We stick to our conservative estimates, as macros and extrinsic factors remain a concern. Positive surprises on asset quality can trigger re-rating. Nevertheless, our TP of Rs 389 (1.3x Sept-21E ABV of Rs 232 + Rs 87 for s Highlights of the recently held SBIN analyst meet include (1) Reconstitution of stressed asset resolution groups and a multi-pronged approach to resolution and recovery, (2) A seemingly well-articulated strategy to reach 1% RoAA, (3) Potential for ramping up subs performance, especially via cross-sell. While the strategy showcased is ambitious and welcome, performance guidance (especially on slippages and LLPs) seems a tad optimistic. ubs) adequately captures potential upsides. Maintain BUY.