We build higher slippages and slightly slower growth as we expect current trends to persist for longer due to extraneous factors. Operating and asset quality metrics still do not reflect the claimed shift in practices. Legacy issues continue to drag. Still, , the stock's under-performance implies most of the bad news is priced in. Our BUY draws mostly from inexpensive valuations. Despite KVB's numerous stumbles, we believe a 1.4x target multiple is fair, as it can turn around quickly with even a mild macro tailwind. KVBs asset quality was optically stable in 2Q as GNPAs dipped ~3% QoQ, aided by higher WOs and an ARC sale even as slippages remained elevated. Stunted growth and NIM compression persisted. Maintain BUY (TP of Rs 88, 1.4x Sept-21E ABV of Rs 63), on inexpensive valuations.