Citi Raises Kingboard Laminates Target Price to HK$130, Keeps Buy Rating

Kingboard Laminates (01888.HK) announced a price increase, prompting Citi to lift its earnings forecasts and raise its target price to HK$130 from HK$120 while maintaining a buy rating. According to Jin10, Citi said the price hike was larger than expected. The bank said the stock’s recent pullback was mainly driven by fund rotation from higher-valuation AI hardware stocks into non-technology sectors, Meta selling excess computing capacity, and share sales by the largest shareholder, Hallgain. Citi said it views the pullback as a buying opportunity. Citi said potential catalysts include the possibility that the average selling price of electronic fiberglass cloth may be higher than expected, which could allow the company’s first-half profit guidance to beat market expectations. It also said the market may raise financial forecasts after the company releases its first-half results. Citi raised its 2026 to 2028 profit forecasts by 11% to 12%, to 9.607 billion yuan, 14.275 billion yuan, and 19.523 billion yuan, respectively. Citi also noted that the stock had previously been added to its upside catalyst watch list, which expires on August 2.