CASA ratio of KMB improved by 640bps to 50.3% against 43.9% YoY. GNPA/NNPA ratios improved to 1.93%/0.77% against 2.24%/1.07 % on YoY. Earnings are expected to sustain a healthy growth of 24% CAGR on the back of robust loan growth at 21% CAGR. With a stable earnings outlook, we value KMB at 3.9 x P/BV and increase...