We have adjusted our estimates following the 1Q25 trading update and also to reflect latest market movements. Our estimates do not materially change, but the increase in the share price since our last update reduces the accretion from buybacks, driving the small EPS reduction. We now add a small deduction to our valuation to reflect litigation risk in Malaysia, but the effect is offset by a reduction in bond yields and hence cost of equity. We do not consider the changes to be material; our rating is unchanged.