Kingboard Holdings (0148) AI Stock Analysis

• Market Cap: HK$33.98B
• Dividend Yield: 5.88%
• Average Volume (3M): 3.03M
• Price to Earnings (P/E): 12.6
• Beta (1Y): 1.20
• Revenue Growth: 6.95%
• EPS Growth: 24.07%
• Country: HK
• Employees: 33,000
• Sector: Industrials
• Sector Strength: 72
• Industry: Conglomerates
• EPS (TTM): 2.33
• Shares Outstanding: 1,108,311,800
• 10 Day Avg. Volume: 4,146,075
• 30 Day Avg. Volume: 3,025,134
• PEG Ratio: -0.61
• Price to Book (P/B): 0.35
• Price to Sales (P/S): 0.48
• P/FCF Ratio: 13.46
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 69 Neutral
• Price Target: HK$35.00 ▲(20.69% Upside)

Kingboard Holdings scores a 69, reflecting a stable but challenging financial situation. The strong balance sheet and reasonable valuation are offset by profitability pressures and cash flow uncertainties. Technical indicators suggest a neutral market sentiment, with no significant momentum. The lack of earnings call and corporate events data limits further insights.

Positive Factors

Conservative leverage / strong balance sheet

Low leverage and a high equity ratio give Kingboard structural financial resilience. A debt-to-equity around 0.36 and 61.2% equity financing supports capacity to fund capex, absorb cyclical downturns, and pursue strategic investments without over-relying on external financing over the medium term.

Diversified end-markets & vertical integration

Kingboard's mix of PCBs, laminates and in-house chemical production plus long-term OEM relationships creates durable revenue streams. Exposure to telecom, consumer, automotive and industrial markets and vertical inputs reduces single-market cyclicality and supports steady demand over months.

Healthy underlying operating margins

Double-digit gross and EBITDA margins reflect operational scale and manufacturing efficiency in PCBs and chemicals. These margins provide a structural buffer against input cost swings, enabling reinvestment into capacity or quality improvements and helping maintain profitability across business cycles.

Negative Factors

Declining net profitability

A net margin near 3.8% limits the company's ability to convert revenue into retained earnings and shareholder returns. Persistently compressed net margins reduce free resources for R&D, capex or dividend support and may signal structural competitiveness or pricing pressure needing strategic remedy.

Volatile and weakening free cash flow

Significant swings and a recent decline in free cash flow weaken funding for growth and increase reliance on financing. Missing operating-cash conversion metrics adds uncertainty about cash quality, complicating planning for capex, working capital or dividend commitments over the coming quarters.

Eroding equity & rising liabilities

A falling equity base alongside rising liabilities and very low ROE (~2.7%) can erode balance-sheet strength over time. This trend reduces financial flexibility, may raise borrowing costs, and constrains the company's ability to fund strategic initiatives without diluting shareholders or adding leverage.

Kingboard Holdings Business Overview & Revenue Model

Company Description

Kingboard Holdings Limited, an investment holding company, manufactures and sells laminates and printed circuit boards. The company also offers chemical products, including methanol, benzene, glacial acetic acid, propylene, methyl tert-butyl ether, liquefied petroleum gas, phenol, acetone, bisphenol A, caustic soda, polyvinyl chloride, hydrochloric acid, liquefied chlorine, chlorinated wax, sodium sulfate, formalin, hydrogen peroxide, and tetrabromobisphenol. In addition, it is involved in the manufacture and distribution of magnetic and glass fabric products; property investment and development activities; rental and sale of properties; and refining and distribution of chemicals. The company's investment property portfolio comprises commercial, residential, and industrial properties. It sells its products in the People's Republic of China, Thailand, Japan, Korea, and Singapore; Europe; and the United States. The company was formerly known as Kingboard Chemical Holdings Limited and changed its name to Kingboard Holdings Limited in July 2018. Kingboard Holdings Limited was founded in 1988 and is headquartered in Sha Tin, Hong Kong.

How the Company Makes Money

Kingboard Holdings generates revenue primarily through the production and sale of printed circuit boards and laminates, which form the core of its business model. The company has established long-term relationships with major electronics manufacturers, ensuring a consistent demand for its products. Key revenue streams include the sale of multilayer PCBs, flexible PCBs, and other specialized circuit boards tailored to customer specifications. Additionally, Kingboard benefits from its investments in chemical production, which supports its PCB manufacturing process and offers additional revenue opportunities. Strategic partnerships with key players in the electronics industry and a focus on innovation and quality control further contribute to the company's financial performance.

Kingboard Holdings Financial Statement Overview

Summary

Kingboard Holdings shows a mixed financial performance. The income statement reveals pressure on profitability with a declining net profit margin. The balance sheet is relatively strong with low leverage, but decreasing equity and increasing liabilities pose risks. Cash flow concerns are evident with fluctuating free cash flow and missing data on cash conversion efficiency.

Income Statement

Kingboard Holdings shows a mixed performance in its income statement. The gross profit margin for the latest year is approximately 19.7%, indicating a decent level of profitability. However, net profit margin has decreased to about 3.8%, reflecting pressure on bottom-line profitability. The revenue growth rate has been inconsistent, with a decline in recent years. EBIT margin at 11.7% and EBITDA margin at 16.2% suggest some operational efficiency, but declining trends in margins suggest challenges in maintaining cost efficiency.

Balance Sheet

The balance sheet of Kingboard Holdings is relatively strong with a debt-to-equity ratio of approximately 0.36, indicating a conservative leverage position. The return on equity (ROE) has decreased to about 2.7%, showing a decline in profitability relative to shareholders' equity. The equity ratio stands at 61.2%, reflecting a solid capital structure with significant equity financing. However, there's a trend of decreasing equity and increasing liabilities, which may pose a risk if not addressed.

Cash Flow

Kingboard Holdings' cash flow statement indicates some concerns. The operating cash flow to net income ratio is unavailable for the latest year due to missing data, making it difficult to assess cash conversion efficiency. The free cash flow has fluctuated significantly over the years, showing a substantial decline recently, which could impact future investments and financial flexibility. The absence of free cash flow growth highlights potential challenges in generating cash from operations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	44.29B	43.09B	39.71B	49.38B	56.76B	43.51B
Gross Profit	8.13B	8.49B	7.59B	12.37B	18.82B	12.23B
EBITDA	6.72B	6.99B	5.90B	8.91B	17.54B	10.01B
Net Income	2.71B	1.63B	2.06B	3.66B	10.78B	4.70B
Balance Sheet
Total Assets	103.67B	97.78B	98.97B	97.29B	103.82B	93.25B
Cash, Cash Equivalents and Short-Term Investments	13.42B	10.84B	12.99B	11.40B	10.07B	9.36B
Total Debt	24.93B	21.71B	22.93B	19.76B	18.42B	17.24B
Total Liabilities	36.27B	33.05B	34.53B	32.60B	35.13B	32.45B
Stockholders Equity	62.56B	59.82B	59.74B	60.06B	63.02B	55.86B
Cash Flow
Free Cash Flow	2.61B	1.54B	1.18B	5.29B	5.58B	7.83B
Operating Cash Flow	6.69B	5.76B	5.31B	10.58B	9.50B	9.50B
Investing Cash Flow	-4.20B	-1.51B	-8.24B	-5.33B	-6.01B	2.76B
Financing Cash Flow	-2.54B	-3.56B	622.28M	-3.77B	-4.67B	-12.28B

Kingboard Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 29.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0148, the sentiment is Positive. The current price of 29 is below the 20-day moving average (MA) of 30.20, above the 50-day MA of 28.24, and above the 200-day MA of 25.70, indicating a bullish trend. The MACD of 0.98 indicates Negative momentum. The RSI at 62.25 is Neutral, neither overbought nor oversold. The STOCH value of 55.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:0148.

Kingboard Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
0053	80 Outperform	HK$23.16B	5.79	6.18%	5.00%	7.45%	11.56%
0363	71 Outperform	HK$16.25B	6.14	5.58%	6.37%	-7.44%	-18.48%
0148	69 Neutral	HK$33.98B	12.56	4.43%	5.88%	6.95%	24.07%
0392	66 Neutral	HK$44.08B	7.60	6.26%	4.94%	―	―
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
0118	50 Neutral	HK$161.18M	17.31	0.53%	―	-9.32%	―
0656	42 Neutral	HK$33.56B	-7.00	-3.65%	0.44%	-8.93%	-698.78%