Maintain BUY with a TP of Rs 201 (1.4x Mar-19 ABV of Rs 144). After kindling rejuvenation hopes over the trailing year, BOB faltered in 1QFY18. Slippages shot up to Rs 52bn (driven by lumpy corporate ACs and the farm loan waiver impact). Net stressed assets rose to 8.3%, even as advances dropped ~2% sequentially. Stable NIM (2.12%, despite higher slippages), superior PCR at ~66.3% (highest in the peer set), low exposure (~Rs 79bn) to IBC accounts, CASA growth (+24% YoY) and controlled opex (+8%) helped save the blushes.