Force Motors
Force Motors: Total Sales increased 12℅ YoY.
Considering growth in Auto sector; we see strong revenue growth from Auto component buisness that will help in overall margin expansion. Strong demand for Force traveller from multiple industries will rise in coming months.
Company is a net debt free company and sitting on cash and cash equivalents of Rs 3 billion as on March ending 2016.
Face Value: 10
Current ratio: 1.70
EPS: 39.06
Holding: Promoter 60.12℅, Public 39.88℅.
At CMP 3180; we maintain buy rating for the upside target of 4288 ( based on future earnings)
Support is intact at 2970--2790.
