Citigroup said Kingboard Laminates (01888.HK) announced price increases above
expectations and raised earnings forecasts, lifting its PT to HK$130 from HK$120
while retaining a Buy rating. The bank said recent share weakness reflects
rotate out of high-valuation AI hardware into non-tech, Meta selling excess
compute and a sell-down by the largest shareholder Hallgain, but views the pullback
as a buying opportunity. Key catalysts include potentially
stronger-than-expected average selling prices for electronic fiberglass cloth,
which could produce a 1H earnings beat and prompt upward revisions after 1H
results. Citigroup raised 2026-28 profit forecasts by 11-12% to about 9.61 bln
yuan, 14.28 bln yuan and 19.52 bln yuan. The stock is on Citigroup’s
upside-catalyst watchlist, exciting Aug. 2.
