汇丰银行-印度制药业-india pharmaceuticals 1qfy18 preview,no tail to this headwind-20170712-hsbc.pdfVIP

12 July 2017   India Pharmaceuticals EQUITIES PHARMACEUTICALS 1QFY18 Preview: No tail to this headwind India  Expect 1QFY18 weak performance with flat yoy sales and Girish Bakhru*, CFA c28% decline in core earnings in coverage universe Analyst, South East Asia Healthcare HSBC Securities and Capital Markets (India) Private Limited  We expect core EBITDA decline of c 18% yoy for our coverage girishbakhru@hsbc.co.in +9122 in pharma. Higher for mid-caps with higher India exposure Damayanti Kerai* Analyst, Healthcare Hospitals  India slowdown ahead of GST to impact entire sector. No HSBC Securities and Capital Markets (India) Private Limited strong play ahead of 1QFY18 earnings