Maybank’s 1Q25 net profit was in line, underpinned primarily by lower provisions, while pre-provision operating profit growth remained subdued. We maintain our HOLD call with a lower target price of RM10.30 (1.19x 2025F P/B, 10.6% ROE) after the earnings revision. The stock is trading near its historical mean P/BV, which we view as fair, reflecting modest earnings growth expectations of 2-3%, balanced by healthy provision buffers and an attractive 6.8% dividend yield