Syngene is India’s leading contract research company, with presence across the entire chain of research and development services for the pharma industry. Recent commisssioning of a bulk drug unit for contract manufacturing has started contributing to the topline. The company offers cost arbitrage for R&D spends by pharma companies and that is its main strength. Syngene has set up dedicated research services for many large clients which skews client concentration and that is a risk factor but also provides revenue stickiness. We have a positive view on the company based on very positive management commentary (10+ revenue growth) and good prospects for the industry.Recent covid pandemic is long term positive for the stock as it will lead to higher R&D spends by global pharma companies. We have an over weight rating given present valuations and scale up potential – 26-07-2021 Price: 629.40 Rating: Over Weight Recommendation : Buy
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