Maybank’s 1Q25 earnings rose 4% YoY on the back of lower loan loss provisions, coming in at RM2.59bn, which makes up 25% of our and consensus full-year estimates. No changes were made to its FY25 targets, though Maybank flagged downside risk to its loan growth and NIM guidance. Overall, results were in line with expectations and thus, our forecasts were unchanged. We view Maybank’s risk-reward profile as balanced, given the absence of notable new positive catalysts to drive share price higher. That said, considering defensive earnings profile and decent dividend yields, we advocate investors to nibble on any steep share price weakness. Maintain HOLD with GGM-TP of RM10.70, based on 1.29x FY26 P/B.