Caplin Point is niche pharma company focused on Latin American market (87% of sales). It also has a few molecules (injectables) for the US generics market which it has launched / proposed to launch through MNC partners. A low profile player, Caplin Point has a strong position in Latin America through branded generics and inhouse logistics and distribution. Growth is dependent on these markets remaining stable and not impacted by local political issues. We have an over weight rating due excellent near term performance, scope to expand into other Latin American countries and reasonable valuation. Profits could move up significantly and business model would get de-risked if US strategy is successful – 14-08-2021 Price: 849.55 Rating: Over Weight Recommendation: Buy
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