We have a BUY with a TP of Rs 2,441 (2.5x Dec-19 ABV of Rs 977). We attended the SCUF analyst meet and were positively surprised by the abundance of disclosures. We sense this was the first step towards a perception change the mgt is working on. The commentary clearly outlines SCUFs strategy of (1) consolidating leadership in core segments of 2W and MSME, (2) reducing credit costs through better underwriting, (3) ramping up cross sell, (4) leveraging branches to capture untapped opportunities and (5) focus on granularity while increasing geographical diversification.