Alliance delivered a solid FY25, with net profit up 8.6% YoY and a final DPS of 9.9sen (total 19.4sen; 40% payout). Bottom-line was driven by strong income growth despite a slip in NIM, meeting estimates. Following coverage transfer, we raise FY26-27f by 2-3%. In our view, the market has likely priced in concerns over rights issue dilution and lower dividends, seeing it trades at 10-year P/B mean of 0.9x after recent price weakness; the rights issue should boost CET1 by ~1.1ppt from its current 12.2% (expected to complete by Jul-25). With ROE 1ppt above its 10-year average, we find its risk-reward profile skewing positively to the upside. Upgrade to BUY but GGM-TP cut to RM5.00 (from RM5.55), based on 1.0x FY26 P/B. This report marks the transfer of coverage to Eddy Do.