The ASX 100 index may not be as widely followed as the benchmark S&P/ASX 200 Index (ASX: XJO), but that certainly isn't for a lack of quality.

The index is home to the top 100 shares that are listed on the Australian share market.

Among its constituents there are mining giants such as BHP Group Ltd (ASX: BHP) and Rio Tinto Ltd (ASX: RIO), the big four banks, and retailers JB Hi-Fi Ltd (ASX: JBH) and Woolworths Group Ltd (ASX: WOW).

It is also home to one of the highest quality companies that Australia has ever produced. That company is CSL Ltd (ASX: CSL).

It describes itself as a global biotechnology company that develops and delivers innovative medicines that save lives, protect public health, and help people with life-threatening medical conditions live full lives.

CSL is also involved in the research, development, manufacture, marketing and distribution of biopharmaceutical and allied products.

Time to buy CSL shares?

The team at Bell Potter thinks that CSL could be an ASX 100 share to buy right now.

The broker currently has a buy rating and $345.00 price target on CSL's shares. This implies potential upside of almost 27% for investors over the next 12 months.

Bell Potter likes the company due to its strong market position and the positive outlook for the key CSL Behring business. The latter is expected to underpin double digit earnings growth for some time to come even while other sides of the business underperform. It explains:

CSL is a global biotechnology company holding the #1 or #2 position in its three key markets: (1) plasma-derived therapies (Behring), (2) flu vaccines (Seqirus) and (3) iron products (Vifor). Behring is CSL's largest division (72% of revenue) and we expect it will continue to do the heavy lifting in the near-term, both in topline growth and margin expansion.

CSL's FY25 revenue guidance of 5%-7% (BPe 6.5%) is comprised of "high single digit" growth for Behring and "flattish" growth for Seqirus and Vifor. Behring's more favourable outlook, coupled with its gross margin recovery to pre-pandemic levels (which we expect in FY28), results in confidence that CSL will be able to achieve its guidance of "annual double-digit earnings growth" over the mid-term, despite more challenging near-term prospects for Seqirus and Vifor.

In light of the above, the broker appears to see CSL shares as one of the best blue chip ASX 100 shares for investors to buy this month. And it is hard to argue with this given its quality and the discount its shares trade at compared to historical multiples.