We retain HOLD on Axis Bank with TP revised upwards to Rs560 (valued at 2x FY20E ABV) . Q2'19 results were in-line with our estimates on revenue / operating front. Slippages came in lower (2.4% of loans); provision coverage therein has improved further. The share of vulnerable pool is now at a meagre 1.7% of customer assets and provides greater comfort. Capital position remains strong and will cushion asset growth in the credit up-cycle. While we see levers in place, we would await for better clarity on long-term growth strategy for the bank under the leadership of the new management (change of guard will be effective from...