Buy GlaxoSmithKline Pharma: Motilal Oswal

Motilal Oswal has maintained its buy rating on GlaxoSmithKline Pharmaceuticals  in its August 25, 2008 research report. "We continue to be positive about GSK’s long-term prospects. It is one of the best plays on IPR regime in India with plans to launch 9 patented/low-competition products by CY09E. We believe that the company deserves premium valuations due to the strong parentage (giving access to a large product pipeline), brand-building ability and it’s likely positioning in the post patent era. We expect GSK to record EPS of Rs 53.1 and Rs 59.9 for CY08E and CY09E respectively. GSK is currently valued at 21.9x CY08E and 19.4x CY09E earnings. Maintain Buy," says Motilal Oswal's research report.

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