We initiate coverage on SNB with an ‘Outperform’ rating, supported by strong fundamentals, sustained long-term growth potential, and improving investor sentiment. While a broader re-rating has yet to play out, we believe current conditions mark an inflection point for renewed interest in the stock. With post-merger integration challenges largely absorbed, SNB is well-positioned to deliver consistent performance, underpinned by its scale, strategic focus, and competitive advantages in the sector.