY2016, of the company had been impacted by the supply
constraints.
June 10, 2016
2
Glaxo Pharma | 4QFY2016 Result Update
Exhibit 3: Sales trend
800
40.0
729
35.0
692
30.0
686
700
25.0
622
613
20.0
600
15.0
10.0
5.0
500
0.0
(5.0)
400
(10.0)
5QCY2015
1QFY2016
2QFY2016
3QFY2016
4QFY2016
Sales
Growth (YoY)
Source: Company, Angel Research
OPM comes in lower on a yoy basis at 17.8%
On the operating front, the gross margin came in at 55.0% V/s 57.1% in
4QFY2015. The OPM came in lower at 17.8% V/s 19.4% in 4QFY2015 and V/s
our expectation of 19.6%, mainly owing to lower GPM on a yoy basis.
Exhibit 4: OPM trend
25.0
19.4
20.0
16.7
17.4
17.8
14.1
15.0
10.0
5QCY2015
1QFY2016
2QFY2016
3QFY2016
4QFY2016
Source: Company, Angel Research
Net profit lower than estimated
The reported net profit came in at `106cr V/s `103cr in 4QFY2015. The Adj. net
profit came in at `95cr V/s `107cr in 4QFY2015, ie a yoy de-growth of 10.6%
and lower than our expectation of `111cr.
June 10, 2016
3
Glaxo Pharma | 4QFY2016 Result Update
Exhibit 5: Adjusted net profit trend
150
107
101
95
95
100
82
50
0
5QCY2015
1QFY2016
2QFY2016
3QFY2016
4QFY2016
Source: Company, Angel Research
June 10, 2016
4
Glaxo Pharma | 4QFY2016 Result Update
Recommendation rationale
Renewed focus on the Indian market: GSK is among the top ten players in the
Indian pharmaceutical market, having a market share of ~3.7%. Unlike other
MNCs, the company has been amongst the few which have taken initiatives to
grow their businesses in the Indian market with consistent launch of new products.
Over the last six years, the company has strategically decided to expand its
presence in the Specialty segment. The Specialty segment’s contribution to sales
has reached 23% (as of 2013). Another segment which is strong for the company
is the area of vaccine, where GSK Vaccines has become the leading company in
the private market for vaccines in India. The recently introduced vaccine for
pneumococcal conjugate disease, Synflorix, has become the biggest brand in the
vaccine portfolio of the company in the second year of its launch. The efforts of the
company in raising awareness about vaccines and preventable diseases continue
with increasing fervor. Also, in FY2015, GlaxoSmithKline Plc (Glaxo), London, UK,
entered into three inter-conditional agreements with Novartis AG (Novartis), Basel,
Switzerland. In one such agreement Glaxo agreed to acquire Novartis’ vaccines
business (excluding influenza vaccine) and its manufacturing capabilities and
facilities, and in the second agreement, Glaxo agreed to sell the rights of its
Marketed Oncology Portfolio, related R&D activities and AKT Inhibitors currently in
development to Novartis. Globally, these transactions with Novartis were
completed on March 2nd, 2015.
On the other hand, its other key segments like mass markets and mass specialty,
which contribute 60% of its sales, de-grew by 12% in CY2013. This was as a result
of a number of products of the company having come under the DPCO 2013
ruling, resulting in reduction in prices of its drugs, which impacted its sales in
CY2013. Along with this, the supply constraints, mainly from local supplies during
FY2015, have been impacting its performance. However, going forward, with
company’s own facilities coming on stream in FY2017, we expect the volatility in
sales to end. Overall, for FY2016-18E, we expect the domestic formulation
business of the company to grow at a CAGR of 19.0%.
Significant capex plans ahead indicate revival in growth: Global pharmaceutical
major Glaxo announced an `864cr investment in India to set up a medicine
manufacturing unit. The new facility will substantially increase the company’s
manufacturing base. The drug maker is proactively building capacity in the country
as it delivers its portfolio of products in areas such as gastroenterology and anti-
inflammatory medicines. When complete, the factory will make pharmaceutical
products for the Indian market at a rate of up to 8bn tablets and 1bn capsules a
year. The facility, expected to be operational by 2017, will include a warehouse,
site infrastructure, and utilities to support the manufacturing and packing of
medicines. It showcases GSK's latest commitment to its manufacturing network in
India where the company has invested `1,017cr over the last decade. The
development is positive and comes after a long lull in terms of investments.
June 10, 2016
5
Glaxo Pharma | 4QFY2016 Result Update
Outlook and valuation
GSK has a strong balance sheet with cash of ~`2,000cr, which could be used for
future acquisitions or higher dividend payouts. The company’s parent company
Glaxo increased stake in it through a voluntary open offer, after which Glaxo hold
75% stake in the Indian subsidiary. The buy-back of shares is a strong indicator
from the Management towards the performance of its listed Indian entity,
especially as it comes after the recent `864cr investment plan announced by the
company to further its growth prospects in the Indian pharmaceuticals market. The
said investments are expected to fructify by 2017.
On the operational front, we expect the company’s net sales to post a CAGR of
19.1% to `3,881cr and EPS to register a CAGR of 21.6% to
`65.3 over
FY2016-18E. At current levels, the stock is trading at 58.4x and 53.8x its FY2017E
and FY2018E earnings, respectively. We remain Neutral on the stock.
Exhibit 6: Key assumptions
FY2017E
FY2018E
Sales growth (%)
28.7
10.0
Growth in employee expenses (%)
28.1
10.0
Operating margin (%)
18.9
19.1
Capex (` cr)
200
200
Source: Company, Angel Research
Exhibit 7: One-year forward PE
6,000
5,500
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
Price
18x
30x
42x
54x
Source: Company, Angel Research
June 10, 2016
6
Glaxo Pharma | 4QFY2016 Result Update
Exhibit 8: Recommendation summary
Company
Reco
CMP Tgt. price Upside
FY2017E
FY15-17E
FY2017E
(`)
(`)
% PE (x) EV/Sales (x) EV/EBITDA (x) CAGR in EPS (%) RoCE (%) RoE (%)
Alembic Pharma
Neutral
557
-
-
29.8
3.0
18.2
11.4
22.0
20.1
Aurobindo Pharma Accumulate
773
768
10.8
20.1
3.1
14.5
11.4
21.4
27.7
Cadila Healthcare
Buy
320
400
25.0
18.7
2.9
13.2
22.9
24.2
28.8
Cipla
Neutral
469
-
-
21.6
2.7
15.3
4.9
11.1
13.7
Dr Reddy's
Accumulate
3,158
3,476
10.1
20.7
3.0
12.3
6.8
19.2
18.7
Dishman Pharma
Neutral
152
-
-
15.2
1.6
7.7
15.9
9.4
11.0
GSK Pharma
Neutral
3,515
-
-
58.4
8.1
43.0
0.0
33.0
29.9
Indoco Remedies
Neutral
282
-
-
20.7
2.2
12.4
23.0
19.7
19.7
Ipca labs
Buy
431
750
74.0
15.4
1.6
8.8
17.9
11.8
14.9
Lupin
Buy
1,435
1,809
26.1
24.7
4.1
15.6
13.1
29.6
24.7
Sanofi India*
Accumulate
4,300
4,738
10.2
28.0
3.9
22.3
34.2
21.0
25.6
Sun Pharma
Buy
739
950
28.6
26.4
5.4
17.9
10.5
17.7
18.7
Source: Company, Angel Research; Note: * December year ending;
June 10, 2016
7
Glaxo Pharma | 4QFY2016 Result Update
Company Background
GlaxoSmithKline Pharmaceuticals (GSK) is the sixth largest pharmaceutical player
in the Indian market with a market share of ~3.7%. The company’s product
portfolio includes both, prescription medicines and vaccines. GSK sells prescription
medicines across therapeutic areas such as anti-infectives, dermatology,
gynaecology, diabetes, oncology, cardiovascular diseases and respiratory
diseases. A large portion of the company’s revenue comes from the acute
therapeutic portfolio. However, the company is now scouting for opportunities in
high-growth therapeutic areas such as CVS, CNS, diabetes and oncology. Further,
with a strong parentage, the company plans to increase its product portfolio
through patented launches and vaccines. To fructify the same, the company plans
to enhance its manufacturing assets with its parent company investing `864cr in it;
the capacity expansion is expected to fructify in 2017.
June 10, 2016
8
Glaxo Pharma | 4QFY2016 Result Update
Profit & loss statement
Y/E March (` cr)
CY2012
CY2013
FY2015
FY2016
FY2017E
FY2018E
Gross sales
2,692
2,589
3,328
2,800
3,600
3,960
Less: Excise duty
71
51
56
59
72
79
Net sales
2,621
2,538
3,272
2,741
3,528
3,881
Other operating income
29
24
32
27
27
27
Total operating income
2,651
2,563
3,305
2,768
3,555
3,908
% chg
11.4
(3.3)
28.9
(16.2)
28.4
9.9
Total expenditure
1,862
2,034
2,690
2,289
2,862
3,140
Net raw materials
1,104
1,164
1,510
1,233
1,588
1,746
Other Mfg costs
94
89
115
99
107
115
Personnel
296
362
493
443
568
625
Other
369
420
572
514
600
654
EBITDA
759
504
582
452
666
740
% chg
2.1
(33.6)
15.5
(22.4)
47.4
11.2
(% of Net Sales)
29.0
19.9
17.8
16.5
18.9
19.1
Depreciation& amortisation
18
20
25
25
37
45
EBIT
741
484
557
427
629
695
% chg
2.6
(34.7)
15.0
(23.3)
47.3
10.6
(% of Net Sales)
28.3
19.1
17.0
15.6
17.8
17.9
Interest & other charges
-
-
-
-
-
-
Other income
175
177
200
125
125
125
(% of PBT)
Share in profit of Associates
-
-
-
-
-
-
Recurring PBT
945
685
789
579
781
848
% chg
4.4
(27.5)
15.1
(26.5)
34.8
8.5
Extraordinary expense/(Inc.)
101
(26)
33
(3)
-
-
PBT (reported)
844
711
756
582
781
848
Tax
318
230
279
203
272
295
(% of PBT)
37.7
32.3
36.9
34.8
34.8
34.8
PAT (reported)
526
482
477
377
509
553
Add: Share of earnings
-
-
-
-
-
-
of asso.
Less: Minority interest (MI)
-
-
-
-
-
-
Prior period items
-
-
-
-
-
-
Exceptional items
-
-
-
-
-
-
PAT after MI (reported)
526
482
477
377
509
553
ADJ. PAT
657
464
509
374
509
553
% chg
12.0
(29.4)
9.8
(26.5)
36.1
8.5
(% of Net Sales)
25.1
18.3
15.6
13.7
14.4
14.2
Basic EPS (`)
78
55
60
44
60
65
Fully diluted EPS (`)
78
55
60
44
60
65
% chg
12.0
(29.4)
9.8
(26.5)
36.1
8.5
June 10, 2016
9
Glaxo Pharma | 4QFY2016 Result Update
Balance Sheet
Y/E March (` cr)
CY2012
CY2013
FY2015
FY2016
FY2017E
FY2018E
SOURCES OF FUNDS
Equity share capital
85
85
85
85
85
85
Preference Capital
-
-
-
-
-
-
Reserves& surplus
1,922
1,905
1,744
1,611
1,625
1,683
Shareholders funds
2,007
1,990
1,829
1,696
1,710
1,768
Minority Interest
-
-
-
-
-
-
Total loans
4
4
3
2
2
2
Other long-term liabilities
5
5
5
-
-
-
Long-term provisions
236
242
273
291
291
291
Deferred tax liability
(87)
(92)
(83)
(89)
(89)
(89)
Total liabilities
2,165
2,148
2,026
1,900
1,914
1,972
APPLICATION OF FUNDS
Gross block
274
323
467
725
925
1,125
Less: Acc. depreciation
227
247
272
297
334
379
Net block
47
76
195
428
591
746
Capital work-in-progress
44
44
44
44
44
44
Goodwill
42
42
-
-
-
-
Other non-current assets
17
14
-
-
-
-
Long-term loans and adv.
195
238
307
313
403
444
Investments
55
10
0
0
0
0
Current assets
2,602
2,614
2,587
2,172
2,216
2,213
Cash
2,067
2,042
1,911
1,348
1,158
1,049
Loans & advances
134
238
122
123
159
175
Other
401
335
554
701
900
990
Current liabilities
836
889
1,107
1,058
1,341
1,475
Net current assets
1,765
1,725
1,480
1,115
876
739
Mis. Exp. not written off
-
-
-
-
-
-
Total Assets
2,165
2,148
2,026
1,900
1,914
1,972
June 10, 2016
10
Glaxo Pharma | 4QFY2016 Result Update
Cash flow statement
Y/E March (` cr)
CY2012 CY2013 FY2015 FY2016 FY2017E FY2018E
Profit before tax and exceptional
844
711
756
582
781
848
Depreciation
18
20
25
25
37
45
(Inc)/Dec in working capital
(25)
15
114
(197)
49
28
Direct taxes paid
318
230
279
203
272
295
Cash Flow from Operations
519
517
616
207
596
626
(Inc.)/Dec.in fixed assets
(28)
(49)
(144)
(258)
(200)
(200)
(Inc.)/Dec. in investments
(57)
(45)
(10)
-
-
-
Cash Flow from Investing
(85)
(93)
(154)
(258)
(200)
(200)
Issue of equity
-
-
-
-
-
-
Inc./(Dec.) in loans
-
-
-
-
-
-
Dividend paid (Incl. Tax)
(491)
(495)
(624)
(495)
(495)
(495)
Others
110
47
32
(16)
(90)
(40)
Cash Flow from Financing
(381)
(448)
(593)
(512)
(585)
(535)
Inc./(Dec.) in cash
52
(25)
(131)
(563)
(190)
(109)
Opening cash balances
2,014
2,067
2,042
1,911
1,348
1,158
Closing cash balances
2,067
2,042
1,911
1,348
1,158
1,049
June 10, 2016
11
Glaxo Pharma | 4QFY2016 Result Update
Key ratio
Y/E March
CY2012
CY2013
FY2015
FY2016
FY2017E
FY2018E
Valuation Ratio (x)
P/E (on FDEPS)
45.3
64.2
58.5
79.6
58.4
53.8
P/CEPS
54.8
59.4
59.3
74.1
54.5
49.8
P/BV
14.8
15.0
16.3
17.6
17.4
16.8
Dividend yield (%)
1.4
1.4
1.4
1.4
1.4
1.4
EV/Sales
10.6
10.9
8.5
10.4
8.1
7.4
EV/EBITDA
36.5
55.1
47.9
62.9
43.0
38.8
EV / Total Assets
12.8
12.9
13.8
15.0
15.0
14.6
Per Share Data (`)
EPS (Basic)
77.6
54.8
60.1
44.2
60.1
65.3
EPS (fully diluted)
77.6
54.8
60.1
44.2
60.1
65.3
Cash EPS
64.2
59.2
59.3
47.4
64.5
70.6
DPS
50.0
50.0
50.0
50.0
50.0
50.0
Book Value
236.9
234.9
215.9
200.2
201.9
208.7
Returns (%)
RoCE (Pre-tax)
34.7
22.4
26.7
21.7
33.0
35.8
Angel ROIC (Pre-tax)
-
-
-
-
-
-
RoE
33.3
23.2
26.7
21.2
29.9
31.8
Turnover ratios (x)
Asset Turnover (Gross Block)
9.7
8.6
8.4
4.6
4.3
3.8
Inventory / Sales (days)
43
48
40
59
50
46
Receivables (days)
14
15
11
15
14
12
Payables (days)
58
54
55
77
72
77
WC cycle (ex-cash) (days)
74
79
69
99
97
104
Solvency ratios (x)
Net debt to equity
(1.0)
(1.0)
(1.0)
(0.8)
(0.7)
(0.6)
Net debt to EBITDA
(2.7)
(4.0)
(3.3)
(3.0)
(1.7)
(1.4)
Interest Coverage (EBIT / Int.)
-
-
-
-
-
-
June 10, 2016
12
Glaxo Pharma | 4QFY2016 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 MCX 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 including its relatives/analyst do not hold any financial interest/beneficial
ownership of more than 1% in the company covered by Analyst. 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. Angel/analyst
has not served as an officer, director or employee of company covered by Analyst and has not been engaged in market making activity
of the company covered by Analyst.
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.
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
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or in connection with the use of this information.
Note: Please refer to the important ‘Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may
have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement
Glaxo Pharma
1. Analyst ownership of the stock
No
2. Angel and its Group companies ownership of the stock
No
3. Angel and its Group companies' Directors ownership of the stock
No
4. Broking relationship with company covered
No
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors
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 10, 2016
13