Strong regional focus and customer franchise in core segments (MSME/traders) have enabled CUBK to consistently outperform its regional peers (KVB and FB). While critics may be wary of its regional concentration, we believe there is enough headroom to grow in TN (3.6% marketshare). Waning competition will only help. A low frills operating model (that earns employee loyalty via ESOPs) and calibrated credit filters contribute to steady RoAA. CUBK looks relatively small, but is rock solid. With consistent performance and healthy core parameters, CUBK deserves premium multiples. Barring the marginal blip in asset quality, 4QFY19 was mostly along expected lines. Maintain BUY with a TP of Rs 240 (3x Mar-21E ABV of Rs 80)