We reduce our rating on Yes Bank from BUY to SELL with revised TP of 124, valuing the bank at 1x FY21e ABV on concerns of eroding balance sheet strength, rising NPAs, capital raising concerns and weak visibility of profits. In our view, credit cost for FY21 could disappoint street by large margin which we estimate to be at 1.8% and a miss on FY20 mgmt guidance of 1.25% vs. our estimation of 1.5%. Profits will drop over the next 2 yrs due to higher slippages and provisioning. Yes Bank could see fall in profits to the tune of ~25% in FY19e to 12.9 bn and ~70% in FY21e to 3.9 bn. Capital raising would therefore come at lower multiples going forward....