Muthoot Finance's Q1FY19 numbers have beaten our estimates. There has been a revival in the Standalone gold loan AUM growth of 6% QoQ and 11% YoY. NII and PAT growth of 31% and 43% is 10% and 14% ahead of our expectations respectively. Asset quality has improved with GNPA easing by 240bps sequentially to 4.6%. We retain our Buy rating on the stock with a target price of Rs595, valuing it at 2.5x P/ABV FY20. We have yet not assigned any value to its subsidiaries....