(valued at 1.7x FY20E ABV). IndoStar has embarked on a transformational journey and with the right mix of people, product portfolio, processes and the required infrastructure, we believe the business model is on the right growth path. We expect IndoStar Capital to report (a) strong earnings profile (38% / 22% CAGR in revenue / earnings over FY18-20E), (b) limited asset quality risks (given the history of near zero NPAs), and (c) superior returns profile (RoA at 2.7%, RoE at 10%+ by end-FY20E). Healthy capital position (CAR at 28%+) will supplment sturdy 45% CAGR in AuM over FY18-20E. Further, proficient senior management with an element of skin in the game through ESOPs and superior board...