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Kingboard Holdings
(0148)
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Rating:59Neutral
Price Target:
HK$55.00
▲(14.97% Upside)
Action:Reiterated
Date:07/29/26
Overall score reflects solid balance-sheet resilience but a material deterioration in 2025 cash flow (negative free cash flow) and weak technical trend positioning (price below major moving averages). These are partially offset by relatively attractive valuation (P/E ~10.6) and a ~3.9% dividend yield.
Positive Factors
Integrated manufacturing model
Kingboard's combination of chemical production and downstream electronics materials allows it to capture value across the manufacturing chain. Internal inputs may reduce exposure to external cost swings and support supply stability, while scale can improve operating leverage when demand is healthy.
Negative Factors
Deteriorating cash generation
Negative free cash flow and weaker cash conversion reduce the quality of the 2025 earnings rebound. If this persists, Kingboard may have less internally generated funding for capital expenditure, debt reduction, or dividends, while working-capital pressure could increase reliance on external financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated manufacturing model
Kingboard's combination of chemical production and downstream electronics materials allows it to capture value across the manufacturing chain. Internal inputs may reduce exposure to external cost swings and support supply stability, while scale can improve operating leverage when demand is healthy.
Read all positive factors
Kingboard Holdings (0148) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$58.73B
Dividend Yield3.26%
Average Volume (3M)35.18M
Price to Earnings (P/E)12.5
Beta (1Y)0.57
Revenue Growth19.45%
EPS Growth67.46%
CountryHK
Employees34,000
SectorIndustrials
Sector Strength72
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)4.08
Shares Outstanding1,121,781,700
10 Day Avg. Volume32,755,297
30 Day Avg. Volume35,181,180
Financial Highlights & Ratios
PEG Ratio0.04
Price to Book (P/B)0.50
Price to Sales (P/S)0.72
P/FCF Ratio-34.17
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$125.00Price Target Upside161.29% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)10.38
Revenue Forecast (FY)HK$64.51B
Kingboard Holdings Business Overview & Revenue Model
Company Description
Kingboard Holdings Limited, an investment holding company founded in 1988 and headquartered in Sha Tin, Hong Kong, maintains a diversified business portfolio. Its core industrial activities involve the manufacturing and sale of laminates and print...
How the Company Makes Money
Kingboard Holdings primarily makes money by manufacturing and selling industrial materials and chemicals, with revenue largely tied to (1) electronics materials and (2) chemical products.
1) Electronics materials (PCB materials)
- Core products: ...
Kingboard Holdings Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
72
Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 52.90B | 45.38B | 43.09B | 39.71B | 49.38B | 56.76B |
| Gross Profit | 11.59B | 7.93B | 8.49B | 7.59B | 12.37B | 18.82B |
| EBITDA | 10.28B | 6.50B | 6.99B | 5.90B | 8.91B | 17.54B |
| Net Income | 4.53B | 4.40B | 1.63B | 2.06B | 3.66B | 10.78B |
Balance Sheet | ||||||
| Total Assets | 132.23B | 103.88B | 97.78B | 98.97B | 97.29B | 103.82B |
| Cash, Cash Equivalents and Short-Term Investments | 30.19B | 11.96B | 10.84B | 12.99B | 11.40B | 10.07B |
| Total Debt | 30.87B | 22.80B | 21.71B | 22.93B | 19.76B | 18.42B |
| Total Liabilities | 44.84B | 34.04B | 33.05B | 34.53B | 32.60B | 35.13B |
| Stockholders Equity | 79.96B | 64.67B | 59.82B | 59.74B | 60.06B | 63.02B |
Cash Flow | ||||||
| Free Cash Flow | 398.80M | -953.81M | 1.54B | 1.18B | 5.29B | 5.58B |
| Operating Cash Flow | 4.13B | 2.96B | 5.76B | 5.31B | 10.58B | 9.50B |
| Investing Cash Flow | -178.45M | -3.99B | -1.51B | -8.24B | -5.33B | -6.01B |
| Financing Cash Flow | -4.16B | -1.04B | -3.56B | 622.28M | -3.77B | -4.67B |
Kingboard Holdings Technical Analysis
Neutral
47.84
Price Trends
55.71
Negative
62.46
Negative
46.86
Positive
Market Momentum
-0.46
Negative
48.85
Neutral
45.51
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0148, the sentiment is Neutral. The current price of 47.84 is below the 20-day moving average (MA) of 49.73, below the 50-day MA of 55.71, and above the 200-day MA of 46.86, indicating a neutral trend. The MACD of -0.46 indicates Negative momentum. The RSI at 48.85 is Neutral, neither overbought nor oversold. The STOCH value of 45.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HK:0148.
Kingboard Holdings Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | HK$1.46B | 3.60 | 4.37% | 6.00% | -11.27% | ― | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | HK$395.63B | 5.75 | 8.21% | 4.97% | 12.61% | 10.92% | |
62 Neutral | HK$15.11B | 7.44 | 4.00% | 8.06% | -28.06% | -23.13% | |
61 Neutral | HK$39.15B | 6.81 | 5.76% | 5.14% | 5.30% | 0.81% | |
59 Neutral | HK$58.73B | 12.49 | 6.27% | 4.22% | 19.45% | 67.46% | |
51 Neutral | HK$42.20B | -1.59 | -23.63% | 0.38% | -1.33% | -409.12% |
* Industrials Sector Average
HK:0148
Kingboard Holdings
50.95
25.45
99.82%
HK:0392
Beijing Enterprises Holdings
31.80
-0.69
-2.11%
HK:0267
CITIC
13.52
2.24
19.88%
HK:0656
Fosun International
5.11
-0.44
-7.93%
HK:0363
Shanghai Industrial Holdings
13.92
0.58
4.33%
HK:0025
Chevalier International Holdings Limited
5.00
1.18
30.89%
Kingboard Holdings Corporate Events
Kingboard Holdings lifts interim profit and dividend on stronger revenue
Aug 24, 2026
Kingboard Holdings Limited reported a strong set of unaudited interim results for the six months ended 30 June 2026, with revenue climbing 35% year-on-year to HK$29.13 billion and EBITDA rising 32%. Net profit attributable to shareholders increase...
Kingboard Holdings Declares Interim Dividend of HKD 0.73 Per Share
Aug 24, 2026
Kingboard Holdings Limited has announced an interim ordinary cash dividend of HKD 0.73 per share for the six months ended 30 June 2026. The dividend relates to the financial year ending 31 December 2026 and will be paid in Hong Kong dollars, under...
Kingboard Flags Higher First-Half Profit on Laminates Boom Despite Investment Loss
Jul 30, 2026
Kingboard Holdings has issued a positive profit alert, indicating it expects to post net profit of more than HK$2.7 billion for the six months ended 30 June 2026, at least 4% higher than a year earlier. The improvement is driven primarily by its l...
Kingboard Sets August Board Meeting to Approve Interim Results and Dividend
Jul 24, 2026
Kingboard Holdings has scheduled a board meeting for 24 August 2026 to review and approve the company’s interim results for the six months ended 30 June 2026. The board will also consider the declaration of an interim dividend, signaling ong...
Kingboard Holdings to Raise Funds via 4.92% Stake Sale in Kingboard Laminates
Jun 17, 2026
Kingboard Holdings has moved to monetise part of its investment in Kingboard Laminates Holdings, with its indirect wholly owned unit Kingboard Investments Limited agreeing to place 155 million shares in the laminates producer. The stake, represent...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.