On June 15, Kingboard Laminates rose 11.97% in regular trading, reaching HKD 69.25/share with turnover of HKD 685 million, extending its recent strong momentum.

On the news front, the Middle East conflict has caused the Saudi Jubail industrial zone to halt production, disrupting approximately 70% of global high-purity PPE resin supply — a core raw material for high-end copper clad laminates (CCL). The company completed its fourth price hike this year on May 27, raising board material prices by 10% across all series and PP products by 20%, with cumulative increases exceeding 40%, underscoring its pricing power as the global rigid CCL leader. Citi expects the company to issue a strong profit alert for H1 results, raising the target price for parent Kingboard Holdings to HKD 90 while maintaining a Buy rating, and lifting earnings forecasts by 6%-18% for the period ahead. Additionally, with 13 PCB manufacturers announcing expansions exceeding RMB 60 billion year-to-date while CCL capacity growth remains only around 20%, Citi flagged potential supply allocation shortfalls in Q3 as AI demand accelerates.

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