Latest data from the Hong Kong Stock Exchange reveals a notable shareholding movement for KINGBOARD HLDG (00148) on June 11. The total value of the transferred shares amounted to HK$4.247 billion, representing 4.21% of the company's issued share capital. A shareholder transferred 19.0364 million shares into BNP Paribas and moved 26.5867 million shares out of Citibank.
In a separate research report, Citigroup has raised its target price for the company from HK$65 to HK$90, reiterating a "Buy" rating. The bank's valuation, based on a sum-of-the-parts approach, anticipates a 2027 price-to-earnings ratio of approximately 10 times. Citigroup has also increased its profit forecasts for 2026 through 2028 by 34% to 53%, primarily driven by better-than-expected price increases for electronic glass fabric from Kingboard Laminates. The report notes that by 2028, about 85% of the group's core net profit is expected to come from its laminates/printed circuit board business, up from approximately 60% in 2025. The bank views the company's current trading below its book value as unwarranted and has reaffirmed its "Buy" recommendation following recent share price corrections. However, Citigroup continues to favor Kingboard Laminates over the parent holding company, citing larger upward revisions to earnings estimates for the laminate unit.
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