And AXSB management now believes slippages could exceed 60% of the watchlist though it did not have guidance on how much more. The management however did state FY17E could see the slippages peak with FY18E being a more mellowed year. Given that ~39% of watchlist has already dissolved due to slippages in H1FY17, the slippage trajectory in H2FY17E is expected be relatively better. Overall, the results and the management commentary reiterates our negative...