KB LAMINATES (01888) climbed nearly 4% against the broader market trend, reaching a high of HK$32.2 to set a new record since its listing. As of the time of writing, the stock was up 3.82%, trading at HK$32.04 with a turnover of HK$772 million. The movement follows a research report from Citigroup, which stated that the company is expected to increase its average selling prices more frequently as the peak season approaches. The bank estimates that the average price of copper foil this year will rise approximately 68% year-on-year to 196 yuan per sheet, compared to 116 yuan last year. Citigroup has raised its profit forecasts for KB LAMINATES for fiscal years 2026 to 2028 by 18%, 23%, and 16% respectively, and increased its target price to HK$43. Due to shortages in the supply of upstream glass fabric and copper foil, KB LAMINATES remains the top pick within China's industrial AI infrastructure sector. Previously, on April 3, KB LAMINATES issued a price increase notice, raising the prices of laminate sheets and PP prepreg by 10%. The primary reasons for the price hike are significant increases in the cost of key upstream materials such as resin and electronic glass fiber cloth. As a crucial raw material for PCBs, electronic resin is experiencing a high-growth cycle, driven by strong downstream demand and rising upstream raw material costs.
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