An in line 1Q (with excusable seasonal trends) is a positive. Strong upcountry presence and focus on the niche used CV mkt give SHTF an edge over other asset financiers. Availability of funds and risks stemming from uncertain macros are monitorables. We reiterate that the possible 3-way merger within the group is undesirable from SHTF's point of view. Maintain BUY with TP of Rs 1,375 (1.75x June-21E ABV of Rs 786. An in line 1Q performance, across parameters (asset quality, growth and margins) impressed. MAINTAIN BUY (TP of Rs 1,375, 1.75x Jun-21E ABV of Rs 786).