conservatism in the nature of (a) incremental mere 3% AUM growth in H2FY21 with normalization coming through post festive demand, (b) 4.6% NPA and ~2% credit costs (c) modest margins at (5-6%). CIFC's continued focus on right product positioning and conservative strategy place the Co. on revival mode. Resultantly, FY22/23 RoE/RoA bounce back to 16%/2.3% levels respectively. Quality franchise with controlled credit risks at 2x PBV FY23E definitely warrants an upgrade, hence we now value CIFC at PBV of 2.5x...