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Thursday, January 7, 2010

EL Forge Ltd:Buy/sell/hold,growth prospects and recomendation,news and results,target price and analysis,views and outlook

Scripscan:EL Forge Ltd

Story:EFL, incorporated in 1963, manufactures carbon and alloy steel forgings weighing between 300 grams and 5 kgs. i.e. fuel injection forgings, steering rods, tie rods, engine and gear boxes components for the automotive segment. EFL is also a leading exporter to several overseas customers based in U.S., Germany, Srilanka and Malaysia and has made significant strides in this space with exports accounting for a decent portion of total revenues. EFL is an established vendor to large domestic OEMs like Ashok Leyland, MICO, Rane TRW, Sundaram Clayton, IL Jin (Tier 1 supplier) to Hyundai Motors India, Lucas TVS, Hindustan Motors, VST Tillers, Sahney Parts and Audco Valves.All EFL plants enjoy ISO/TS 169249 and ISO 9000 quality certification. Within the automotive space, EFL manufactures light and medium weight forgings for the engine component segment, transmission, steering and suspension parts, brake assembly parts, and chassis/driveline parts segment.The Stock is trading at single digit multiples its one year forward earnings. Considering the fact that other companies in auto-component industry have started commanding double digit PEs, EFL is under-priced and offers good scope for decent appreciation in coming months.Investment recommended in this high growth industry as company may, in fact, surpass my FY10-11 projections and, may post bumper performance for FY12.

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