CIMB’s 1Q25 results are broadly in line. In our view, it is heading into an uncertain macroeconomic environment on strong footing, backed by: i) A liquid balance sheet to better manage deposit costs and NIM pressure; ii) improved asset quality with its LLC at 102%, while loans at risk to US tariffs seem minor; and iii) solid capital, with a CET-1 ratio of 14.7%. We think valuations (1x 2025F P/BV vs 11% ROE) and dividend yields look attractive for a big-cap bank.