Structural Growth in LatAm Pharma: Initiating on Hypera, Genomma Lab and Blau

研报英文原文证据摘录

Structural Growth in LatAm Pharma: Initiating on Hypera, Genomma Lab and Blau

e opportunity, 10.08.0 9.7

4.9improving cash conversion following years of investment and governance enhancements 6.0

driven by Votorantim provide a credible path to accelerating earnings growth. Despite these 4.02.0

LatAm MENA Asia (ex-India) India Europe USstrengths, the shares continue to trade near historical trough valuation levels. . 0.0

Source: Jefferies, Factset

Genomma Lab (Hold, PT MXN16.00) represents a differentiated consumer healthcare

growth story. The company operates a highly scalable brand-driven model across OTC ExhibitCompanies3 - LatAmMktHealthcareCap (US$m) PeckingPT OrderUpside

medicines and personal care products throughout Latin America. Strong brands, extensive Top Picks

distribution and attractive profitability support robust cash generation. However, considering Hypera 3,243 BRL 28.70 36%

recent operational challenges and limited visibility on near-term catalysts, we view the current FleuryHapvida 1,758355 BRLBRL 18.2019.00 11%74%

risk-reward as balanced - despite having a positive longer-term view. Buys

Auna 140 USD 9.00 75%

Bradsaude 8,842 BRL 13.10 -15%

Blau (Hold, PT R$10.60) offers unique exposure to the structural growth of biologics Holds

and biosimilars. The company is focused on high-complexity medicines supplied primarily RedeRD SaudeD'Or 15,7936,437 BRLBRL 37.7028.00 51%5%

to hospitals. We believe its integrated manufacturing platform, biotechnology expertise and Genomma Lab 871 MXN 16.00 8%

expanding monoclonal antibody pipeline position Blau to capitalize on the next decade .Source:Blau Jefferies 482 BRL 10.60 10%

of biologic patent expirations. While we view positively the long-term opportunity, we