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Kingboard Laminates Holdings
(1888)
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Rating:53Neutral
Price Target:
HK$49.00
â–²(8.50% Upside)
Action:Reiterated
Date:08/08/26
The score is held back primarily by the 2025 cash flow reversal (negative free cash flow and weak cash conversion) despite improved profitability and a reasonably leveraged balance sheet. Technicals are also weak with the stock trading below key moving averages and a negative MACD. Valuation adds a secondary headwind due to a high P/E, partially offset by a modest dividend yield.
Positive Factors
Revenue Re-acceleration
Revenue growth re-accelerated in 2025 after a weaker prior period, suggesting improving demand across the laminate and PCB-material business. A return to top-line expansion can support better factory utilization, strengthen operating leverage, and provide a foundation for sustained earnings growth over coming quarters.
Negative Factors
Weak Cash Conversion
The sharp decline in operating cash flow and move to negative free cash flow weaken the quality of reported earnings. If cash conversion remains poor, the company may have less internally generated funding for reinvestment and greater exposure to working-capital demands despite improved accounting profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Re-acceleration
Revenue growth re-accelerated in 2025 after a weaker prior period, suggesting improving demand across the laminate and PCB-material business. A return to top-line expansion can support better factory utilization, strengthen operating leverage, and provide a foundation for sustained earnings growth over coming quarters.
Read all positive factors
Kingboard Laminates Holdings (1888) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$150.95B
Dividend Yield1.4%
Average Volume (3M)104.51M
Price to Earnings (P/E)33.0
Beta (1Y)0.30
Revenue Growth31.94%
EPS Growth185.84%
CountryHK
Employees11,300
SectorTechnology
Sector Strength88
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)1.40
Shares Outstanding3,151,450,000
10 Day Avg. Volume76,694,352
30 Day Avg. Volume104,511,790
Financial Highlights & Ratios
PEG Ratio0.21
Price to Book (P/B)2.53
Price to Sales (P/S)2.02
P/FCF Ratio-552.13
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$74.21Price Target Upside64.33% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)2.97
Revenue Forecast (FY)HK$36.38B
Kingboard Laminates Holdings Business Overview & Revenue Model
Company Description
Kingboard Laminates Holdings Limited, an investment holding company, manufactures and sells laminates in the People's Republic of China, Europe, other Asian countries, and the United States. The company operates through Laminates, Properties, and ...
How the Company Makes Money
Kingboard Laminates makes money primarily by manufacturing and selling copper clad laminates (CCL) and other laminate materials used by printed circuit board (PCB) producers. Revenue is generated through (1) product sales to industrial customers—e...
Kingboard Laminates Holdings Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
74
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 25.72B | 20.40B | 18.54B | 16.75B | 22.36B | 28.80B |
| Gross Profit | 6.81B | 3.99B | 3.28B | 2.68B | 5.09B | 9.80B |
| EBITDA | 6.41B | 3.62B | 2.94B | 2.37B | 4.29B | 9.20B |
| Net Income | 4.40B | 2.44B | 1.33B | 907.40M | 1.91B | 6.78B |
Balance Sheet | ||||||
| Total Assets | 33.40B | 25.48B | 23.11B | 23.56B | 24.30B | 29.82B |
| Cash, Cash Equivalents and Short-Term Investments | 4.60B | 2.88B | 3.46B | 3.71B | 3.87B | 3.32B |
| Total Debt | 8.21B | 4.63B | 3.28B | 4.45B | 4.40B | 2.72B |
| Total Liabilities | 15.04B | 9.11B | 7.74B | 8.59B | 9.23B | 10.76B |
| Stockholders Equity | 18.34B | 16.34B | 15.34B | 14.95B | 15.05B | 19.04B |
Cash Flow | ||||||
| Free Cash Flow | 252.21M | -74.80M | 1.93B | 197.12M | 3.37B | 3.94B |
| Operating Cash Flow | 1.53B | 1.20B | 2.71B | 823.72M | 5.53B | 6.03B |
| Investing Cash Flow | -456.49M | -1.35B | -809.93M | -739.33M | -2.33B | -2.32B |
| Financing Cash Flow | -1.68B | -915.92M | -1.93B | -1.32B | -3.14B | -6.34B |
Kingboard Laminates Holdings Technical Analysis
Positive
45.16
Price Trends
43.68
Positive
50.61
Negative
33.66
Positive
Market Momentum
1.51
Negative
56.87
Neutral
74.46
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1888, the sentiment is Positive. The current price of 45.16 is above the 20-day moving average (MA) of 42.93, above the 50-day MA of 43.68, and above the 200-day MA of 33.66, indicating a bullish trend. The MACD of 1.51 indicates Negative momentum. The RSI at 56.87 is Neutral, neither overbought nor oversold. The STOCH value of 74.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:1888.
Kingboard Laminates Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | HK$6.51B | 3.75 | 22.89% | 10.28% | 31.14% | 215.73% | |
64 Neutral | HK$3.03B | 10.17 | 6.11% | 3.96% | 2.78% | -25.10% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | HK$2.41B | 10.42 | 2.40% | 12.12% | -11.48% | -7.38% | |
55 Neutral | HK$2.58B | 1.29 | 37.61% | 1.83% | 13.71% | -30.20% | |
53 Neutral | HK$150.95B | 32.97 | 25.35% | 1.40% | 31.94% | 185.84% | |
50 Neutral | HK$1.95B | 97.41 | 0.83% | 1.63% | 47.93% | -89.68% |
* Technology Sector Average
HK:1888
Kingboard Laminates Holdings
46.16
34.51
296.26%
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3.87
-1.65
-29.89%
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Kingboard Laminates Holdings Corporate Events
Kingboard Revises Caps and Renews Connected Deals With Hallgain to 2028
Sep 9, 2026
Kingboard Holdings and its subsidiary Kingboard Laminates have entered into new framework agreements with major shareholder Hallgain to revise annual caps for existing continuing connected transactions and extend them to the end of 2028. The new p...
Kingboard Laminates Delivers Strong Interim Earnings Surge and Hikes Dividend
Aug 24, 2026
Kingboard Laminates Holdings reported a sharp improvement in interim performance for the six months to 30 June 2026, with revenue rising 55% year on year to HK$14.9 billion and gross profit more than doubling. The group’s EBITDA surged 143% ...
Kingboard Laminates Declares Interim Dividend of HKD 0.28 Per Share
Aug 24, 2026
Kingboard Laminates Holdings Limited has declared an interim ordinary cash dividend of HKD 0.28 per share for the six months ended 30 June 2026, for the financial year ending 31 December 2026. The move underscores the company’s commitment to...
Kingboard Laminates Flags Over 200% Surge in First-Half Profit
Jul 30, 2026
Kingboard Laminates Holdings has issued a positive profit alert, indicating that it expects to report a net profit of more than HK$2.8 billion for the six months ended 30 June 2026, representing an increase of over 200% compared with the same peri...
Kingboard Laminates Sets August Board Meeting to Approve Interim Results and Dividend
Jul 24, 2026
Kingboard Laminates Holdings has scheduled a board meeting for 24 August 2026 to approve the publication of its interim results for the six months ended 30 June 2026 and to consider the payment of an interim dividend. The announcement signals an i...
Kingboard Laminates Parent Cuts Stake via HK$76 Block Trade to Boost Liquidity
Jun 17, 2026
Kingboard Laminates Holdings has announced that Kingboard Investments, a wholly owned subsidiary of parent company Kingboard Holdings, has agreed to place 155 million existing shares with institutional investors at HK$76.0 per share via a block tr...
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.