Our stance on SHTF remains unchanged after yet another in-line (albeit soft) qtr, with some silver linings (higher used CV disbursals, upbeat commentary on availability of funds). Commentary suggests that constraints imposed by availability of debt capital on SHTF's growth, seem to be lifting (gradually). We continue to like SHTF's niche presence in the used CV financing space, but are a tad weary of the possible 3-way merger within the group. SHTFs growth moderated, as expected, in 2QFY20. Stable margins and higher used CV disbursals were positives, while the bump-up in GS-III disappointed. Maintain BUY (TP of Rs 1,523, 1.75x Sept-21E ABV of Rs 870).