Emkay recommended a `BUY` on Panacea Biotec (Q, N,C,F)* (CMP: Rs 333) with a target price of Rs 536.
The analysts at Emkay visited the state-of-the-art vaccine facility (Baddi) of Panacea Biotec recently. After detailed discussions with the management they believe that Panacea Biotec has many catalysts going forward in the form of combination vaccines (USD 475 million opportunity), anthrax vaccine for US (USD 100 million opportunity for
Panacea, launch of IPV in domestic market and organ transplant products in Brazilian market and monetizing of innovative products (NDDS based pipeline) in the regulated markets, etc. after a somber FY08.
The analsyts firmly believe that Panacea is currently at an inflexion point and will have strong tractions of growth from FY10E onwards. On the back of muted performance in
FY08 & delay in the approval of combination vaccines, they have revised their FY09 numbers downwards. Their revised EPS estimate for FY09E is Rs 21.7.
Link to the article: http://www.myiris.com/newsCentre/newsPopup.php?fileR=20080618161607094&dir=2008/06/18&secID=livenews
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