Hong Leong Bank’s core 9MFY25 earnings exceeded expectations, driven by provision write-backs, strong NOII, and positive operating Jaws. PPOP rose 10.3% yoy in 3QFY25 and 13.2% in 9MFY25. Valuations remain attractive at 1.00x P/BV vs the sector’s 1.15x, despite stronger ROEs. Maintain BUY with a higher target price of RM23.80 (1.22x FY26F P/BV, 11.5% ROE) as we roll forward to FY26.