As Chinese companies increasingly look to rigorously protect their intellectual property claims in the western world companies such as RWS Holdings will benefit. The firm obtains 70 per cent of its sales from translation services for corporates that allow them to protect their copyrights across a range of territories. The latest data from the World Intellectual Property Office showed that patent filings jumped five per cent last year to 205,000, while those in China did so by almost 16 per cent. Riding on that trend the company is managing organic growth of 7%, its latest trading statement shows. More importantly, that trend rate of growth looks to be sustainable. Nonetheless, the stock is now selling on more than 23 times' earnings. "This begins to look a touch expensive, even if the long-term drivers for growth are there. Hold," The Times's Tempus says. Nothing lasts forever. Fortunately for GlaxoSmithKline, that includes bad news. Bribery allegations in China, Iraq and now Poland have been weighing on the shares during the past six months. Worse even, pharmaceutical shares have basically been trading sideways over the last 12 years. During that time companies have been grappling with lower profitability as their patents expire and, as a result, they are faced with competition from generics.Nonetheless, the industry has high barriers to entry and has a formidable wind in its sails - ageing populations in the Western world. The father of value investing, Benjamin Graham, always recommended "to ignore the glamour stocks of the day and look for companies that were out of favour, misunderstood or apparently priced too cheaply". At 13 times' next year's earnings and on a 15% discount to its European peers the Daily Telegraph's Questor team is still comfortable holding the shares for the long term. Buy, says Questor.Please note: Digital Look provides a round-up of news, tips and information that is impacting share prices and the market. Digital Look cannot take any responsibility for information provided by third parties. This is for your general information only as not intended to be relied upon by users in making an investment decision or any other decision. Please obtain a copy of the relevant publication and carry out your own research before considering acting on any of this information.AB