KB LAMINATES

Kingboard Laminates slumped 8.0% to close at HK$29.000, driven by persistent southbound capital outflows and weakness in the PCB sector. The session was characterized by a sustained decline: the morning session opened at HK$31.500 and quickly fell to a low of HK$29.000, while the afternoon session extended losses to an intraday low of HK$28.600 before recovering to HK$29.000 at the close. Despite the company's Q4 2025 net profit surging 152.19% YoY to HK$754.4 million and operating profit rising 74.74% YoY, its PE of 37.42x and PB of 5.59x indicate elevated valuation. The stock currently sits 72.95% below its 52-week high of HK$107.2, and while YTD performance is up 115.77%, it remains well below its MA20 (HK$51.26) and MA60 (HK$58.719), suggesting a weak price position. However, Citi recently reiterated a Buy rating, arguing the share price is overly pressured.

Kingboard Laminates fell sharply in the morning session, closing at 36.14 HKD by 09:30 BJ, down 10.0% from previous close of 40.18, driven by ongoing weakness in the AI server-related PCB sector. The stock printed only one trade, with an average price of 35.81 and minimal intraday range. Despite Citi's bullish view on AI demand, the sector has accelerated its decline, with Kitchee Board and KB Laminates both dropping over 8%, amid broad market softness and southbound net selling of 4.226 billion HKD. On earnings, Q4 2025 net profit surged 152.19% YoY to 754.4 million HKD and revenue rose 9.18% YoY, with a net profit margin of 13.96%; however, the stock is still up 168.9% YTD, far above the 52-week low of 9.31, but 66.29% below the 52-week high of 107.2, and significantly below both the MA20 (57.50) and MA60 (58.95), indicating persistent technical pressure. The board has met to consider an interim dividend.

Kingboard Laminates opened lower and continued to decline in the morning session, dropping to HK$35.80 by 09:37 BJ, a loss of about 5.1% after hitting a session high of HK$37.42. The PCB sector remains weak amid news of chairman share sales and unmet AI expectations; Citi reiterated a Buy rating without a specific target price. The stock trades at a P/E of 46.2x and P/B of 6.9x, with a market cap of ~HK$112.8 billion, 66.6% below its 52-week high of HK$107.2 and below both the 20-day MA (HK$60.29) and 60-day MA (HK$58.90), indicating weak technicals. However, Q4 net profit surged 152.19% YoY to HK$754 million, with EPS of HK$0.2402, underscoring strong underlying fundamentals.

KB LAMINATES opened lower and traded weakly in the morning session, falling about 3.4% to HKD 39.12, mainly due to lingering negative sentiment from the chairman's share sell-off and unmet AI demand expectations, with an intraday low of HKD 38.62. Despite Q4 net profit surging 152% YoY to HKD 754 million, EPS of HKD 0.24, and revenue up 9.2% YoY, the stock remains well below its 20-day MA of HKD 63.5 and 52-week high of HKD 107.2, with YTD gains of 191% but a 63.5% retreat from the peak. Citi reiterated a Buy rating, while southbound net selling and cooling AI hardware stocks continue to cap any rebound.

建滔积层板今日上午盘高开 5.5% 后迅速冲高回落，盘中最高触及 42.38 港元，最低探至 41.08 港元，最终收报 42.46 港元，较前收 40.26 港元上涨 5.47%，但远低于早盘高点。此前受主席减持及 AI 预期落空冲击，股价曾连续大跌，但 Q4 2025 净利润同比增 152.19% 至 7.54 亿港元，EPS 0.2402 港元同比增 150.51%，显示基本面改善。当前股价较 52 周高点 107.2 港元仍低 60.39%，且远低于 MA20（66.836 港元）和 MA60（58.848 港元），估值 PE 高达 54.71 倍，PB 8.18 倍，年内涨幅 215.92% 已反映部分利好。不过，今日盘中成交量逾 1077 万股，成交额超 4.47 亿港元，仍面临上方均线压制。」},