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Emkay
Suven Life (Buy)
CMP: ₹278.65
Target: ₹300
Suven Life Sciences is a bio-pharmaceutical company. The company is engaged in the business of manufacture and sale of bulk drugs and intermediaries.
Suven Life Sciences (SVLS) has been focussing on developing capabilities in the New Drug Delivery Systems (NDDS) space. The move to develop NDDS capabilities dovetails with its broader strategy to eventually offer end-to-end solutions and more value-add to innovators.
SVLS has completed the enrolment of about 500 patients for trials out of its target of about 550. Until now 274 patients have completed their trials without any issues related to toxicity despite a higher dosing regimen compared with the same class of molecules trialled by peers.
We marginally raise our FY20 earnings forecast on higher revenue growth and also increase our target multiple to 24x FY20E earnings (22x earlier) on improving earnings visibility and the emerging incremental earnings drivers.
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