While SBIN surprised with a sharp improvement in performance across fronts (reduction in reported stress, NIM expansion and better coverage), we are a tad weary of the sustainability of the pace of this improvement. No material progress has been on large IBC cases and further standard exposure to vulnerable sectors/entities does not bode well for stress; the recent spate of ratings downgrades does not help, either. Still, the worst in terms of asset quality is long behind. This underpins our BUY. A qtr mostly full of positives, 2Q saw improvement in SBINs asset quality as slippages halved and NIM, PCR further expanded. However, theres more than meets the eye. Maintain BUY with an SOTP of Rs 389 (1.3x Sept-21E ABV of Rs 232 + Rs 87 sub value).