RING delivered a decent Q3 report and we end up making minor estimate changes, while our FY25-FY26 estimates are unchanged on the back of the report as slightly higher NII estimates are offset by higher cost estimates. After our upgrade on the 8th of October, the share has now come up towards our target price and looks more fairly valued, though we still think the medium-term risk/reward looks supportive as the bank continues to deliver robust earnings and should see some capital relief from CRR ....
