Valuations are expectedly high at 3.6x standalone FY18E ABV, adjusted for subs at 20% holdco discount. Our SoTP of Rs 747 assigns 4.0x to standalone FY18E ABV and lower multiples of 3.5/2.5x to the auto-finance/LAS verticals. We initiate coverage with a BUY. To us, KMB represents a high-quality and broad-based play on Indian financial services, not just banks.