A Temporary Reset, Not a Structural Setback 📈 Resilient Earnings: PAT reached LKR 2.1bn and EPS LKR 6.51 (-3% YoY), as higher impairments and operational expenses offset 9% YoY NII growth and a strong 17.7% NIM. 💳 Growth to Normalize: We expect credit growth to moderate to a 6% CAGR over FY26–29E, from 42% in FY26, as leasing demand normalizes following the vehicle import surge and tighter LTV regulations. NIM is forecast at around 13%. 📊 Earnings Reset, then Recovery: PAT is forecast to decline 28% to LKR 6.8bn in FY27E, before recovering to LKR 7.4bn by FY29E, with ROE remaining resilient at ~17%. 🎯 Valuation: COCR.N TP: LKR 130.00 (+32.5%) | BUY FY27E dividend yield: 6.5% | Total return: 39.0% ⚠️ Risks: Slower vehicle demand | Gold price volatility | Monetary tightening | Unregulated financing