📈 Priced Below Book, Built for the Dream 💰 Resilient 1Q FY27 performance, with PATMI of LKR 62.2mn (vs. a loss of LKR 803.7mn in 1Q FY26) and revenue growth of 24% YoY to LKR 141.7bn. EBIT margin improved to 5.2%, supported by stronger Transportation and Property performance, while associate earnings benefited from NTB and WCT. 🎰 City of Dreams turns EBITDA-positive, recording EBITDA of LKR 389mn in 1Q FY27, supported by improved hotel occupancy and gaming/retail contributions. We expect profitability to build as footfall increases and fixed costs are absorbed. 🚢 Transportation remains a key earnings driver, with PAT rising to LKR 4.2bn, supported by higher bunkering volumes amid Middle East supply-chain disruptions. WCT also handled higher volumes than SAGT, strengthening the segment outlook. 🏢 Property earnings surged 351% YoY, while Consumer Foods delivered strong volume growth and Retail continues to benefit from improving supermarket momentum. We expect earnings to strengthen as operating leverage builds across key businesses. 📈 BRS Outlook: We maintain a positive view on JKH, supported by the earnings recovery across key sectors, the ramp-up of City of Dreams, strong property sales pipeline and long-term growth prospects. 📊 Valuation & Recommendation: • JKH – BUY | TP: LKR 28.00 (+43.6%) ⚠️ Risks: Rupee depreciation on the Waterfront USD 170mn term loan, slower-than-expected City of Dreams ramp-up, tourism/geopolitical risks and rising commodity prices.