Focus shifts at scaling retail liability franchise We lower our rating on Ujjivan to HOLD with TP at Rs430. Since our last note (Q3'18) the stock is up 34% on expectations of improved loan growth, receding asset quality and slow yet steady progression towards the SFB transition. Q4'18 results saw each of these aspects play out well. Growth guidance has been revised upwards; asset quality improving and we have factored the same into our estimates. Traction on retail liability franchise and higher growth in non-MFI portfolio remain key focus area . While we continue to like Ujjivan model, valuations...