上调盈利预期30天催化剂观察

Kingboard Holdings (O148.HK)Adding Upside 30-Day Catalyst Watch EarningsCatalyst: Weopena30DCWon1)expectationofissuingstrong1H26profitalertinJuly,2)forecastofnetprofitgrowthofstrong56%in1H26Eandofacceleratinggrowthat175% in2H26E +852-2501-2726eric.h.lau@citi.com Kingboard Holdings Wehavea BuyratingonKingboard Holdings andforecasta47% coreEPSCAGRover2026-28Efollowingtheearnings capital raisings eitherfrom the equityordebt markets.Additionally,KBC unveiled thekickoffof newbusinessforachievedsolidEPSgrowthandgeneratedhighROAEandROICoverthepast1Oyears. OurHKs2O2targetpriceisbasedonaPE-basedsum-of-the-parts(SOTP)valuationmethodology.WeemploySOTPvaluation justifiedbythebusinessupcycleinbothlaminateandPCBbusinesses. lnour SOTP,wevaluetheLaminateat29xPEcompsonaccountofsmallerscale).ForvaluingthePropertysegment,weassumeaverage7%rentalyieldpercurrentreturnforestimating theNAV ofits rental property portfolioand property bookvalue of HKs12.2bn in 2026E.Ourtarget price translatesinto~19x2027EP/E,which is +4SD overits historicalmean since 2011(range:4.4xto 24.4x).Ourtarget price translates into3x2027Ebookvalue,whichisstillwellbelowregionalcompsaverageof7xPB.  

RisksWe seethefollowing risks that could impede the stockfrom reaching ourtarget price: 1) slower-than-expected Al-CCL and Al- PCBcontribution,2)slower-than-expected consumption recoverycoulddragconsumptionofelectronicgoods/bigticketitemslikeautos,homeappliances,and smartphones,3)lower-than-expected GDPgrowthin China; and 4)lower-than-expectedoilprices. of the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside theUS+1-210-677-3788 Appendix A-1 Theresearchanalystsprimarilyresponsibleforthepreparationandcontentofthisresearchreportareeither(i)designated by"Ac"intheauthorblock or(ii)listedinboldalongside contentwhichis attributabletothatanalyst.IfmultipleACanalystsaredesignatedintheauthorblock,eachanalystiscertifyingwithrespecttotheentireresearchreportotherthan(a)contentattributabletoanotherACcertifyinganalystlistedinboldalongsidethecontentand (b)viewsexpressedsolelywithrespecttoaspecificissuerwhichareattributabletoanotherACcertifyinganalystidentifiedinthepricechartsorratinghistorytablesforthatissuershownbelow.Eachoftheseanalystscertify,withrespecttothesectionsofthereportforwhichtheyareresponsible:(1)thattheviewsexpressedthereinaccuratelyreflecttheirpersonalviewsabouteachissuerandsecurityreferencedandwerepreparedin anindependentmanner,includingwith respecttoCitigroupGlobalMarketsInc.and itsaffiliates;and (2)nopartoftheresearchanalyst'scompensationwas,is,orwillbe,directlyorindirectly,relatedtothespecificrecommendations orviewsexpressedbythatresearchanalystinthisreport.IMPORTANTDISCLOSURES Ratings and Target Price HistoryFundamental Research Kingboard Holdings (0148.HK) Short-Term View/Catalyst Watch Research Analyst: Eric Lau TheFirmhasmadeamarket inthepubliclytradedequitysecuritiesofKingboard HoldingsLtd onatleastoneoccasionsince1Jan2025 Citigroup Global Markets Inc.or its affiliates hasreceived compensationforinvestment bankingservices provided within thepast12monthsfromKingboard Holdings.CitigroupGlobal MarketsInc.oritsaffiliates received compensationforproducts and services otherthan investmentbankingservicesfromKingboardHoldingsinthepast12months.CitigroupGlobal MarketsInc.oritsaffiliates currentlyhas,orhad withinthepast12months,thefollowingas investmentbankingclient(s):Kingboard Holdings. servicesprovided were non-investment-banking, securities-related:Kingboard Holdings.CitigroupGlobal MarketsInc.orits affiliates currently has,orhadwithin thepast12months,thefollowing as clients,and theservicesprovidedwerenon-investment-banking,non-securities-related:Kingboard Holdings. Analysts'compensationisdeterminedby Citi ResearchmanagementandCitigroup'sseniormanagementand isbasedupon activities and servicesintendedtobenefittheinvestorclients of CitigroupGlobal MarketsInc.and its affiliates(the“Firm").Compensationisnotlinkedtospecifictransactionsorrecommendations.LikeallFirmemployees,analystsreceivecompensationthatis impactedbyoverallFirmprofitabilitywhichincludesinvestmentbanking,salesandtrading,andparticipatewhentheanalysthasapositiveviewofthecompanyForfinancial instruments recommended in the Product inwhichtheFirm is not amarketmaker,theFirm isa liquidityprovider in suchfinancialinstruments(and anyunderlyinginstruments)andmayactasprincipal inconnectionwithtransactionsinsuch instruments.TheFirm is aregularissueroftraded financial instruments linkedto securities that may havebeenrecommended in the Product.The Firm regularlytrades inthe securities of theissuer(s)discussed inthe Product.TheFirmmayengageinsecuritiestransactionsinamannerinconsistentwiththeProductand,withrespecttosecurities coveredbytheProduct,will buy or sell from customers onaprincipal basis.TheFirm is amarketmakerin thepubliclytraded equitysecurities of Kingboard Holdings. Companiesforwhichaninvestmentviewhasbeenprovidedwithint