Acquisition of Bharat Financial Inclusion has placed IndusInd Bank in a sweet spot. With access to best-in-class microfinance business network along with scale and profitability, we envisage significant upside potential in terms of loan growth, fee income generation and CASA mobilisation, going forward. Further, recent changes in branch licensing and PSL certificate trading norms by the RBI will also help the Bank to achieve the synergy at a faster pace. We believe the Bank's premium multiples are likely to improve further considering the strong growth and operating leverage across businesses. We expect the Bank's earnings to witness 33% CAGR through FY18-20E. Rolling over our estimates to FY20E, we reiterate our BUY...