We initiate coverage on Capri Global (CGCL) with a BUY and a target price of Rs165 (valued at 2x FY20E ABV). Backed by a proven track record of strong growth and profitable operations across key areas of presence - MSME, construction finance and housing portfolio, CGCL has re-drawn its growth strategy with an aim to cement its position further. We believe that the efforts aimed at strengthening the key pillars around these businesses - a) greater reliance on self-origination of loan portfolio, b) attain deeper penetration via enhanced branch reach and c) prudent capital consumption will yield positive outcome over FY18-21E. We expect CGCL to witness a) robust 47% CAGR in AuM, b) strong earnings profile...