Maintain BUY with a TP of Rs 1,346 (2.5x Sept-19E ABV of Rs 539). Robust disbursement growth (+26% YoY) and stable NIMs (~7.5%) are reflective of STHFs continued dominance in its niche. Strong PPOP (+25%) sustained the uptrend, while providing sufficient headroom for beefing up coverage (+52bps QoQ, ~71.3%). Asset quality was unchanged, despite macro headwinds. A tight leash on costs (C-I down 9bps QoQ, 20.9%) despite aggressive branch (136 in 4 quarters) and headcount additions, helped boost profitability.