Aditya Birla Sun Life AMC: ABSLAMC reported a weak quarter, with a sequentially flat top line (4% miss), primarily due to elevated outflows and weak performance in the equity segment. While SIP flows (+1% QoQ) are holding up, growth in the SIP book lagged the industry by a mile (+6% QoQ). We are constructive on ABSLAMC's strong and diversified distribution network; however, given the rising competitive intensity, we are concerned about its inability to arrest the equity market-share loss in the near term. We trim our FY23E/24E/25E earnings by 9/11/8% to factor in tepid equity flows, partly offset by the expected rebound in debt scheme inflows. We expect 4.9/3.8% revenue/operating profit CAGR respectively over FY22-25E, on the back of soft AUM growth, partly offset by lower yields. We maintain BUY with a lower TP of INR525 (implying 21x Sep-24E NOPLAT + Sep-23E cash and investments). DCB Bank: DCB Bank's Q3FY23 earnings beat our estimates, on the back of strong loan growth (+19% YoY), NIM expansion (14bps QoQ), and moderate credit costs (60bps - annualised). While gross slippages remained elevated at 5.3%, healthy upgrades and recoveries led to a 27bps sequential improvement in GNPA, at 3.6%. Stressed book (NNPA + restructured book) continues to remain sticky at ~7% of loans; however, management expects it to taper off in the next couple of quarters, led by healthy collection efficiencies and a granular secured loan book (~95%). DCBB continues to make investments in employees/branches (1.5K/18 added during 9MFY23) to capitalise on the growth opportunities and double the balance sheet...