Ge Long Hui·2026-02-24 02:51Group 1 - The core viewpoint of the report is that Kintor Group has issued a positive profit forecast for 2025, expecting a net profit increase of over 165% year-on-year to exceed HKD 4.32 billion, slightly outperforming expectations [1] - Citi has raised its core profit forecasts for Kintor Group for 2025, 2026, and 2027 by 1%, 5%, and 4% respectively, and has increased the target price from HKD 36 to HKD 45, which corresponds to a projected price-to-earnings ratio of about 12 times for 2026, up from the previous 10 times [1] - The report indicates that both copper-clad laminates and printed circuit boards are in an industry upcycle, and Citi believes the valuation of Kintor Group is reasonable, maintaining a "Buy" rating [1] Group 2 - Despite the positive outlook for Kintor Group, Citi prefers Kintor Laminates, as the profit increase for Kintor Group is primarily driven by investment income, while the copper-clad laminate business is expected to continue performing strongly this year [1]