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01888 KB LAMINATES
RTNominal unchange9.000 0.000 (0.000%)
Others

19/11/2019 17:04

{I-bank focus}Citi ups Kingboard Laminates (01888) to HK$11

[ET Net News Agency, 19 November 2019] Citi Research raised its target price for
Kingboard Laminates (KBL)(01888) to HK$11 from HK$9.5 and maintained its "buy" rating.
The research house hosted a conference call with Kingboard and felt that management's
tone has further improved. Citi thus raised its 2020-21 EPS forecasts by 3% on a
higher-margin assumption for ASP hike and higher-than-expected capacity expansion pace for
2020.
Citi noted key takeaways: (1) KBL has inflated laminate ASP 7% or Rmb10/sheet, thanks to
cost-push and lower inventory level of KBL, (2) vertical integration benefits are being
seen with rising material costs, and (3) resuming dividend payout ratio of 40-50% for 2019
or later, albeit 29% in 1H. (KL)

Remark: Real time quote last updated: 09/12/2019 12:03
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