We maintain our Buy rating on FIEM Industries with TP of Rs1,150. We expect FIEM's growth to continue aided by strong growth prospects of its two biggest clients namely Honda Motorcycle and Scooter India (HMSI) and TVS Motor, along with richer product mix. 1QFY19 top-line performance was in-line with estimates, as auto segment posted strong growth. However, pain in the LED business continues. Had it not been for issues in the LED business, performance would have looked much stronger at profit levels. We remain convinced of FIEM's medium-to-long-term growth opportunity as the company continues to remain a strong 2W auto ancillary company. Many 2W OEMs are expected to shift towards LED...