CIC Holdings PLC (CIC) is a leading conglomerate in Sri Lanka operating across crop solutions, livestock solutions, healthcare and industrial solutions segments. This diverse nature of operations makes CIC pivotal to the country’s economy. We initiate coverage on CIC with a BUY recommendation, supported by target prices of LKR 169 (voting) and LKR 131 (non-voting), offering upside potentials of 44.1% and 68.2%, respectively, on CMP.