We have upgraded our FY20/21E ABVs by 1/3% to factor in an improvement in asset quality. With RoAAs of 1.05%, we believe the stock is fairly valued at 1.3x FY21E ABV. We maintain that a consistent performance across parameters is essential for an upgrade of multiples (and recommendation). FB has struggled on this crucial front, in sharp contrast with comparable peers. We remain skeptical despite the good 4QFY19 show. Despite FBs sharp asset quality improvement in 4QFY19, we maintain our NEUTRAL rating (TP Rs 98, 1.3x FY21E ABV of Rs 75.5). We are not yet confident that FB can meaningfully deliver > 1% RoAA over FY20-21E.