NL 100 KQs underplayed?

[RyanCIA]

Full Tilt Poker - No Limit Hold'em Cash Game - $0.50/$1 Blinds - 9 Players - (LegoPoker Hand History Converter)

SB(Villian): $92.95
BB: $91.00
UTG: $95.95
UTG+1: $71.00
MP1: $192.00
MP2: $124.75
MP3: $45.00
CO: $48.00
Hero (BTN): $88.50

Villian is 23/5/1.77 over about 100 hands

Preflop: Hero is dealt Q[img]/images/graemlins/diamond.gif[/img] K [img]/images/graemlins/diamond.gif[/img](9 Players)
UTG folds, UTG+1 calls $1.00, 3 folds, CO calls $1.00, Hero raises to $3.50, SB raises to $7.00, 3 folds, Hero calls $3.50

Flop: ($17) J [img]/images/graemlins/diamond.gif[/img] Q [img]/images/graemlins/spade.gif[/img] 6 [img]/images/graemlins/spade.gif[/img] (2 Players)
SB bets $8.00, Hero calls $8.00

Turn: ($33) A [img]/images/graemlins/diamond.gif[/img] (2 Players)
SB bets $15.00, Hero calls $15.00

River: ($63) 8 [img]/images/graemlins/heart.gif[/img] (2 Players)
SB bets $22.00, Hero calls $22.00

Pot Size: $107.00 ($3 Rake)