Caplin Point is niche pharma company focused on Africa and 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. This enables the company to capture a large part of the value chain in that market. 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 and new launches are well received
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