Maintain BUY with a TP of Rs 1,767 (4x Mar-20 ABV of Rs 442) CIFC ended FY18 on a high, with a strong beat in 4Q. The 18% sequential acceleration in disbursals (especially in the Vehicle Finance slice), coupled with the steady NIM uptick (8.70%, +30bps QoQ) led to a core earnings beat of ~6%. Though costs were at a multi-qtr high, justification was visible in the stark reduction in GNPAs to 2.94% (higher incentives paid for collection) and the rapid expansion in reach (170 in the past 12 months).