Over the past month, LTFH's stock price has corrected by 23% and we believe the CMP provides an attractive entry point due to: i) Improving RoE trends - profitability over the last 6 quarters has improved with reported ROE improving from 9.7% in to 15.2% despite the company providing for voluntary provisioning of INR 8.9bn and accelerated provisioning of INR 5.3bn; ii) While PSU banks' recap would increase competitive intensity in infrastructure/LAP, LTFH would benefit from the increase in down-selling opportunities; and iii) The company has hired senior staff from Bajaj Finance and Piramal Finance for its credit analytics and housing team. We believe LTFH is on track to achieve top quartile (18%+) ROE...