Sluggish growth in TN and the avoidance of risky (big ticket) LAP will stunt REPCO's growth. Margins will also be constrained (yields and CoF should move in tandem). Recoveries in LAP may help asset quality improvement. REPCO's RoAE of ~16% justifies our target multiple of 2x, despite tepid growth. At its size, Repco should be growing faster, but sadly isn't. A slight uptick in growth, and improvement in asset quality (seasonal) made for a steady 4Q at Repco. With attractive valuations (1.36x FY21E), we maintain BUY with a TP of Rs 592 (2.0x Mar 21E ABV of Rs 296).