< The 2014 All-India Research Team

Total Appearances: 2

Analyst Debut: 2013Credit Suisse’s Anubhav Aggarwal — who “is an analyst par excellence and always brings a new perspective to the table,” according to one advocate — holds on to the first-place position he earned in his debut on this roster last year. India’s health care and pharmaceuticals names leaped 36.2 percent during the 12-month period ended in late October, pacing the nation’s broad market by 14.2 percentage points. The pharma players in the group should deliver considerable additional upside, believes Aggarwal, 35. In particular, he paints a favorable picture of the domestic industry’s growth prospects in the U.S. generics market. “Indian firms are in a sweet spot,” says the researcher, “with the number of approvals expected to increase from next year in the U.S. and margins expected to expand with Indian firms penetrating into more complex products in the U.S.” The companies are also benefiting from increasing cash flow that can be used to acquire U.S. branded drug businesses and help them move up the value curve, in line with what Ireland’s Actavis and Israel’s Teva Pharmaceutical Industries have done, he adds. Accordingly, he recommends that investors favor stocks with high exposure to the U.S. generics industry, including Mumbai’s Sun Pharmaceutical Industries and Lupin. Sun boasts the strongest pipeline in America, Aggarwal notes, while Lupin enjoys the best execution as well as a good product lineup. Moreover, he adds, executives at both drugmakers intend to pursue the branded business in the U.S., as well.