Kingboard Laminates Holdings (HK:1888)
:1888
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Kingboard Laminates Holdings
(1888)
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Rating:61Neutral
Price Target:
HK$36.00
Action:DowngradedDate:04/26/26
The score is driven by improved profitability and a reasonably resilient balance sheet, offset by a sharp 2025 cash flow deterioration (negative free cash flow) that weakens earnings quality. Technicals are strong but overbought, and valuation/income support is only moderate.
Positive Factors
Net margin expansion
Sustained net margin recovery to ~12% reflects improved pricing power or cost control versus recent troughs. Over 2–6 months this stronger profitability supports internal reinvestment, higher ROE and resilience through electronic demand cycles, improving long-term earnings quality.
Negative Factors
Deteriorating cash generation / negative FCF
Sharp weakening in cash generation and a slight negative free cash flow in 2025 reduces earnings quality and limits internal funding for capex, dividends or debt paydown. Over the medium term this raises working-capital and reinvestment risk if cash conversion does not recover.
Read all positive and negative factors
Positive Factors
Negative Factors
Net margin expansion
Sustained net margin recovery to ~12% reflects improved pricing power or cost control versus recent troughs. Over 2–6 months this stronger profitability supports internal reinvestment, higher ROE and resilience through electronic demand cycles, improving long-term earnings quality.
Read all positive factors
Kingboard Laminates Holdings (1888) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$106.73B
Dividend Yield5.22%
Average Volume (3M)12.91M
Price to Earnings (P/E)16.9
Beta (1Y)1.05
Revenue Growth10.03%
EPS Growth84.07%
CountryHK
Employees9,900
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)0.48
Shares Outstanding3,135,325,000
10 Day Avg. Volume9,089,293
30 Day Avg. Volume12,905,985
Financial Highlights & Ratios
PEG Ratio0.21
Price to Book (P/B)2.52
Price to Sales (P/S)2.02
P/FCF Ratio-550.54
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$39.00Price Target Upside― Downside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)1.43
Revenue Forecast (FY)HK$28.64B
Kingboard Laminates Holdings Business Overview & Revenue Model
Company Description
Kingboard Laminates Holdings Limited (1888) is a leading manufacturer of laminates and printed circuit boards (PCBs) based in Hong Kong. The company operates primarily in the electronics and construction sectors, producing a variety of high-qualit...
How the Company Makes Money
The company makes money primarily by manufacturing and selling PCB base materials, with revenue largely generated from: (1) Copper-clad laminates (CCL): Selling laminate sheets made by bonding copper foil to resin-impregnated glass fabric or other...
Kingboard Laminates Holdings Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
74
Positive
Cash Flow
38
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 20.40B | 18.54B | 16.75B | 22.36B | 28.80B |
| Gross Profit | 3.99B | 3.28B | 2.68B | 5.09B | 9.80B |
| EBITDA | 3.62B | 2.94B | 2.37B | 4.29B | 9.20B |
| Net Income | 2.44B | 1.33B | 907.40M | 1.91B | 6.78B |
Balance Sheet | |||||
| Total Assets | 25.48B | 23.11B | 23.56B | 24.30B | 29.82B |
| Cash, Cash Equivalents and Short-Term Investments | 2.88B | 3.46B | 3.71B | 3.87B | 3.32B |
| Total Debt | 4.63B | 3.28B | 4.45B | 4.40B | 2.72B |
| Total Liabilities | 9.11B | 7.74B | 8.59B | 9.23B | 10.76B |
| Stockholders Equity | 16.34B | 15.34B | 14.95B | 15.05B | 19.04B |
Cash Flow | |||||
| Free Cash Flow | -74.80M | 1.93B | 197.12M | 3.37B | 3.94B |
| Operating Cash Flow | 1.20B | 2.71B | 823.72M | 5.53B | 6.03B |
| Investing Cash Flow | -1.35B | -809.93M | -739.33M | -2.33B | -2.32B |
| Financing Cash Flow | -915.92M | -1.93B | -1.32B | -3.14B | -6.34B |
Kingboard Laminates Holdings Technical Analysis
―
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1888, the sentiment is undefined. The current price of undefined is equal to the 20-day moving average (MA) of ―, equal to the 50-day MA of ―, and equal to the 200-day MA of ―, indicating a neutral trend. The MACD of ― indicates undefined momentum. The RSI at ― is undefined, neither overbought nor oversold. The STOCH value of ― is undefined, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a undefined 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | HK$9.79B | 6.18 | 9.13% | 3.00% | 29.47% | 436.16% | |
67 Neutral | HK$2.86B | 1.00 | 93.70% | 46.02% | 12.26% | 2497.49% | |
66 Neutral | HK$3.03B | 12.09 | 2.88% | 9.26% | -7.51% | -6.59% | |
63 Neutral | HK$3.48B | 11.70 | 8.69% | 3.25% | 3.78% | -11.48% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | HK$106.73B | 16.86 | 15.61% | 5.22% | 10.03% | 84.07% | |
54 Neutral | HK$2.72B | 20.59 | 6.63% | 1.01% | 40.34% | 34.34% |
* Technology Sector Average
HK:1888
Kingboard Laminates Holdings
35.62
27.98
366.47%
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Kingboard Laminates Holdings Corporate Events
Kingboard Laminates Sets 2026 AGM to Approve Dividends, Board Mandates
Apr 22, 2026
Kingboard Laminates Holdings has called its annual general meeting for 26 May 2026 in Hong Kong, where shareholders will review the audited financial statements for the year ended 31 December 2025 and consider the declaration of a final and specia...
Kingboard Laminates’ Parent to Cut Stake via HK$21 Block Trade
Mar 18, 2026
Kingboard Laminates Holdings has announced that its parent, Kingboard Holdings, has entered into a block trade to place up to 130 million existing shares in the company at HK$21.0 per share through Citigroup Global Markets. Following completion, K...
Kingboard Laminates Posts Strong 2025 Profit Rebound and Raises Dividend
Mar 16, 2026
Kingboard Laminates Holdings reported a solid earnings rebound for 2025, with revenue rising 10% to HK$20.4 billion and underlying net profit surging 85% to HK$2.49 billion, driven by improved margins and strong gains on equity investments. Basic ...
Kingboard Laminates Proposes HKD 0.25 Final Dividend for 2025
Mar 16, 2026
Kingboard Laminates Holdings Limited has proposed a final ordinary dividend of HKD 0.25 per share for the financial year ended 31 December 2025, with shareholder approval scheduled for 26 May 2026 and payment slated for 7 July 2026. The ex-dividen...
Kingboard Laminates Declares Special Final Dividend for 2025
Mar 16, 2026
Kingboard Laminates Holdings has declared a special final cash dividend of HKD 0.28 per share for the financial year ended 31 December 2025, with shareholder approval scheduled for 26 May 2026 and the payout set for 7 July 2026. The ex‑divid...
Kingboard Laminates Updates Board and Committee Roles to Sharpen Governance
Feb 27, 2026
Kingboard Laminates Holdings has updated its board composition effective 28 February 2026, confirming a slate of six executive directors led by Chairman Cheung Kwok Wa and Managing Director Cheung Kwok Keung, alongside one non-executive and four i...
Kingboard Laminates Sets March Board Meeting on 2025 Results and Final Dividend
Feb 24, 2026
Kingboard Laminates Holdings has scheduled a board meeting for 16 March 2026 to approve the publication of its audited final results for the financial year ended 31 December 2025. At the same meeting, the board will also consider recommending a fi...
Kingboard Laminates Signals Over 80% Profit Jump on Strong Laminate Demand
Feb 23, 2026
Kingboard Laminates Holdings has issued a positive profit alert, indicating it expects net profit for the year ended 31 December 2025 to exceed HK$2.39 billion, more than 80% higher than in 2024. The surge is driven by robust market demand for lam...
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.