Our stance on SHTF remains unchanged as operational performance was in line with expectations. News on the asset quality front is positive, but we watch for sustainability, considering the broader economic environment. An improvement in demand and better availability of funds could improve SHTF's growth prospects. The possibility of a 3-way merger within the group remains an overhang. Tepid AUM growth at ~5% YoY (flat QoQ) was on expected lines. Asset quality was surprisingly stable QoQ and this is contextually impressive. Consequently, lower provisions led to a 25% PAT beat. Maintain BUY (TP of Rs 1,524, 1.75x Dec-21E ABV of Rs 871).