📈 Bunkers, Terminals and Casinos: The Mix Takes Over 💰 PATMI tripled to LKR 5.2bn (+212.8% YoY)*in 2Q FY27, driven by strong performances in businesses where JKH holds higher effective stakes: bunkering (LMS), Property and Consumer Foods. These more than offset the normalisation at the 50%-owned JKCG. 🎰 City of Dreams posted EBITDA of LKR 340mn (2Q FY26: negative LKR 64mn), with hotel occupancy improving to 45% and ARR to USD 116. The PBT loss narrowed to LKR 1.2bn following the refinancing, and we expect the winter season to lift occupancy towards 50–60% in 2H FY27. 🚢 Transportation EBITDA rose 153% YoY to LKR 4.9bn, led by a 31% increase in LMS bunkering volumes amid Middle East supply-chain disruptions. WCT handled 502k TEUs, above its phase-1 capacity, with full phase-2 operations due in December 2026. 🏢 Property PAT surged 314% YoY on Cinnamon Life and TRI-ZEN sales, with VIMAN handovers starting in December. Consumer Foods delivered volume growth of 7–10%, while supermarkets recorded same-store sales growth of 12.5%. 📈 BRS Outlook: We maintain a positive view on JKH, supported by the City of Dreams ramp-up, sustained bunkering volumes, steady supermarket growth and a favourable shift in earnings towards higher-owned businesses. 📊 Valuation & Recommendation: JKH – BUY | TP: LKR 28.00 (+49.7%) ⚠️ Risks: Rupee depreciation on the Waterfront USD 150mn term loan, slower-than-expected City of Dreams ramp-up, tourism/geopolitical risks and rising commodity prices.