On August 26, KINGBOARD HLDG fell 3.4% in regular trading, trading at HK$49.0 with turnover of HK$336 million, pulling back after surging over 9% in the prior session.

On the news front, Citi published a research note sharply cutting its target price on KINGBOARD HLDG from HK$202 to HK$125, a 38% reduction, while maintaining a Buy rating. The downgrade was driven by the company's PCB business margin contraction being more severe than expected. In the first half, PCB contribution to EBITDA fell from 24.5% to 17.3% year-over-year, with PCB EBIT declining 10.6%, primarily due to pre-ramp depreciation costs from new capacity in Vietnam and Thailand. Citi lowered earnings forecasts for 2026-2028 by up to 4%, and expressed a preference for subsidiary KB Laminates over KINGBOARD HLDG, citing stronger earnings momentum and a purer business model. KB Laminates also declined 2.6% on the same day, with the broader electronic components sector showing mixed performance.

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