Maintain BUY with a TP of Rs 1,669 (2.75x Dec-19E ABV of Rs 607) SHTF continued to exhibit its dominance in the used CV space with yet another solid show. Disbursements hit an all-time high (+65/8% YoY/QoQ) driven by higher demand for new CVs. Lower provisioning (down 4% YoY) and better asset quality performance (GNPA down 8bps QoQ) led to a net earnings growth of 43% YoY. Sticky NIMs, (7.5%) despite the fall in yields was a positive surprise