Glaxosmithkline Consumer - Taller, Stronger, Sharper - Emkay

- Rs 45bn MFD category is represented by Horlicks, Boost, Bournvita and Complan. The category has undergone product, customer and market development

- Players' efforts are channelized towards: a) distribution expansion, b) product offering, and c) roping new consumers. Collective efforts should augment category growth

- Heinz is aggressive than the rest, but a serious challenger to GSK Consumer is nowhere in sight

- Strong brand with inherent pricing capability is reassuring. Maintain Accumulate, with a price target of Rs4200/share.

Source : Equity Bulls

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