High reserves; attractive valuation Retain BUY and raise our TP to THB180 (0.6x FY25E P/BV, 8.2% ROE) from THB175 after we revised up earnings to reflect higher NIM. We expect credit cost to decline 20bps YoY to 1.1% in 2025. We like BBL for its clear earnings visibility and solid asset quality. Its loan-loss reserves accounted for 10.7% of total loans and 334% of NPLs as at end 2024. Valuation looks attractive as the stock is trading at 6.3x FY25E PER, 0.5x P/BV (the lowest level among big banks) and offers a 5.8% dividend yield. Key risk is weakerthan- expected asset quality.