Maintain BUY with a SOTP of Rs 363 (1.5x Dec-19E core ABV of Rs 173 + Rs 104 subs value). SBINs net loss of ~Rs 24.2bn (vs. an expected profit of ~Rs 15bn) was a bit of a shocker. Elevated LLP (3.92% ann. vs. 3.71% QoQ) and fat MTM provisions (~Rs 40bn) dragged the bank into a loss. Sluggish growth (+1% QoQ) and the slippage spike (5.7% ann.) heaped insult on injury. Declining stressed assets (despite divergence), stable NIMs (~2.6%), decent retail growth (+14%) and tight opex helped an otherwise disastrous show.