Maintain BUY with a TP of 196 (2.75x Sept-19E ABV of ~Rs 72). CUBs grip on asset quality and sticky lending franchise drive our longer term constructive thesis (see our report dated 11th Oct17 Taming the turf). The banks stellar 2Q show reaffirms our faith, as steady loan growth (5% QoQ) and sticky NIMs (4.46%) led to a ~14% net earnings beat, despite higher provisions (prudently provided Rs 348mn towards SR). A sharp drop in net stressed assets (restructured book nosedived to a mere 0.06% vs. 0.55% QoQ), a tight leash on cost and increasing granularity in assets were additional positives.