Maintain BUY with a TP of Rs 531 (3.5x Dec-19 ABV of Rs 146 + Rs 18 for MIBL). MMFS relentless efforts on collection coupled with cautious approach on growth has led to a step up across parameters. Asset quality improved as G/NNPAs 90bps sequentially even as provisions halved (156bps vs 364bps QoQ).