We apply a 2025E target P/E of 12x (was 9.5x) and a 8% implied yield to reflect the more visible dividend outlook and improving cash flow. Current valuation is attractive at a 9% yield in 2025E-27E. Holdings Co. Ltd. (9979.HK) Holdings Co. Ltd. | We hosted a post-results NDR with the CEO. Management reaffirmed that GTM has reached an inflection point, with better cash collection, enhanced quality of new orders, and continued market share gains. Coupled with strong commitment to shareholder returns (~9% yield), we reiterate OW.