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Kingboard Laminates Holdings
(1888)
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Rating:49Neutral
Price Target:
HK$36.00
â–¼(-20.28% Downside)
Action:Reiterated
Date:10/27/26
The score is held back primarily by the 2025 cash flow reversal (negative free cash flow and weak cash conversion) and bearish technical setup (price below key moving averages with negative MACD). These outweigh improving profitability/ROE and a reasonably leveraged balance sheet, while valuation provides only modest support due to a higher P/E and modest yield.
Positive Factors
Revenue and profit recovery
The return to revenue growth alongside a substantial margin recovery indicates stronger operating momentum and improved earnings power. If maintained, this combination can support internal reinvestment, strengthen the company’s position in the PCB materials supply chain, and provide a more durable base for future profitability.
Negative Factors
Weak cash generation
The reversal from strong prior-year free cash flow to a negative result is a material weakness in earnings quality and financial flexibility. Persistently weak conversion would limit internally funded investment, increase reliance on external financing, and make reported profit less dependable as a measure of sustainable cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and profit recovery
The return to revenue growth alongside a substantial margin recovery indicates stronger operating momentum and improved earnings power. If maintained, this combination can support internal reinvestment, strengthen the company’s position in the PCB materials supply chain, and provide a more durable base for future profitability.
Read all positive factors
Kingboard Laminates Holdings (1888) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$109.29B
Dividend Yield1.86%
Average Volume (3M)56.22M
Price to Earnings (P/E)24.8
Beta (1Y)-0.05
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. Volume49,723,273
30 Day Avg. Volume56,223,188
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$71.81Price Target Upside59.02% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)2.83
Revenue Forecast (FY)HK$36.64B
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 | 6.42B | 3.63B | 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 | 1.32B | -74.80M | 1.93B | 197.12M | 3.37B | 3.94B |
| Operating Cash Flow | 2.60B | 1.20B | 2.71B | 823.72M | 5.53B | 6.03B |
| Investing Cash Flow | -4.04B | -1.35B | -809.93M | -739.33M | -2.33B | -2.32B |
| Financing Cash Flow | 1.41B | -915.92M | -1.93B | -1.32B | -3.14B | -6.34B |
Kingboard Laminates Holdings Technical Analysis
Negative
45.16
Price Trends
44.75
Negative
51.41
Negative
39.06
Negative
Market Momentum
-2.72
Positive
39.44
Neutral
41.20
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1888, the sentiment is Negative. The current price of 45.16 is above the 20-day moving average (MA) of 43.92, above the 50-day MA of 44.75, and above the 200-day MA of 39.06, indicating a bearish trend. The MACD of -2.72 indicates Positive momentum. The RSI at 39.44 is Neutral, neither overbought nor oversold. The STOCH value of 41.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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$5.38B | 3.13 | 22.89% | 12.21% | 31.14% | 215.73% | |
64 Neutral | HK$2.60B | 8.64 | 6.11% | 4.66% | 2.78% | -25.10% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | HK$2.35B | 10.23 | 2.40% | 9.88% | -11.48% | -7.38% | |
57 Neutral | HK$2.12B | 1.08 | 37.61% | 2.18% | 13.71% | -30.20% | |
50 Neutral | HK$1.32B | 64.43 | 0.83% | 2.43% | 47.93% | -89.68% | |
49 Neutral | HK$109.29B | 24.77 | 25.35% | 1.86% | 31.94% | 185.84% |
* Technology Sector Average
HK:1888
Kingboard Laminates Holdings
34.68
21.93
172.09%
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-0.24
-22.78%
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-1.52
-31.69%
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-58.88%
Kingboard Laminates Holdings Corporate Events
Kingboard Laminates Sets October EGM to Approve New Materials and Supply Frameworks
Oct 8, 2026
Kingboard Laminates Holdings Limited has called an extraordinary general meeting in Hong Kong for 30 October 2026, at which shareholders will vote on approving new materials purchase and supply framework agreements, along with revised annual caps ...
Kingboard Laminates Delays Circular on Revised Caps for KBH Connected Deals
Oct 8, 2026
Kingboard Laminates Holdings Limited has announced a revision and renewal of its annual caps for continuing connected transactions with the KBH group and is preparing a shareholders’ circular detailing the new and revised caps, independent f...
Kingboard Laminates Revises Caps, Renews Connected Deals With Controlling Shareholder
Sep 16, 2026
Kingboard Laminates Holdings has entered into new framework agreements with controlling shareholder KBH to revise annual transaction caps for 2026 and extend its continuing connected transactions through 2028. The arrangements cover the purchase o...
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...
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.