Best-in-class return ratios underpin our persistent BUY, with a TP of 231 (3x Mar-20E ABV of ~Rs 77). CUBK ended 4Q with yet another stable show. Decent loan growth (+17% YoY), a laudable control on opex (up merely 3% YoY, despite adding 50 branches in FY18) led to robust (+19% YoY) PPOP growth. Provisions were stable sequentially even though CUBK continued to prudently provide on O/S SRs. NIMs remained sticky yet again (4.36%, down only 5bps QoQ), despite mgt pessimism