owing to decline in NIM to 3.4% by FY20E from 4.1% in FY17. We expect Gross/Net NPA ratios to increase further to 6.4%/4.8% by FY19E due to withdrawal of various forbearances by the RBI. While uncertainty around the asset quality and credit cost continue to hamper the stock price, high dividend yield (~9.0%) will limit further downside in the stock. Hence, we upgrade rating to BUY with a downward TP of Rs97 (P/ABV of 0.8x for FY20E). Distribution segment drive growth in the loan book...