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Buy GSK Pharma, target of Rs 1340: Hem Securities

Posted on: April 19th, 2009 and is filed under Brokerage Recommendations.

Hem Securities has initiated a buy rating on GlaxoSmithKline Pharmaceuticals with a target price of Rs 1340 in its April 16, 2009 research report. “GlaxoSmithKline Pharmaceuticals has registered good set of numbers for the quarter ended December 2008.

Net sales stood at Rs 3684.50 million up by 8.60% from corresponding quarter last fiscal, thereby converting in operating profit of Rs 1047.70 million. Net profits of the company have surged to Rs 891.60 million in Q3FY09 from Rs 799.40 million portraying a growth of 11.53%. On mar-gins front, operating margin remained almost same while net profit margin has expanded by 64 bps to 24.20% as compared to 23.56% for the same quarter ended last year. TTM (Trailing twelve months) EPS stood at Rs. 53.99.”

“Since the stock offers good investment opportunity, we initiate a ‘BUY’ signal on the stock with a target price of Rs 1340 in medium to long term investment horizon expecting an appreciation of about 35 % from the current level of Rs 1099,” says Hem Securities’ research report.

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