Maintain BUY with SOTP of Rs. 329 (1.6x Mar-19E core ABV of Rs 157 + Rs 78 subs value). SBIN began FY18 on a disappointing note (in line with corporate heavy peers), with a sharp rise in slippages (6.55% ann.) which management clarified was led by conservative recognition of stress in home and agri loans as well as one large corporate exposure. A weaker post-merger core was evident in the reduced PPoP (-31% QoQ), with loans down 3.4% and NIMs cracking 38bps on reversals. Mercifully, net stressed assets at 9.3% are lower than ICICIBC (10.3%), even if higher than AXSB (6.2%).