We retain Buy on State Bank of India (SBIN) with revised SOTP-based TP at Rs350. Q1FY19 results saw several hits healthy NII, improved margins, strong core operating profit and lower slippages; and few misses feeble other income growth, elevated provisions and thus yet another quarter of losses. Watchlist portfolio stands reduced to 1.24%; management has reiterated its stance on moderation in slippages / credit cost for FY19E. Focus shifts towards recoveries and balance sheet growth. Capital position remains strong, subsidiaries profitable. Valuations continue to remain attractive. Retain BUY....