We upgrade DCB Bank (DCBB) to BUY (Hold earlier) with TP at Rs215. Q3'18 results were in-line with our estimates on both revenue / earnings front. Loan growth has gathered pace (7% QoQ / 28% YoY) - an outcome of a) improvement in core SME, retail segment and b) better branch productivity. Acceleration therein will aid in curtailing overall cost/income ratio lower. While Q3'18 slippages were a tad higher (2.2% of loans), we expect normalisation therein; trend in recovery / upgrade remains solid and is an added comfort. We expect return ratios - RoA / RoE to inch towards...