We like AUBANK's ability to sustain quality growth, particularly in challenging environs. This, we believe, is reflective of its NBFC roots even as it gains from the troubles faced by erstwhile peers. Improvement in oplev this qtr beat estimates, and will be key to RoAA improvement. While asset quality remains stable, the bank's NBFC/RE exposure does hold some risk. Superior return ratios and improving performance across metrics warrant premium multiples. Yet again, AUBANK ticked most boxes (growth, C-I, asset quality and NIMs) with its 2QFY20 performance. Contextually, AUBANKs forward march looks even better, when peers are struggling on one or other aspect. MAINTAIN BUY with a TP of Rs 807 (4.75x Sep-21E core ABV of Rs 166 + Rs 19/sh for the residual AAVAS stake).