We have only slightly tweaked our loan growth (+100bps) and adjusted for the recent change in tax rates. Our TP increases by ~9%, largely due to the impact of the fund raise. SUUTI's intended stake sale (5.4%) is a near term overhang. Our estimates are very sensitive to asset quality outcomes. Higher than expected asset quality deterioration is the biggest risk to our stance. Corporate heavy banks in our coverage (SBIN, ICICIBC and AXSB) have seen steady earnings normalisation over FY19. Of these banks, AXSB has been our top pick as we sensed DNA change at the bank (in addition to the then anticipated asset quality improvement and RoAE expansion). We evaluate the implications of the recent fund raise on our positive stance on AXSB.