TTB announced the share repurchase project worth B21bn in 2025-2027 (three years). TTB will conduct its first share repurchase on February 3 - August 1, 2025; it will buy back up to 3.5 billion shares (3.6% of paid-up shares) at the budget not exceeding B7bn. We are optimistic that the share repurchase will cause ROE to increase. TTB price is now lower than its book value.