A Cyclical Pause, Not a Broken Story 📉 Higher Credit Costs Weigh: PAT was LKR 1.7bn and EPS LKR 5.41 (-18% YoY). An LKR 402mn impairment charge, against an LKR 392mn reversal in 2Q FY26, and 24% YoY growth in operating expenses offset 11% YoY NII growth and a strong 17.8% NIM. 💳 Growth to Normalize: We expect the loan book to contract 5.2% in FY27E, after 42% growth in FY26, and then grow at ~7% a year. Leasing demand is normalising after the vehicle import surge, and LTV regulations are tighter. NIM is forecast at ~14% over FY28–29E. 📊 Earnings Reset, then Recovery: PAT is forecast to decline 23% to LKR 7.5bn in FY27E and 12% to LKR 6.6bn in FY28E. It should recover to LKR 7.2bn by FY29E, with ROE remaining resilient at ~18%. 🎯 Valuation: COCR.N TP: LKR 131.00 (+29.7%) | BUY FY27E dividend yield: 7.9% | Total return: 37.6% ⚠️ Risks: Slower vehicle demand | Gold price volatility | Monetary tightening | Unregulated financing