CIMB’s 1Q25 results are in line, supported by lower provisions, though pre-provision profit declined yoy. Maintain HOLD, with target price unchanged at RM7.70 (1.13x 2025F P/B, 11.1% ROE). While valuations at 1.03x P/B are fair, they align with the historical mean. We remain cautious of forex weakness from regional operations and credit costs amid regional macro headwinds. With earnings growth capped at 3% amid NIM pressure, the risk-reward is balanced, underpinned by a 5.8% dividend yield.