JKH posted a PATMI of LKR 2.8bn in 3Q FY25 (vs. LKR 3.0bn in 3Q FY24), with an EPS of LKR 0.17. Profitability was impacted by pre-opening costs of City of Dreams Sri Lanka (LKR 1.6bn) and higher finance & depreciation charges (LKR 2.1bn), though partially offset by exchange gains (LKR 818mn) and fair value gains on investment properties (LKR 955mn). Revenue grew 12.4% YoY to LKR 81.3bn, led by Retail, Consumer Foods, and Financial Services, while EBIT margin contracted to 3.4% (from 5.2%) due to pre-opening and depreciation costs. Despite near term pressures, we expect the launch of casino operations and Nuwa Hotel to drive spillover benefits, alongside tourism recovery and rising consumer spending. Upgrading our intrinsic value to LKR 28.00 (from LKR 25.20), we reiterate our BUY recommendation