ABL has delivered strong 2QFY20 performance still the stock is languishing at lows. Concerns on ABL going for cash settlement in an event of SBIM stake in ACL getting distressed valuation, is key overhang. Though there is no mandatory cash settlement, at best asset swap, which may be stake dilutive and incur non-cash diminution of investment value for ABL in ACL. Standalone debt has reduced by Rs 1.2bn QoQ to Rs 4.6bn. We maintain BUY. Key risks (1) Delay in SBI Macquarie deal closure; (2) Dip in traffic revenue from BOT projects; (3) Delay in ADs. ABL delivered 2QFY20 Rev/EBIDTA/APAT beat of 1/20/39% respectively. We maintain BUY on ABL with a reduced SOTP of Rs 206/sh (vs. Rs 220/sh earlier). TP cut is driven by our re-classification of interest income on ABL funding support to ACL as non-recurring over long term. We value the EPC business at 12x FY21E EPS.