📈 Cyclone Headwinds, Strong Core Strength 💰 Solid earnings base: COCR delivered a strong PATMI of LKR 2.1bn in 2Q FY26 (+79% YoY), providing a robust platform for forward earnings momentum. 🔮 NII momentum to remain supportive: Elevated NIMs (~19%) and selective growth should sustain core earnings despite a cautious near-term environment. 🏦 Credit growth outlook remains resilient: Temporary cyclone-related disruptions are likely to normalize, supported by COCR’s niche positioning. 🛡 Asset quality to remain resilient: Short-term impairment pressure is expected, but prior credit improvements and disciplined risk management should limit downside. ⚙️ Efficiency as a structural strength: Strong cost discipline is expected to sustain ROEs above 20% over the medium term, even under more conservative operating assumptions. 📉 Valuation & recommendation: Target Price revised to LKR 165.00 on cautious assumptions, still offering ~31% upside at CMP. BUY maintained. ⚠ Risks: Prolonged credit slowdown, weather-related asset quality stress, regulatory tightening, funding cost volatility.