[ET Net News Agency, 1 November 2019] Citi Research raised its target price for
Kingboard Laminates (KBL)(01888) to HK$9.5 from HK$8.5 and maintained its "buy" rating.
The research house upgraded KBL's 2019-21 earnings estimates by 7-11% in view of (1)
better-than-expected laminate profit run rate in 3Q, (2) lower-than-expected inventory,
and (3) faster share win on raising environmental standard.
Citi thinks monthly sales volume has increased 15% to >9m sheets in 3Q from average of
7.9m sheets in 1H. Citi sees the monthly volume has even risen to >10m sheets in October
for strong "double 11" sales. (KL)