We change our rating to BUY from ACCUMULATE with a revised TP of Rs670 (Rs650 earlier). FIEM's 2QFY21 performance has been outstanding on the EBITDA margin front and the Aisan Fiem Automotive India (AFI) JV also turned positive for the first time contributing positively to FIEM's PAT. As promised, the management continued its debt repayment of ~Rs100mn per quarter, started supplying to new models and continued to bag new orders. The management is being extremely prudent with its low capital expenditure and the company is on the right track to diversify its OEM client base. We feel that while 2QFY21 was buoyed by festive months too, the overall...