We maintain Neutral stance with a TP of Rs 165 (2.3x Dec'19E ABV). Equitas 3QFY18 performance came in largely in-line with our expectations. The loan book grew by 5.4% QoQ (7.5% YoY), as the company continued to focus on the Non-MF (secured) book. CASA growth was very strong at 37.5%, and contributed 14.6% to total interest liabilities.