We maintain a BUY rating with an unchanged TP of Rs.2,830. Sundaram witnessed sharp improvement in its disbursements, further reiterating our stance on the revival in the CV cycle. We expect the growth momentum to accelerate further given the positive high frequency indicators (Oct 21 GST collections at second highest), pick-up in CV sales etc that hint to strong tailwinds. While restructuring came in higher at 7.17% (prudent approach being implemented), Stage 3 remains comfortable (declined QoQ) and best-inclass reflecting strong underwriting. AUM growth acceleration, improving credit costs, and margin expansion augur well for core RoEs at 17-18%. We...