Maintain BUY with SOTP of Rs 1,377 (4.25x Sept-20 core ABV of Rs 255 + Rs 293 for subs). KMBs stellar show continued into 2Q as (1) book growth sustained (+21%, in spite of a flattish corp book), (2) SA Accretion (+9% QoQ) was impressive, (3) net stressed assets improved with a jump in PCR (63%, +200bps) and (4) C-I remained stable, despite continued investments. NIMs dipped sequentially to 4.20% but continued to remain healthy.