1Q25 results broadly met expectations. Looking ahead, its exposure to exporters is insignificant but loans growth target could be at risk from the uncertainties and slower economic activities. More importantly, though, Malayan Banking remains comfortable with FY25F ROE and credit cost targets. We keep BUY on: i) Relatively lower foreign shareholding levels, at c. 19%; ii) guidance to at least maintain absolute DPS aids dividend visibility; and iii) healthy MYR1.8bn in overlay buffers to help cushion asset quality risks.