We slightly change our assumption and maintain BUY with a TP of Rs 700 (2.25x Dec'19 ABV of Rs 311). DHFLs 3QFY18 net earnings was in line with expectation. Disbursement grew by 53.6% and was driven by all segments including Home Loan. NIM declined marginally due to lower yield on incremental book. PAT grew by 2.2/24.9% QoQ/YoY to Rs 3.1bn.