Between the other Malaysian banks, principal shareholders which own more than 10% stake in both AMBANK (OP; TP: RM5.85 ) and HLBANK (OP; TP: RM27.40 ) also enjoy the Grandfathering Rule given their shares were accumulated before the FSA came into being; their respective principal shareholders controlling 11.83% and 64.51% in total shares, have also enjoyed exemption from the shareholding threshold of 10% under the grandfather rules. While we do not believe they would necessarily follow PBBANK 's precedent in managing its shareholdings, we could at least establish that financial institutions do uphold regulations as required. Maintain our OUTPERFORM call and TP of RM5.10 for PBBANK, based on an unchanged GGM-derived PBV of 1.54x (COE: 9.9%, TG: 4.0%, ROE: 13.0%) on a FY25F BVPS of RM3.14. We also applied a 5% premium to our TP based on our 4-star ESG rating, led by the stock's strong green financing pipeline.