AMMB’s 4QFY25 results were in line with expectations, underpinned by NIM expansion, strong trading income, and stable operating Jaws. Scope for further RWA optimisation provides potential uplift to CET1 ratios. Maintain BUY with a revised target price of RM6.08 (0.94x FY26F P/B, 9.4% ROE), down from RM6.33, after the earnings revision following our revised OPR outlook. The stock trades at compelling valuations, further supported by a dividend yield of 6.8%.