Nomura initiates coverage on India's Anthem Biosciences with 'buy'; shares rise
Nomura initiates coverage on Anthem Biosciences ANTH.NS with "buy," target price of 740 rupees - representing an 18% premium on last close
Shares of ANTH rise as much as 3.6% to 651 rupees, last up ~1%
Nomura says ANTH can sustain 17% growth in CY24–29, outpacing industry’s 13% growth in the contract research, development and manufacturing organisation segment
Adds, co has a wider customer base and a strong "fee for service" strategy vs peers
Anthem's stable leadership with employee attrition below peers has led strong operating performance with industry-leading profit margins and return ratios - Nomura
Believes ANTH's key molecules' growth, new launches and capacity expansion are key positives for medium-term growth
ANTH down 13% since listing on July 21
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