We reiterate BUY on CPF with a higher TP of THB33, based on 12x FY25E P/E (-1 SD its 5-year mean). We lift our FY25-27E core EPS forecasts by 1- 28% to reflect the higher-than-expected 1Q25 results. CPF is trading at 9.7x FY25E P/E, -1.5 SD its 5-year mean, which we view as attractive.