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Toshi

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GLAXO -- Glaxosmithkline (Pak) Ltd.
« Reply #-1 on: October 10, 2008, 03:29:24 PM »
All About Glaxosmithkline (Pak) Ltd.
« Last Edit: March 17, 2012, 08:45:07 AM by M&M »

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GLAXO -- Glaxosmithkline (Pak) Ltd.
« Reply #-1 on: October 10, 2008, 03:29:24 PM »

Offline Farzooq

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Re: GLAXO -- Glaxosmithkline (Pak) Ltd.
« on: September 20, 2009, 01:00:27 PM »
18-AUG-09 GLAXO GlaxoSmithKline Pak. FINANCIAL RESULT FOR THE HALF YEAR ENDED 30/06/2OO9
18-AUG-09 GLAXO GlaxoSmithKline Pak. PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 904.111
18-AUG-09 GLAXO GlaxoSmithKline Pak. PROFIT/LOSS AFTER TAXATION RS. IN MILLION 480.111
18-AUG-09 GLAXO GlaxoSmithKline Pak. EPS = 2.81
« Last Edit: March 16, 2012, 08:19:13 PM by M&M »
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Re: GLAXO -- Glaxosmithkline (Pak) Ltd.
« Reply #1 on: October 30, 2009, 06:17:05 PM »
30-OCT-09 GLAXO GlaxoSmithKline Pak. FINANCIAL RESULT FOR THE NINE MONTHS ENDED 30/09/2009
30-OCT-09 GLAXO GlaxoSmithKline Pak. PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 1,310.590
30-OCT-09 GLAXO GlaxoSmithKline Pak. PROFIT/LOSS AFTER TAXATION RS. IN MILLION 685.984
30-OCT-09 GLAXO GlaxoSmithKline Pak. EPS = 4.02
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Offline abcd

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Re: GLAXO -- Glaxosmithkline (Pak) Ltd.
« Reply #2 on: December 06, 2009, 09:29:38 PM »
With acquisition of stiffil,gsk is attractive@90.U may look into
Stock trading is a science and art too

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Re: GLAXO -- Glaxosmithkline (Pak) Ltd.
« Reply #3 on: January 19, 2010, 09:55:57 AM »
Pharmaceutical: GLAXOSMITHKLINE PAKISTAN LIMITED - Analysis of Financial Statements C Year 2000 - 2003 Q 2009

OVERVIEW (January 19 2010): GlaxoSmithKline (GSK) is a world leading research-based pharmaceutical company, engaged in manufacturing and marketing of ethical specialties, other pharmaceutical, animal health and consumer products. With a powerful combination of skills and resources, it provides a platform for delivering strong growth in today's rapidly changing global healthcare environment.

Headquartered in the UK, the company is one of the industry's leading companies with leadership in four major therapeutic areas - antibiotics, central nervous system (CNS), respiratory and gastro-intestinal/metabolic. In addition, it is a leader in vaccines and also has a growing portfolio of oncology products.

===========================================
COMPANY SNAPSHOT
===========================================
Name of company             GlaxoSmithKline
-------------------------------------------
Nature of Business           Pharmaceutical
Ticker                                GLAXO
Net Sales CY '07          Rs 10,610,882,000
Net Sales CY '08          Rs.13,403,224,000
Share price (avg.)                  Rs.75.9
Market Capitalization        12,960,832,000
===========================================

GlaxoSmithKline Pakistan Limited came into existence after the merger of Smith Kline and French of Pakistan Limited and Beecham Pakistan (Private) Limited with Glaxo Wellcome Pakistan Limited in 2002. It is listed on the Karachi and Lahore stock exchanges. GSK has a large portfolio of products ranging tablets, toothpaste, inhalers and complex capsules in over 28,000 different pack sizes and presentations. Nine of its products are amongst the top 15 brands in the country. There are 500 companies in the pharmaceutical sector of Pakistan. In 2008, the pharma market has grown by 11%.

GSK sells its prescription medicines primarily to wholesale drug distributors, hospitals, government entities and other institutions. These products are dispensed to the public by pharmacies. GSK leads the local industry in value, prescription and volume shares and a substantial size difference over its nearest competitor in the industry. It also exports it good quality products, which make around 2% of GSK's sales. Major export markets include Afghanistan, Sri Lanka, Syria and Greece. In CY08, the export business grew by 13% (CY07: 19%) and amounted to Rs. 289 million (CY07: Rs. 256 million). Major markets included Afghanistan, Sri Lanka and Syria.

RECENT RESULTS 2003 Q 2009

Sales revenue for 9M09 was Rs. 10.7 billion showing an overall increase of 9.1%. However, if the impact of the large government tender for vaccines for FY08 is ignored, the sales growth rate was 15%. Both pharmaceutical and consumer healthcare segment performed well. Export sales also showed a sharp increase of 50% to Rs. 288 million.

As witnessed in many other industries, the sector faces reduced margins on account of unfavourable macroeconomic variables. GSK's margins reduced by 4.5% due to a freeze in prices and increased raw material and packaging material costs along with higher utility charges. Selling, marketing, administrative and distribution expenses increased by approximately 20% on account of inflationary pressures. The increased expenses caused a drag on the PAT to the tune of 32.1%, bringing it down to Rs. 685.9 million. The PAT faced downward pressure despite an increase in other operating income by and a decline in financial charges by 89%.

FINANCIAL PERFORMANCE (C YEAR 2000 - C YEAR 2008)

Over the last nine years, GlaxoSmithKline Pakistan Limited has exhibited consistent growth in sales. In CY08 the net sales amounted to Rs. 13 billion (CY07: Rs. 11 billion) - representing a 26% YoY growth. In CY06, GSK had made history by becoming the first company in Pakistan's pharmaceutical industry, to cross Rs. 10 billion sales mark. The growth in CY08 net sales can be attributed to the double-digit growth witnessed in sales of vaccines, antibiotics, analgesics, gastro intestinal and cardiovascular portfolios. The polio vaccine business made a significant contribution to the top line. The new products launched by GSK also registered growth.

The consumer healthcare business showed a strong performance and achieved net sales of Rs. 233 million - increase of 66.3% for the same period last year (SPLY). This was due to restructuring of sales and distribution arrangements. New product launches and brand developments have contributed to improved performance of the segment and made future prospects positive. The animal health portfolio has also achieved double digit sales growth to Rs. 110 million.

Gross margins of the company have been severely affected despite the rising trend in net sales. The escalating inflation and significant currency depreciation coupled with price freeze since 2001 have eroded margins from 37.3% in CY07 to 28.8% in CY08. The major contributors of rise in cost of goods are the raw and packaging material.

The decline is due to rising raw and packaging material cost due to unprecedented international commodity price hike, increase in local prices on inputs and materials due to inflation, depreciation of currency; escalation of fuel, power and utilities cost and fewer margins on tender business. Despite high inflation and rising POL prices the company managed to keep its operating expenses under control. The selling, marketing and distribution expenses increased by 9.8% and administrative expenses increased by 6.9%.

Other operating income has doubled to Rs. 1,280 million in CY08 (CY07: Rs. 639 million). This is due to gain on sale of land in Korangi amounting to Rs. 843.5 million. Income from funds decreased to Rs. 389 million or 10.2% due to reduction in surplus funds, which lowered the interest income. The interest rates rose in latter part of the year and the situation improved. The company makes investments. Capital expenditures for the year totaled up to Rs. 475 million (CY07: Rs. 646 million). This was spent on facility improvement and rationalization, up gradation of plant and machinery and purchase of vehicles.

Due to other operating income the EBIT has significantly increased to Rs. 3,078 million (CY07: Rs. 2,670 million) - an increase of 15%. The EBIT had declined from CY06 and increased above CY06 level in CY08. This has contributed to the bottom line and cushioned the impact of high interest rates. The interest expense for the year amounted to Rs. 77 million (CY07: Rs. 12 million) - an increase of 565%. The profit after taxation amounted to Rs. 1,955 million (CY07: Rs. 1671 million) - an increase of 17%. The PAT surpassed the CY06 level in CY08 by 8%. The ROA has increased from 16.43% in CY07 to 18.40% in CY08.

The ROE has increased from 20.58% in CY07 to 23.40% in CY08. The increase in ROA and ROE can be attributed to a greater increase in PAT of 17% than total assets at 5% and total equity at 11%. The profit margin has declined from 15.74% to 14.595 in CY08 as net sales have increased by 26% while PAT grew by 17%. The liquidity position shows an increasing trend till CY05. It has steadily declined thereafter. The current ratio has declined from 4.27 in CY07 to 4.11 in CY08. This is due to an increase of 10% in current liabilities and 6% increase in current assets.

The cash and bank balances have declined by 36% and it is a source of concern, as this is the most liquid asset of the firm. The bank deposits have drastically lowered from Rs. 4150 million in CY07 to Rs. 2,630 million in CY08. The accounts receivable has accumulated a massive increase of 770%, signaling ineffective asset management and slow cash conversion cycle. The accrued return on investments and bank deposits have declined by 27%. The quick ratio has declined from 2.98 in CY07 to 2.31 in CY08. The quick assets have registered a 15% decline. The stock in trade have exhibited 53% growth and led to a marginal increase in current assets. The short term loans and trade payables have increased by 10% and 12% respectively.

The asset management ratios had followed a consistent downward trajectory since 2001 to 2007. The asset management in 2000 showed poor performance and in CY08 the company's liquidity has substantially reduced. The inventory turnover (days) has increased from 77 in CY07 to 94 days in CY08. The day sales outstanding (DSO) has increased from 4 days in CY07 to 27 days in CY08. The overall operating cycle has increased from 81 days in CY07 to 121 days in CY08. The DSO has changed significantly primarily due to a steep incline in accounts receivable from Rs. 117 million in CY07 to Rs. 1,017 million in CY08 - 770% increase.

The up side is that most of the accounts receivable stuck is considered good and is owed by other companies and not associates. The doubtful accounts provision has increased from Rs. 2.9 million in CY07 to Rs. 4.6 million in CY08. The stocks-in-trade (inventory) has seen a 53% buildup and now stands at Rs. 3,494 million. The company needs to make its credit policies more stringent and curb inventory build-up. The cash balances of the company have lowered down significantly from CY07. This is due to the increase in the operating cycle.

The total asset turnover of the company has shown a negative trend over the years. This decline is due to the fact that the company has been investing in its fixed assets, mainly in plant, machinery and infrastructure up gradation. Capital expenditure of Rs. 646 million was made in CY07 of which significant portion went to facility improvement and rationalization. This indicates that the increase in number of sales was expected by the company and it took the necessary measures and invested in its total assets accordingly. However, in CY08 the total asset turnover has shown an increase from 1.04 in CY07 to 1.26 in CY08. The capital expenditures were reduced to Rs. 475 million in CY08. The increase in total assets was by 5% while the increase in net sales was by 26%.

Sales/equity ratio also follows the same pattern as that of TATO. This is showing a declining trend 2002 inwards because of increasing equity base of the company both due to increasing reserves and paid-up capital over the years. Both sales/equity and TATO ratios have plunged in CY07 mainly on the account of increased assets base due to investments and capex. The sale to equity has increased from 1.31 in CY07 to 1.60 in CY08.

The debt management ratios of the company have significantly improved over the years. The debt to asset (D/A), debt to equity (D/E) and long term debt to equity (L.D/E) ratios show a visible decline over the years. In CY08, the D/A has slightly increased from 0.20 in CY07 to 0.21 in CY08. The D/E ratio has increased from 20.58% in CY07 to 23.40% in CY08. The L.D/E ratio has remained stable at 0.04.

During the first two years we can see that the D/E ratio remains practically the same though it is very high that it is risky for current or future investors to invest in the company. CY 2001 shows a dramatic decrease in the ratio as the company's net profits increased by greater margins whereas it significantly decreased its liabilities. Similarly, 2002 shows a major change in the debt to equity ratio as the sales increased resulting in higher and higher profits while the company divested from credit financing.

However, both D/A and D/E increased slightly in CY06 mainly because of higher trade payables, which can be attributed to the high cost of doing business. Both these ratios remained flat in CY07 showing that GSK continues its trend of lower debt reliance. Looking at the declining long-term debt to equity ratio, we can see that a majority of the credit financing was short term throughout the years. During the initial years a majority of the current liabilities consisted of creditors and accrued expenses however, during the latter years continuing till CY07 it comprises of short-term loans and trade payables, as the company has divested from accrued expenses and other creditors.

The falling debt ratio shows that the risk to a current or future investor in the company is decreasing. The company is becoming more financially stable and in a better position to borrow now and in the future, if the need arises. GSK's TIE ratio shows great variation throughout the years. The TIE ratio substantially increased in CY03, CY05 and CY07. These years have seen comparatively higher EBIT relative to interest expense. In CY08, the EBIT amounted to Rs. 3,078 million (an increase of 15%) but the interest expense registered a phenomenal increase of 565%. This plunged the TIE ratio to 40.05 in CY08 from 231.18 in CY07.

In 2002 we see an increase in the company's ability to pay off debts, due to an increase in EBIT because of a major increase in the net sales. In 2001, 2002 and 2003 this ratio was relatively low compared to the subsequent years as the company was in credit with third parties and had accrued expenses along with dividends. CY 2003 again shows the greatest deviation by far as the company earned a lot more than the interest payments that were required to be paid. The interest payments in this year decreased significantly as the company divested from creditors and accrued expenses along with dividends and instead only had outstanding financial charges on trade payables.

During 2004 the TIE ratio again dipped due to a high amount of taxation along with trade payables. CY05 showed the high tie ratio, due to a significant rise in the EBIT on account of higher net sales as compared to the prior year along with a reduction in the interest charges due to trade payables and taxation. However, this huge jump in the tie ratio is because of the rise in net sales. However, in 2006 again TIE nose-dived because of rising interest rates due to SBP's tight monetary stance. But it recovered greatly in CY07, due better EBIT and lower finance costs.

The earnings per share for GSK are erratic. Initially in 2000 the EPS was high (11.29) due to a high net income and a relatively low amount of outstanding shares. In 2001 however there was a great decrease in the EPS (from 11.29 to 2.88) this was due to a great drop in the net income of GSK because of high COGS and administrative and other expenses while the total outstanding shares remained constant from the previous year. In subsequent years GSK has continually stabilized its EPS due to greater sales and a relative drop in expenses which have resulted in a higher net income. A dilution can be seen in CY07 EPS due to issuance of new shares. The EPS has increased from Rs. 9.79 in CY07 to Rs. 11.46 in CY08.

This is because the earnings (PAT) shows an increase of 17% but the number of share outstanding remain unchanged. Initially investors were willing to pay relatively little for a dollar of GSK's book value however during the recent years the company has turned into a financially strong setup. A major factor of the increase in this book value per share is the continuous increase in its equity base by mainly through issuance of new shares. Some dilution effect can be seen in CY07's BVS. Despite significant capital expenditure over the years, the overall cash position of the company improved which is evident by the positive trend of DPS.

Though it declined on a YoY basis, it has increased from Rs. 5/share in CY01 to Rs. 7.5/share in CY07, showing the good return to shareholders as the primary objective of GSK. In CY08 the dividend per share was Rs. 7.0/share. In 2000 we see that the price/earnings ratio was relatively low which can sometimes signify poor growth prospects. This was due to a high market price with relatively low EPS. This signified that the firm was risky for investing. A sharp sudden shoot up is seen in 2001 due to a sharp decline in the EPS though there was a relative decline in the price per share. The P/E ratio has declined from 19.66 in CY07 to 6.63 in CY08.

This is due to combination of low price and high EPS. The market price of the share in Dec 08 was Rs. 75.9/share (Dec 07: Rs. 192.4/share) while the EPS was Rs. 11.46/share (Dec 07: Rs. 9.79/share). The investor expectations are down compared to the last few years. The stock prices are generally low due to economic recession in the country and weak trading at the stock exchange. The stock price trend of the period Sep 08 to Sep 09 shows that the stock prices have recovered the crisis. The prices peaked in June 2009 to Rs. 143.60/share but fell to Rs. 99.5/share in Sep 09.

FUTURE OUTLOOK

In FY09-10 budget, customs duties have been reduced from 25 percent and 10 percent to just 5 percent on import of 19 types of raw materials and active ingredients as well as chemicals. The customs duty on import of packaging material like polyacrylate, piston caps, laminated heat sealable paper, kraft paper (wax coated) non-woven fabric and non-woven paper. This will provide relief to the sector that was grappling with high cost of goods sold with major contributor being raw and packaging material.

Work on new state-of-the-art penicillin facility was completed and its commercial production started in Q3 of CY07 as expected. This will provide higher quality, efficiency and flexibility in manufacturing operations of GSK largest products. An area for particular focus for GSK is the area of preventive healthcare and vaccines. GSK being the world leading developer and manufacturer of vaccines sees this as a great opportunity to add value to the healthcare situation in the country. The CY08 is likely to be challenging, in particular for the pharmaceutical industry of Pakistan.

The industry has great potential for growth, however its sustained success depends on a regulatory environment, which is able to balance the interests of the research-based industry, with the need for affordable healthcare. The process of the pharmaceutical products have been static since 2001 and there has been no offset to account for the adverse impact of rising inflation (particularly in energy and fuel costs), raw and packaging material costs and devaluation. The business improvement initiatives undertaken in past few years by GSK, have contributed towards its the enhanced operational efficiencies and cost savings.

However, this beneficial impact is eroding and will continue to do so unless the Government implements the existing notified policy of allowing price adjustments to offset inflation and devaluation. This is essential if the industry is to sustain itself for the future. In recent few years, Pakistan has made some progress in updating its Intellectual Property Rights (IPR) laws to the levels required by global conventions. Practically, much more needs to be done to discourage both piracy and counterfeiting. Its effective implementation will not only protect the consumers, but also the industry and result in quality and research oriented culture. GSK will also continue to focus on introducing innovative medicines developed through its global R&D effort.

======================================================================================================
GSK FINANCIALS
======================================================================================================
Income Statement (PKR mn)        CY'00   CY'01   CY'02   CY'03   CY'04   CY'05   CY'06   CY'07   CY'08
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Net Sales                          604     875   6,993   8,101   8,867   9,417  10,088  10,611  13,403
Cost of Goods Sold                 330     585   4,526   4,941   5,361   5,570   6,222   6,659   9,548
Gross Profit                       274     290   2,467   3,160   3,506   3,846   3,867   3,952   3,856
Selling, General & Admin. Expense  237     288   1,662   1,577   1,390   1,489   1,712   1,921   2,057
Other Income                        45      32     172     101     188     350     496     639   1,280
Operating Profit / EBIT             82      34     977   1,683   2,304   2,708   2,651   2,670   3,078
Interest Expense                     1       2      18       9      29      13      19      12      77
Profit/Loss Before Taxation         74      30     886   1,548   2,119   2,694   2,632   2,659   1,001
Tax Expense                         23      17     344     522     648     881     967     988   1,046
PROFIT/LOSS AFTER TAXATION          51      13     543   1,026   1,471   1,814   1,665   1,671   1,955
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Balance Sheet (PKR mn)           CY'00   CY'01   CY'02   CY'03   CY'04   CY'05   CY'06   CY'07   CY'08
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Cash and Cash Balances              66      86   1,700   2,246   3,054   3,984   4,666   4,253   2,725
Stocks and Spares                    -       1      47      55      54      53      65     107     116
Stocks-In-Trade                    235     184   1,412   1,605   1,632   1,973   2,195   2,277   3,494
Accounts Receivables                36      25      94      72      33      65      85     117   1,017
CURRENT ASSETS                     387     372   3,628   4,368   4,970   6,519   7,530   7,520   7,970
Operating Fixed Assets             102     112   1,214   1,372   1,384   1,320   1,355   1,960   2,242
Capital Work in Progress            21      14     182      88      50     184     420     277     173
Long Term Loans                      2       1      49      55      48      40      36      54      62
Investments                          -       -       -       -     407     192      96     347     172
NON-CURRENT ASSETS                 142     154   1,459   1,524   1,895   1,741   1,913   2,644   2,656
TOTAL ASSETS                       529     526   5,086   5,892   6,865   8,261   9,444  10,165  10,626
Trade Payables                       -       -       -   1,052     954     894   1,598   1,698   1,867
CURRENT LIABILITIES                159     144   1,283   1,052   1,092   1,267   1,704   1,761   1,938
NON-CURRENT LIABILITIES             42      55     247     257     225     256     203     286     333
TOTAL LIABILITIES                  202     199   1,530   1,309   1,317   1,523   1,907   2,047   2,271
Share Capital                       45      45     506     728     874   1,092   1,365   1,707   1,707
Reserves                           255     255   2,854   3,855   4,674   5,646   6,172   6,411   6,648
SHAREHOLDERS' EQUITY               327     326   3,557   4,583   5,548   6,738   7,537   8,118   8,355
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PROFITABILITY RATIOS             CY'00   CY'01   CY'02   CY'03   CY'04   CY'05   CY'06   CY'07   CY'08
------------------------------------------------------------------------------------------------------
Gross profit margin                 45%     33%     35%     39%     40%     41%     38%     37%    29%
Profit Margin                        8%      1%      8%     13%     17%     19%     17%     16%    15%
Return on Assets                    10%      2%     11%     17%     21%     22%     18%     16%    18%
Return on Equity                    16%      4%     15%     22%     27%     27%     22%     21%    23%
------------------------------------------------------------------------------------------------------
LIQUIDITY RATIOS                 CY'00   CY'01   CY'02   CY'03   CY'04   CY'05   CY'06   CY'07   CY'08
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Quick ratio                       0.95    1.30    1.73    2.63    3.06    3.59    3.13    2.98    2.31
Current Ratio                     2.43    2.58    2.83    4.15    4.55    5.15    4.42    4.27    4.11
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ASSET MANAGEMENT RATIOS          CY'00   CY'01   CY'02   CY'03   CY'04   CY'05   CY'06   CY'07   CY'08
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Inventory Turnover(Days)           140      76      73      71      66      75      78      77      94
Day Sales Outstanding (Days)        21      10       5       3       1       2       3       4      27
Operating cycle (Days)             162      86      78      75      68      78      81      81     121
Total Asset Turnover              1.14    1.67    1.37    1.37    1.29    1.14    1.07    1.04    1.26
Sales/Equity                      1.85    2.68    1.97    1.77    1.60    1.40    1.34    1.31    1.60
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DEBT MANAGEMENT RATIOS           CY'00   CY'01   CY'02   CY'03   CY'04   CY'05   CY'06   CY'07   CY'08
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Debt to Asset                     0.38    0.38    0.30    0.22    0.19    0.18    0.20    0.20    0.21
Debt to Equity Ratio              0.62    0.61    0.43    0.29    0.24    0.23    0.25    0.25    0.27
Times Interest Earned               64      21      55     180      81     204     137     231      40
Long Term Debt to Equity(%)        13%     17%      7%      6%      4%      4%      3%      4%      4%
------------------------------------------------------------------------------------------------------
MARKET VALUE RATIOS              CY'00   CY'01   CY'02   CY'03   CY'04   CY'05   CY'06   CY'07   CY'08
------------------------------------------------------------------------------------------------------
Earning per share                   11       3       7      14      13      13      12      10      11
Price/Earnings Ratio                 8      26      11      14      13      14      13      20       7
Dividend per share                5.20    5.00    6.00    7.00    7.00    8.00    8.00    7.50       3
Book value per share                73      73      49      63      51      49      59      44      48
No. of Shares Issued (millions)      5       5      73      73     109     137     137     171     171
Market prices(Year End)             90      75      85     191     181     186     158     192      76
======================================================================================================
COURTESY: Economics and Finance Department, Institute of Business Administration, Karachi,

Offline Farzooq

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Re: GLAXO -- Glaxosmithkline (Pak) Ltd.
« Reply #4 on: March 04, 2010, 10:27:20 AM »
eps 5.47 dps 5
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Offline Farzooq

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Re: GLAXO -- Glaxosmithkline (Pak) Ltd.
« Reply #5 on: May 17, 2010, 10:33:26 AM »
Pharmaceutical: GLAXOSMITHKLINE PAKISTAN LIMITED - Analysis of Financial Statements CY 2004 - CY 2009
OVERVIEW (May 17 2010): GlaxoSmithKline (GSK) is a world leading research-based pharmaceutical company, engaged in manufacturing and marketing of ethical specialties, other pharmaceutical, animal health and consumer products.

With a powerful combination of skills and resources, it provides a platform for delivering strong growth in today's rapidly changing global healthcare environment. Headquartered in the UK, the company is one of the industry's leading companies with leadership in four major therapeutic areas - antibiotics, central nervous system (CNS), respiratory and gastro-intestinal/metabolic. In addition, it is a leader in the important area of vaccines and also has a growing portfolio of oncology products.

=======================================
COMPANY SNAPSHOT
=======================================
NAME OF COMPANY         GLAXOSMITHKLINE
=======================================
Nature of Business       Pharmaceutical
Ticker                            GLAXO
Net Sales CY '09      Rs 14,719,132,000
Net Sales CY '08      Rs 13,403,224,000
Share price (11-05-10)          Rs 75.9
Market Capitalization    15,636,969,000
=======================================

GlaxoSmithKline Pakistan Limited came into existence after the merger of Smith Kline and French of Pakistan Limited and Beecham Pakistan (Private) Limited with Glaxo Wellcome Pakistan Limited in 2002. It is listed on the Karachi and Lahore stock exchanges. GSK has a large portfolio of products ranging from tablets to toothpaste to inhalers and complex capsules in over 28,000 different pack sizes and presentations. Nine of its products are amongst the top 15 brands in the country. There are 500 companies in the pharmaceutical sector of Pakistan. In 2009, pharmaceutical market grew by 15%.

In spite of the growth, pharmaceutical industry in Pakistan is experienced unprecedented challenges. The currency devaluation and inflation, coupled with restrictive pricing, has contributed to declining margins and profitability. Though the government has given some price increases on certain products in the last quarter of the previous year, however, their impact is not broad-based and significant enough to improve the situation.

GSK sells its prescription medicines primarily to wholesale drug distributors, hospitals, government entities and other institutions. These products are dispensed to the public by pharmacies. GSK leads the local industry in value, prescription and volume shares and a substantial size difference over its nearest competitor in the industry. It also exports it good quality products, which make around 2% of GSK's sales. Major export markets include Afghanistan, Sri Lanka, Syria and Greece. In CY09, the export business grew by 35% and amounted to Rs 390.4 million (CY08: Rs 289.6 million). Major markets included Afghanistan, Sri Lanka and Syria.

Moreover, the percentage increase in exports was accompanied by percentage decrease in gross local sales from 97.8% to 97.4%. However, the overall gross sales increased by 10.03% to Rs 15.059 million in FY09. Net sales in FY09 increased from Rs 13.403 million to Rs 14.718 million showing 9.8% growth, which was much less than net sales growth of 26.3% in FY08.

FINANCIAL PERFORMANCE (CY04-CY09)

Over the last nine years, GlaxoSmithKline Pakistan Limited has exhibited consistent growth in sales. FY09 was more or less the same where the net sales increased to Rs 14,719 million. The consumer healthcare business grew by 28.2% to Rs 298.6 million, with Eno and Iodex being the main growth drivers.

Within the core pharmaceutical portfolio, there were strong performances from antibiotics, cardiovascular,

respiratory, dermatology, analgesics and gastro intestinal brands, with all achieving double-digit growth.

Selling, marketing and distribution expenses at Rs 1673.8 million increased by 26.0% in FY09. The increase over last year mainly reflected increased investment in core and new brands and increased freight cost due to rising oil prices and sales growth. On the other hand, administrative expenses increased by 13.2% in FY09 at Rs 588.8 million. Increases in training expenses, employment cost due to inflation, travel and accommodation, legal costs also contributed to expense growth.

Gross margins in FY09 reported at 24.1%, declined by 4.7% compared to the last year. The gross sales decreased by 8% to Rs 3,545 million in FY09. GlaxoSmithKline margins like other pharmaceutical companies have been adversely affected due to the longstanding price freeze on majority of the products since 2001, increases in raw and packaging prices both locally and internationally, the continuous weakening of the rupee against the major currencies, particularly against the US dollar and escalation in fuel, power and utilities costs.

Other operating income was recorded at Rs 436.6 million in FY09 (FY08 Rs 1280 million), primarily comprising of investment income of Rs 354.9 million. Overall, income from other sources declined by 66% to Rs 436 million In FY09. The investment income declined in FY09 can be attributed to reduced funds to payout dividend and increase in cost of doing business. This was partly offset by higher interest rates earned on investments.

Due to other operating income the EBIT has significantly decreased to Rs 1,581 million (CY08: Rs 3077 million) - decrease of 49%. The interest expense for the year amounted to Rs 14 million (CY08: Rs 77 million) - decrease of 81%. Net profit after tax for the year was Rs 933.9 million in FY09 showing decrease by 52%.

The ROA has increased from 18.4% in CY08 to 8.48% in CY08 showing a dismal picture. The ROE has increased from 23.4% in CY08 to 11.52% in CY09. The decrease in ROA and ROE can be attributed to a greater decrease in profit after tax of 52% than the total assets increase at 4% and total equity decrease at 3%. The profit margin has declined from14.59% to 6.35% in CY09 as net sales have increased by 9.8% while profit after tax declined by 52%.

During FY09, capital expenditure was Rs 494.2 million (FY09: Rs 475.0 million) mainly spent on expansion of warehouse, offices, plant upgradation and vehicles. The company has surplus funds of Rs 2,384.1 million in FY09 showing a decline of Rs 340.8 million due to dividend payment and decrease in profitability.

Company's market capitalization has increased over the last 5 years from Rs 15.8 billion in FY08 to Rs 18.6 billion in FY09.

The liquidity position shows an increasing trend till FY05. It has steadily declined thereafter. The current ratio has declined from 4.1 in FY08 to 3.2 in FY09. This is due to an increase of 30% in current liabilities and 2% increase in current assets. The cash and bank balances have declined by 36% for the second consecutive year to Rs 1,739 million which is a source of concern, as this is the most liquid asset of the firm. The bank deposits and prepayments have drastically lowered from Rs 93 million in FY08 to Rs 87 million in FY08.

The accounts receivable in contrast to FY08 which showed massive increase of 770%, decreased by 2% in FY09 signalling ineffective asset management and slow cash conversion cycle. The quick ratio has declined from 2.31 in FY08 to 1.6 in FY09. The quick assets have registered 3% increase. The stock-in-trade have exhibited 16% growth and led to a marginal increase in the current assets. The short-term loans and trade payables combined have increased by 35% to Rs 2,542 million.

The asset management ratios had followed a consistent downward trajectory since 2004 to 2009. The asset management in 2000 showed poor performance and in CY09 the company's liquidity has substantially reduced. The inventory turnover (days) has increased from 94 in FY08 to 99days in FY09. The day sales outstanding (DSO) has decreased from 27 days in FY08 to 24 days in FY09 showing little improvement. The overall operating cycle has increased from 121 days in FY08 to 124 days in FY09.

The DSO has improved primarily due to a steep incline in accounts receivable from Rs 1,017 million in FY08 to Rs 997 million in FY09 - 2% decrease. The stocks-in-trade (inventory) has seen a 16% buildup and now stands at Rs 4,061 million. The company needs to make its credit policies more stringent and curb inventory buildup. The cash balances of the company have been lowered significantly from FY08. This is due to an increase in the operating cycle.

The total asset turnover of the company has shown a negative trend from FY04 to FY09. This decline is due to the fact that the company has been investing in its fixed assets, mainly in plant, machinery and infrastructure upgradation. However, in FY09 the total asset turnover has shown an increase from 1.26 in FY08 to 1.34 in FY09.

The sales/equity ratio also follows the same pattern as that of TATO. Both sales/equity and TATO ratios have plunged in FY07 mainly on account of increased assets base due to investments and capex. The sale to equity has increased from 1.6 in FY08 to 1.82 in FY09.

The debt management ratios of the company have significantly improved over the years. The debt to asset (D/A), debt to equity (D/E) and long term debt to equity (L.D./E) ratios show a visible decline over the years. In FY09, the D/A has slightly increased from 21.4% in FY08 to 26.4% in FY09. The D/E ratio has increased from 27.20% in FY08 to 35.80% in FY09. The L.D./E ratio has slightly increased from 4% to 4.7% in FY09.

The D/E ratio of the company shows an increasing trend since company is taking more debt for capital expansion.

Long-term debt to equity, debt to equity and debt to asset, all the ratios showed an increase due to considerable increase in the level of debt as compared to equity, assets to finance its operation, capital expenditures and to payout dividends.

Looking at the declining long-term debt to equity ratio, we can see that a majority of the credit financing was short term throughout the years. During the initial years a majority of the current liabilities consisted of creditors and accrued expenses however, during the latter years continuing till FY09 it comprises of short-term loans and trade payables, as the company has divested from accrued expenses and other creditors. The falling debt ratio shows that the risk to a current or future investor in the company is decreasing. The company is becoming more financially stable and in a better position to borrow now and in the future, if the need arises.

GSK's TIE ratio shows great variation throughout the years. The TIE ratio substantially increased in FY05 and FY07. These years have seen comparatively higher EBIT relative to interest expense. In FY09, the EBIT amounted to Rs 1,581 million (a decrease of 49%) but the interest expense registered a considerable decrease of 81%. This increased the TIE ratio to 110 in FY08 from 40 in FY08.

In FY02 we see an increase in the company's ability to pay off debts, due to an increase in EBIT because of a major increase in the net sales. In FY01, FY02 and FY03 this ratio was relatively low compared to the subsequent years as the company was in credit with third parties and had accrued expenses along with dividends.

FY03 again shows the greatest deviation by far as the company earned a lot more than the interest payments that were required to be paid. The interest payments in this year decreased significantly as the company divested from creditors and accrued expenses along with dividends and instead only had outstanding financial charges on trade payables.

During FY04 the TIE ratio again dipped due to a high amount of taxation along with trade payables. FY05 shows the high tie ratio which is due to a significant rise in the EBIT because of greater net sales as compared to prior year along with a reduction in the interest charges due to trade payables and taxation however, this huge jump in the tie ratio is because of the rise in net sales. However, in FY06 again TIE nose-dived because of rising interest rates due to SBP's tight monetary stance. But it recovered greatly in FY07, due to better EBIT and lower financial costs.

The earnings per share for GSK are erratic. Initially in FY04 the EPS was high (Rs 13.5) due to a high net income and a relatively low amount of outstanding shares. In FY06, however, there was a great decrease in the EPS (from Rs 13.3 to Rs 12.2) this was due to a drop in the net income of GSK because of high COGS and administrative and other expenses while the total outstanding shares remained constant from the previous year. In subsequent years GSK has continually stabilized its EPS due to greater sales and a relative drop in expenses which have resulted in a higher net income. A dilution can be seen in FY09 EPS due to decrease in Earning Before tax and lower gross margins. The EPS has decreased from Rs 11.5 in FY08 to Rs 5.5 in FY09. This is because the earnings (PAT) shows an decrease of 52% but the number of share outstanding remain unchanged.

Initially investors were willing to pay relatively little for a dollar of GSK's book value however during the recent years the company has turned into a financially strong setup. A major factor of the increase in this book value per share is the continuous increase in its equity base by mainly through issuance of new shares. Despite significant capital expenditure over the years, the overall cash position of the company improved which is evident by the positive trend of DPS. However, In FY09, dividend per share decreased to Rs 5 showing a negative sign for investors.

In 2000, we see that the price/earnings ratio was relatively low which can sometimes poor growth prospects. This was due to a high market price with relatively low EPS. This signified that the firm was risky for investing. A sudden shoot up is seen in 2001 due to a sharp decline in the EPS though there was relatively a decline in the price per share. The P/E ratio has declined from 19.66 in FY08 to 6.63 in CY08. However in FY09, P/E has improved to 20 once again due to increase in GSK price and decrease in earning. The market price of the share in December 09 was Rs 109.3/share (Dec08: Rs 75.9/share) while the EPS was Rs 5.5/share (Dec08: Rs 11.46/ share). The investor expectations are down compared to the last few years. The stock prices are somewhat recovering from recession and trading at the stock exchange is improved in FY09. The stock price trend of the period Sept08 to Sept09 shows that the stock prices have recovered the crisis. The prices peaked in June 2009 to Rs 143.60/share but fell to Rs 99.5/share in Sept09.

FUTURE OUTLOOK

In the budget of FY09-10 the customs duty has been reduced from 25 percent and 10 percent to just 5 percent on import of 19 types of raw materials and active ingredients as well as chemicals. The customs duty on import of packaging material like polyacrylate, piston caps, laminated heat sealable paper, kraft paper (wax-coated) non-woven fabric and non-woven paper. This will provide relief to the sector that was grappling with high cost of goods sold with major contributor being raw and packaging material.

Work on new state-of-the-art Penicillin facility was completed and its commercial production started in Q3 of FY07 as expected. This will provide higher quality, efficiency and flexibility in manufacturing operations of GSK largest products. An area for particular focus for GSK is the area of preventive healthcare and vaccines. GSK being the world leading developer and manufacturer of vaccines sees this as a great opportunity to add value to the healthcare situation in the country. The CY08 is likely to be challenging, in particular for the pharmaceutical industry of Pakistan. The industry has great potential for growth, however its sustained success depends on a regulatory environment which is able to balance the interests of the research based industry, with the need for affordable healthcare.

The process of the pharmaceutical products have been static since 2001 and there has been no offset to account for the adverse impact of rising inflation (particularly in energy and fuel costs), raw and packaging material costs and devaluation. The business improvement initiatives undertaken in past few years by GSK, have contributed towards its the enhanced operational efficiencies and cost savings. However, this beneficial impact is eroding and will continue to do so unless the government implements the existing notified policy of allowing price adjustments to offset inflation and devaluation. This is essential if the industry is to sustain itself for future.

In recent few years, Pakistan has made some progress in updating its Intellectual Property Rights (IPR) laws to the levels required by global conventions. Practically, much more needs to be done to discourage both piracy and counterfeiting. Its effective implementation will not only protect the consumers, but also the industry and result in quality and research oriented culture. GSK will also continue to focus on introducing innovative medicines developed through its global R&D effort.

=====================================================================================
Income Statement (PKR mn)          FY'04    FY'05    FY'06    FY'07    FY'08    FY'09
=====================================================================================
Net Sales                          8,867    9,417   10,088   10,611   13,403   14,719
Cost of Goods Sold                -5,361   -5,570   -6,222   -6,659   -9,548  -11,173
Gross Profit                       3,506    3,846    3,867    3,952    3,856    3,546
Selling, General & Admin Expenses  1,390    1,489    1,712    1,921    2,057    2,401
Other Income                         188      350      496      639    1,280      437
Operating Profit I EBIT            2,304    2,708    2,651    2,670    3,078    1,581
Interest Expense                      29       13       19       12       77       14
Profit/Loss Before Taxation        2,119    2,694    2,632    2,659    3,001    1,567
Tax Expense                          648      881      967      988    1,046      633
PROFIT/LOSS AFTER TAXATION         1,471    1,814    1,665    1,671    1,955      934
-------------------------------------------------------------------------------------
Balance Sheet (PKR mn)             FY'04    FY'05    FY'06    FY'07    FY'08    FY'09
-------------------------------------------------------------------------------------
Cash and Cash Balances             3,054    3,984    4,666    4,253    2,725    1,739
Stocks and Spares                     54       53       65      107      116      129
Stocks-In-Trade                    1,632    1,973    2,195    2,277    3,495    4,062
Accounts Receivables                  33       65       85      117    1,017      997
CURRENT ASSETS                     4,970    6,519    7,530    7,520    7,971    8,170
Operating Fixed Assets             1,384    1,320    1,355    1,960    2,242    2,343
Capital Work in Progress              50      184      420      277      173      258
Long Term Loans                       48       40       36       54       62       61
Investments                          407      192       96      347      172      169
NON-CURRENT ASSETS                 1,895    1,741    1,913    2,644    2,655    2,838
TOTAL ASSETS                       6,865    8,261    9,444   10,165   10,626   11,008
Trade Payables                       954      894    1,598    1,698    1,867    2,524
CURRENTLIABILITIES                 1,092    1,267    1,704    1,761    1,938    2,524
NON-CURRENT LIABILITIES              225      256      203      286      333      379
TOTAL LIABILITIES                  1,317    1,523    1,907    2,047    2,271    2,904
Share Capital                        874    1,092    1,365    1,707    1,707    1,707
Reserves                           4,674    5,646    6,172    6,411    6,648    6,397
SHAREHOLDERS' EQUITY               5,548    6,738    7,537    8,118    8,355    8,104
-------------------------------------------------------------------------------------
PROFITABILITY RATIOS               FY'04    FY'05    FY'06    FY'07    FY'08    FY'09
-------------------------------------------------------------------------------------
Gross profit margin                   40%      41       38%      37       29      24%
Profit Margin                         17%      19       17%      16       15       6%
Return on Assets                      21%      22       18%      16       18       8%
Return on Equity                      27%      27       22%      21       23      12%
-------------------------------------------------------------------------------------
LIQUIDITY RATIOS                   FY'04    FY'05    FY'06    FY'07    FY'08    FY'09
-------------------------------------------------------------------------------------
Quick ratio                            3        4        3        3        2        2
Current Ratio                          5        5        4        4        4        3
-------------------------------------------------------------------------------------
AS S ET MANAGEMENT RATIOS          FY'04    FY'05    FY'06    FY'07    FY'08    FY'09
-------------------------------------------------------------------------------------
Inventory Turnover (Days)             66       75       78       77       94       99
Day Sales Outstanding (Days)           1        2        3        4       27       24
Operating cycle (Days)                68       78       81       81      121      124
Total Asset Turnover                 1.3      1.1      1.1        1      1.3      1.3
Sales/Equity                         1.6      1.4      1.3      1.3      1.6      1.8
-------------------------------------------------------------------------------------
DEBT MANAGEMENT RATIOS             FY'04    FY'05    FY'06    FY'07    FY'08    FY'09
-------------------------------------------------------------------------------------
Debt to Asset                        19%      18%      20%      20%      21%      26%
Debt to Equity Ratio                 24%      23%      25%      25%      27%      36%
Times Interest Earned                 81      204      137      231       40      110
Long Term Debt to Equity           4.10%    3.80%    2.70%    3.50%    4.00%    4.70%
-------------------------------------------------------------------------------------
MARKET VALUE RATIOS                FY'04    FY'05    FY'06    FY'07    FY'08    FY'09
-------------------------------------------------------------------------------------
Earning per share                   13.5     13.3     12.2      9.8     11.5      5.5
Price / Earnings Ratio              13.4       14     12.9     19.7      6.6       20
Dividend per share                     7        8        8      7.5      9.5        5
Book value per share                50.8     49.4     59.5     44.2     47.6       49
No  of Shares Issued (millions)      109      137      137      171      171      171
Market prices (Year End)             181    186.3    157.9    192.4     75.9    109.3
=====================================================================================
COURTESY: Economics and Finance Department, Institute of Business Administration, Karachi
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Offline Farzooq

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Re: GLAXO -- Glaxosmithkline (Pak) Ltd.
« Reply #6 on: August 23, 2010, 05:15:04 PM »
bm aug 27
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Re: GLAXO -- Glaxosmithkline (Pak) Ltd.
« Reply #7 on: February 29, 2012, 11:11:10 AM »
Glaxo ki expectation kia hai bhai log?
Aurangzeb A. Durrani
MSManiar Financials (Pvt.) Ltd.

Offline Abdul Qadir

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Re: GLAXO -- Glaxosmithkline (Pak) Ltd.
« Reply #8 on: February 29, 2012, 11:37:00 AM »
Result will be impressive , so dont take tension if you are holding.

Offline AGz

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Re: GLAXO -- Glaxosmithkline (Pak) Ltd.
« Reply #9 on: February 29, 2012, 12:00:09 PM »
Result will be impressive , so dont take tension if you are holding.

Yes I read about the company financials but its 1QFY12 EPS is below comparing to corresponding period last year.
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Offline syednoman9

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Re: GLAXO -- Glaxosmithkline (Pak) Ltd.
« Reply #10 on: March 08, 2012, 03:50:48 PM »


Offline kamal

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Re: GLAXO -- Glaxosmithkline (Pak) Ltd.
« Reply #11 on: March 08, 2012, 10:46:28 PM »



I have some at 68.5 ajj 72 miss hogaya i was damnt busy .. Waisay 10% and 40% oki hai .. :goodc:
Realize Profit when and wherever u can. Coz its profit for which we are here for not marrying scrips. Fundamentals at KSE  weigh not more than 20-30%. Move with the moves of market. If u move against than u'll be loser and accumulating dividend only.

Offline kamal

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Re: GLAXO -- Glaxosmithkline (Pak) Ltd.
« Reply #12 on: March 08, 2012, 11:13:41 PM »
POKI iski TP pai kuch roshni dalain .. I have at 68.5 what to do tomorrow ..?
Realize Profit when and wherever u can. Coz its profit for which we are here for not marrying scrips. Fundamentals at KSE  weigh not more than 20-30%. Move with the moves of market. If u move against than u'll be loser and accumulating dividend only.

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Re: GLAXO -- Glaxosmithkline (Pak) Ltd.
« Reply #13 on: March 08, 2012, 11:16:25 PM »
POKI iski TP pai kuch roshni dalain .. I have at 68.5 what to do tomorrow ..?
I don't think it is worth it at current levels on fundamentals very low growth and trading at higher multiples.
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Offline kamal

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Re: GLAXO -- Glaxosmithkline (Pak) Ltd.
« Reply #14 on: March 08, 2012, 11:24:58 PM »
POKI iski TP pai kuch roshni dalain .. I have at 68.5 what to do tomorrow ..?
I don't think it is worth it at current levels on fundamentals very low growth and trading at higher multiples.

CHalo .. ok ..thnx buddy
Realize Profit when and wherever u can. Coz its profit for which we are here for not marrying scrips. Fundamentals at KSE  weigh not more than 20-30%. Move with the moves of market. If u move against than u'll be loser and accumulating dividend only.

Offline syednoman9

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Re: GLAXO -- Glaxosmithkline (Pak) Ltd.
« Reply #15 on: March 16, 2012, 06:00:34 PM »



yeh kya scene hau bhai 10% bonus annouce kiya tha aur aaj 25% ka certificate :smilestar:

Offline kamal

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Re: GLAXO -- Glaxosmithkline (Pak) Ltd.
« Reply #16 on: March 16, 2012, 11:04:44 PM »



yeh kya scene hau bhai 10% bonus annouce kiya tha aur aaj 25% ka certificate :smilestar:

I sold it arnd 72 bot at 69 ....

But ur rite this is absurdity ..
Realize Profit when and wherever u can. Coz its profit for which we are here for not marrying scrips. Fundamentals at KSE  weigh not more than 20-30%. Move with the moves of market. If u move against than u'll be loser and accumulating dividend only.

Offline ysbq

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Re: GLAXO -- Glaxosmithkline (Pak) Ltd.
« Reply #17 on: March 27, 2012, 08:31:56 PM »
i Think they are trying to make their scrip more trading friendly. Since, this would lower the price significantly and increase the overall trading volumes...


 :confused1:
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Offline Dhillon

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Re: GLAXO -- Glaxosmithkline (Pak) Ltd.
« Reply #18 on: May 05, 2012, 07:38:08 AM »
GlaxoSmithKline reinforces commitment to Pakistan

KARACHI: GlaxoSmithKline (GSK) has reinforced its commitment to Pakistan by announcing it will increase investment in consumer healthcare brands over the next five years. It will do so via the introduction of new brands in its Wellness, Oral Health and Nutrition portfolios; said Mr. John Sayers, President of GSK Consumer Health for Asia, Pacific, Latin America, Africa and Middle East (APLAM) at a press conference held at the Karachi Sheraton Hotel. Sayers was accompanied by members of his Leadership Team including Mr. Ambati Venu, Vice President and General Manager for the Middle East and Mr. Sohail Matin, General Manager for Pakistan.
Sayers spoke at length on GSK’s commitment to Pakistan as an emerging market on which there will be extensive focus in the coming years. He explained that GSK had identified emerging markets such as Pakistan asfuture growth drivers for the company.**

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