AMMB’s FY25 result came in within our expectations but beat consensus. With a final DPS of 19.9sen, the full-year dividend payout ratio rose to 50% (from 40%), a level we view as sustainable, as it supports efforts to improve ROE towards the 11% target under its WT29 strategy. We continue to like AMMB for its relatively undemanding valuations and decent 5.5% yield. Retain BUY and GGM-TP of RM6.20, based on 0.96x FY26 P/B.