📈 Short term risks ahead, long term expectations remain intact. 💰 Weak earnings amid margin pressures: TKYO reported 3Q FY26 EPS of LKR 0.75 (- 67% YoY) mainly due to competitive pricing, higher raw material costs, rupee depreciation and elevated depreciation and finance costs from recent expansion projects. Despite weaker profitability, revenue grew 25% YoY to LKR 14.5bn supported by strong volume growth which outpaced industry growth. 📘 BRS Outlook: Post-Ditwah rebuilding activities, infrastructure developments and large-scale projects are expected to support medium-term cement demand growth. However, geopolitical tensions and Middle East-related uncertainties may pressure future margins through higher energy, freight and imported material costs. 📈 Valuation & Recommendation: • TKYO.N - BUY | TP: LKR 115.00 (+24.3%) • TKYO.X - BUY | TP: LKR 98.00 (+35.0%) ⚠️ Risks: Economic slowdown amid geopolitical tensions, intense competition, rupee depreciation, higher fuel & freight costs and rising imported clinker prices.