Maintain BUY with TP of Rs 1,611 (3.25xDec-20E ABV of Rs 496). CIFC's 3Q performance is commendable, given the adversities faced by NBFCs in the qtr. Healthy growth, led by an uptick in disbursals and a tight leash on asset quality are the key highlights. VF disbursals were sequentially higher (even as OEM sales were muted) and asset quality improved further. Pre-tax RoA at ~3.4% was lower due to NIM compression and higher provisions