An unparalleled upcountry presence and niche product offering make SHTF stand out from other asset financiers. In spite of these virtues, its growth prospects are challenged on a/c of slowing CV sales, election uncertainties and a deficient monsoon forecast. The possible 3-way merger is undesirable from SHTF's point of view. We have thus downgraded our multiples (from 2x to 1.75x). Leading indicators of an uptick in CV demand and the evolving liquidity situation should be watched for. Subpar growth and NIM compression disappointed. However, a strong business model and attractive valuations warrant a BUY (TP of Rs 1,308, 1.75x FY21E ABV of Rs 747).