💡Activated Carbon: Activated Growth 📌 Recommendation ✅ BUY | TP: LKR 144.00 | Upside: +34.3% BRS recommends a BUY on HAYC backed by strong fundamentals and attractive valuations reflecting the potential growth opportunities. Total return of ~39%, including DPS of LKR 4.50. 🚀 Key Investment Catalysts 📈 Gold price upswings boosting demand for gold recovery carbons 🏭 Expansion in value added carbons to drive margin growth 🌍 Macro recovery: revival of environmental engineering projects 🔗 Vertical integration: reduced supply risk, cost efficiencies 💹 Valuation Snapshot PER: 7.0x | PBV: 1.1x (FY26E) TP derived via DCF, PE & EV/EBITDA based methods ⚠ Risks to Watch 🪙 Gold price volatilities: demand fluctuations 🥥 Coconut supply constraints: affecting raw material costs 🌐Geo-political tensions and trade wars: export disruption💱Exchange rate: impact on USD earnings