While we admire the business model and mgt's execution capabilities, rich valuations compel us to remain NEUTRAL. Our TP of Rs 667 is based on 5x Mar-20E ABV of Rs 133. AUBANKs incredible performance sustained in 1Q as disbursements/AUM grew ~91/56% YoY and asset quality improved (G/NNPAs down 88/77bps YoY). However, margins were under pressure as CoF rose and yields failed to compensate (down 20bps sequentially). The doubling of opex (YoY) is reflective of AUBANKs continued investment in people and technology.