Our constructive stance on AXSB draws from the leadership change, (resultant) better underwriting, a healthy B/S (CRAR at 18.5% and PCR at 61% + contingent provisions at ~9% of GNPAs) and the worst of asset quality long behind the bank. We see a steady upward climb in delivered RoAAs, driven by falling credit costs as well as oplev under capable leadership. Our conservative growth (17% CAGR) and LLP (160bps) assumptions hold significant upside risk. Maintain BUY. Our SOTP of Rs 958 assigns 2.75x Sept-21E ABV of Rs 339 + subs value of Rs27. AXSBs 2Q surprised as overall stress dipped, asset quality improved (despite higher slippages) and NIMs improved sequentially. While operating performance was in-line, the DTA mark-down of Rs 21.4bn resulted in a net Loss. Maintain BUY with a TP of Rs 958 (2.75 x Sept-21E ABV of Rs 339 + Rs 27 for subs).