Maintain BUY with a SOTP of Rs 1,212 (4.5x Dec-19 core ABV of Rs 226 + sub value of Rs 193). KMBs stellar show continued with (1) Sustained growth momentum (+20% for 2nd consecutive qtr), (2) Creditable SA accretion (+54% YoY) on a higher base, (3) Further improvement in asset quality coupled with a jump in PCR and (4) increasing oplev. While NIM dipped sequentially, it remains healthy at 4.2%. Subsidiaries contribution to the profitability pie increased (35% of consol PAT) largely driven by a flourishing equity market related subs.