We retain Hold on Credit Analysis And Research (CARE) with TP at Rs1,560 (vs. earlier TP at Rs1,600). Q2'18 reported revenue was a tad higher to our estimates and follows the change in accounting policy towards surveillance related income recognition. Margins, though saw some moderation and we expect trend therein to continue. H2'18 promises to be better than H1'18 and is given the favourable regulatory framework its likely impact on the rating revenues for the credit rating agencies (CRA's). CARE with its strong business model and respectable market share remains one of the key beneficiaries. While we remain positive on CARE,...