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Research Report

13/08/2019 09:25

{I-bank focus}Citi cuts Kingboard Holdings (00148) to HK$26

[ET Net News Agency, 13 August 2019] Citi Research lowered its target price for
Kingboard Holdings (00148) to HK$26 from HK$33.2 and maintained its "buy" rating.
The research house said Kingboard's 1H recurring profit plunged 44%, which was
worse-than-expected. PCB was relatively better while the chemical segment was the worst.
Only property rental segment delivered positive revenue growth at 8%.
Citi cut our 2019-21 earnings estimates by 19-25% for weaker-than-expected margin on
chemical & upstream material (copper foil, glass yarn, and glass fabric) of laminate due
to tumbling ASP. It thinks slowdown of China macro along with muted consumption confidence
amid US-CN trade battle were blamed for the worsening results. (KL)

Remark: Real time quote last updated: 08/04/2020 14:34
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