We initiate coverage on Sundaram Finance (SUF), a thinly covered stock with best-in-class asset quality and healthy earnings profile with a BUY rating and TP of Rs.2,830. In what is unquestionably unique and a mark of superiority among lenders, SUF has managed its own business growth and invested in several profitable subsidiaries without dilution for nearly 50 years. Further, deliberately calibrated but unspectacular growth resulting in stable asset quality across CV cycles has been its defining characteristic. From multiple checks, we conclude that cyclical tailwinds in the CV industry bode well for SUF, buttressed as it is by steady...