Maintain BUY with a revised SOTP of Rs 338 (1.9x FY19E core ABV of Rs 132 and sub-value of Rs 88/sh. ICICIBCs 1Q performance was a tad disappointing on the core front, as NIMs dipped and growth slowed optically. While the slippages were lower (despite one large non-watchlist NPA) and the restructured book almost halved the net stressed assets were stable, as watchlist increased 7% QoQ.