Ex Pack Corrugated Cartons PLC (PACK), a leading packaging solutions provider in Sri Lanka, dominates the corrugated carton market with advanced technology and sustainable practices. Catering to FMCG, pharmaceuticals, and export sectors, it enjoys strong demand and a diverse customer base. We initiate coverage on PACK with a BUY recommendation and a target price of LKR 18.20, offering a 23% upside from the CMP of LKR 14.80. This outlook is fueled by capacity expansion, robust FMCG growth driven by tourism, market leadership, strong brand equity, rising demand for sustainable packaging and potential export growth.