Accumulate Suven Life Sciences; target of Rs 310: Dolat Capital

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Dolat Capital's research report on Suven Life Sciences

Suven reported a strong performance during Q4FY19. Revenue grew 19% YoY, due to a 64% YoY rise in specialty chemicals. Core CRAMS grew 4% to ` 718mn, whereas commercial CRAMS fell 23% YoY to ` 420mn (` 800mn for FY19). CTS grew 26% YoY, including Taro royalty worth ` 24mn. The management expects commercial revenue to be in the range of ` 1.3mn in FY20 and flat specialty chemicals. SUVN 502 could be a positive trigger, if the data is favourable.

Outlook

Based on a conservative approach, we estimate a TP of ` 310 (16x FY21E + NCE pipeline).

For all recommendations report, click here

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