The hope of meaningful strategic initiatives (by the new CEO) underpinned our originally constructive stance. We expected slippages to reduce and recoveries to pick up. However, this has not yet fructified. On the contrary, the guidance for higher slippages surprised us in 3QFY19 (refer to our note - Bolt from the blue). In spite of contradictory SMA I & II levels, we believe elevated slippages will persist for some more time. A faster than anticipated cleanup and sweeping managerial changes may provide upsides to our currently NEUTRAL stance. KVBs pull back (mostly via reduced credit costs) is postponed; provisions will remain high in FY20E. Maintain NEUTRAL. Our TP is Rs 84 (1.4x FY21E ABV of Rs 60).