In Maybank Securities' May strategy report, the brokerage assesses that the easing of trade tensions continues to be a positive factor for market valuations. On this basis, Maybank Securities revises up its 2025 full-market earnings forecast by 5-10% and adjusts its year-end VN-Index target according to three scenarios: 1,300 points (base); 1,500 points (bull case); and 1,050 points (bear case).