Downgrade to NEUTRAL. Our target multiple is cut to 1.5x on FY20E ABV of Rs 68, leading to a TP of Rs 102. Repeated slips in asset quality (often at variance with commentary and initiatives) force us to downgrade FB. Slippages doubled QoQ (~Rs 8.9bn) as the RBI circular led to an accretion of ~Rs 4.5bn. While loan growth (+25% YoY in 4QFY18) was laudable, core earnings were dented (~5% miss) by interest reversals. Moderately higher opex (despite gratuity), robust core fees (+18% QoQ) and steady CASA helped, but only a bit, as profits fell 44% YoY.