we remain bullish on JKH's long-term growth prospects, supported by strategic initiatives and the positive outlook across its key segments. We have adjusted our TP to LKR 237.00 (~9.7% lower than the previous TP) to account for the expected dilution, assuming full subscription of the rights issue. This revision also reflects the anticipated recovery in sector cash flows, the commencement of City of Dreams Sri Lanka, and a potential decline in interest rates. Hence, we recommend BUY.