After a relatively steady show over the trailing three quarters, a small but broad stumble (growth, margins and opex) is evident. Even as corporate slippages were significantly higher (largely from identified stress), the steady watchlist and a <2% SMA book provide consolation on asset quality. At 1.1x FY21E ABV, valuations are cheap and reflect FB's inconsistent journey through challenging macros. It is noteworthy that the incumbent MD&CEO was granted a only year's extension by the regulator (with conditions for further extension). Maintain BUY with a TP of Rs 119. FB saw higher slippages, margin contraction, slower growth and an opex bump up in 2QFY20. A static watchlist was the silver lining. With a TP of Rs 119 (1.5x Sept-21 ABV of Rs 79), we maintain BUY.