The bank has successfully completed its second planning cycle Ver2.0 and has launched next planning cycle to become one of the leading banks in the country over the next five years. To support growth, the bank has taken an enabling provision to raise another US$1bn through ADR/GDR/QIP at the appropriate time in coming 12-24 months. The bank's ALM suggests strong growth in operating income in coming years. We expect earnings CAGR of 25.5% over FY15-17E, led by better NII and fee income coupled with moderate provision expenses. We maintain our BUY recommendation...