Sustained growth on both sides of the B/S, even as peers struggle (amidst unfavourable macros) is impressive. Outperformance on growth is likely to continue as competition (NBFCs) fumbles. Our growth assumptions have a marginal downside risk as macros deteriorate. Oplev gains will drive of RoAAs hereon. We UPGRADE AUBANK's valuation multiple to 4.75x (vs. 4.5x earlier) with improving margins and cost control in sight. Strong growth, visible cost control and stable asset quality helped AUBANK tick most boxes in 1QFY20. Maintain BUY with a TP of Rs 725 (4.75x June-21E core ABV of Rs 148 + Rs 19/sh for the residual AAVAS stake).