Maintain BUY. Our SOTP is Rs 373 (1.6x Sept-19E core ABV of Rs 174 + Rs 96 subs value). After a series of mostly underwhelming quarters, SBINs 2QFY18 numbers point towards better times. The obvious question is whether this can sustain, especially the multi-qtr low slippage (2.4% ann). Core earnings picked up (+5% QoQ), NIM expanded 7 bps (2.43%) and costs were curbed (+6% QoQ) despite the merger. Gains from stake sale flowed through to higher provisions (PCR +430bps), restricting earnings to ~Rs 15.8bn (-21% QoQ). Frontloading coverage on NCLT accounts is also a positive.