Maintain BUY with a TP of Rs 1,842 (2.75x Dec-19E ABV of Rs 670). SHTFs incredible growth continued in 4QFY18, as robust disbursements (+44% YoY) eclipsed the shift to 90DPD (GNPA hit 9.15%). NIM held at 7.52%, +4bps QoQ despite a higher share of (lower yielding) new vehicles and interest reversals (Rs 272mn). The business loans book (Rs 26bn) is now at critical mass and holds long term promise, in our view.