Despite the liquidity squeeze on NBFCs, upcountry macro sluggishness and weak headline auto vols, CIFC has grown its Vehicle Finance portfolio and improved asset quality via superior field practices and underwriting. Strong parentage gives it steady access to funds. The sustained improvement in HE asset quality (aided by SARFAESI) is an additional positive. We believe CIFC deserves a slightly higher valuation multiple (3.5x vs. 3.25x). CIFC outperformed peers on growth and asset quality in 4QFY19, meriting an upgrade in our valuation multiple. Maintain BUY with a TP of Rs 1,671 (3.5x Mar-21E ABV).