INDIA l Institutional Research l Automobile l July 6, 2020 Fiem Industries l BUY l TP: 524 Improving working capital cycle; expect better capital allocation | Result Update 4QFY20 Fiem's Q4FY20 results were encouraging in terms of margin stability and good cost control displayed by the company in a prolonged slowdown. We feel that the management is being prudent in lowering CAPEX and conserving cash and in turn focussing on debt repayment in these unprecedented times. The plan to diversify revenue stream and product portfolio are intact, though with a perceptible lag due...