Maintain BUY with SOTP of Rs 1,371 (4.5x Mar-20 core ABV of Rs 238 + Rs 302 for subs). Even as KMB reported an expectedly impressive 4QFY18, CASA accretion stood out (Rs 240bn over FY18, 2x FY17). Loan growth (+25% YoY) was at an 8-qtr high, with robust fee growth (+33% YoY) and uptick in NIM (4.35%, +15bps QoQ). Asset quality improved further (G/NNPAs down 9/11bps QoQ). Zero restructured loans and negligible SMA-II (4bps) capped a perfect show. Despite the investments in 811 (Rs 1.5bn), opex growth was restricted to 17%.