*PACK Earnings Review 4Q FY25 / Bartleet Religare Securities – 19.06.2025* *Volume-driven recovery, capacity expansion, export rebound – BUY* 💰 *PACK reported an EPS of LKR 0.20* for 4Q FY25, down 55.2% YoY, as higher tax expense offset margin improvements. 📦 *Export exposure in FY25 surged to 54%* supported by recovery in FMCG and agri-export-linked demand. ⚙️ *New corrugation line fully operational* from FY26, boosting capacity from 2,650MT to 4,000MT/month. 🔋 *Energy-efficient and automated machinery* expected to enhance productivity. 📈 *Target Price – LKR 17.20 (Upside 22%)* : Export momentum, volume growth, and capacity leverage position PACK for medium-term upside. *BUY.* 🎯 *Target Price – LKR 17.20 (Upside 22%)* 🔗 Full report: https://research.bartleetreligare.com/reports/ex-pack-corrugated-cartons-plc-pack-4q-fy25-1228