We retain Sell on MMFS with TP revised upwards to Rs380 (valued at 2.5x FY20E ABV). Our channel checks had pointed for strong disbursement growth and incidences of lower repossessions / higher recoveries for the quarter. Q4'18 results corroborated our survey that saw a) solid 17.8% YoY growth in AuM and b) sharp 22% QoQ decline in GNPA. Commentaries on growth, asset quality remain encouraging. Even as we factor in higher growth rates (we have our reservations here) and improved asset quality, FY20E RoE will still be lower to its 10-year average RoE, also when compared to its peers. Valuations at 3.4x FY20E ABV are on the higher end of the band. Retain SELL....