LTFH Q4FY19 earnings stood strong backed by lower YoY provisions, improved asset quality and somber NII performance. However, slowing disbursals, ILFS interest reversals took a toll on operating metrics of the company. Going ahead, conservative wholesale lending, retail product innovation and need for further provisioning (despite prudential provisions) would continue to weigh upon operating performance of the company. Factoring in adequate conservatism on growth (17-18% YoY), NIM+Fees (6.4- 6.9%), asset quality (NPA uptick to 6.3% from current 5.9%) and provisions (~185bps+ credit costs) translating into 2.3-2.4% RoAs and 17.0-17.6% RoEs over FY20-21E. Market headwinds refuse to abate calling for caution on developer financing (Rs 8bn Supertech primarily; refer Supertech Visit Update), beleaguered ILFS exposure (Rs18bn) and allied lumpy wholesale portfolios. Reiterate ACCUMULATE, TP of Rs177 based on 1.8x Mar-21 lending ABV, Sub Rs29.