We retain BUY on Manappuram Finance (MGFL) with SOTP based target price (TP) of Rs255. Superior risk management and credit underwriting have enabled MGFL avert severe shocks, as also seen in the FY21 results. This should also help overcome nearterm challenges posed by the second wave of COVID (in addition to the healthy provisioning buffer and respectable CE trends) and emerge stronger as normalcy is restored. MGFL offers a blend of a diversified balance sheet, healthy revenue/earnings growth, and superior return ratios. At 1.2x FY23E ABV, it remains grossly under-valued...