Core Viewpoint - Citigroup has raised the earnings per share forecast for Kingboard Laminates (01888) for 2026 and 2027 by 7% to 11%, reflecting the growth in AI fiber and electronic glass fiber businesses, with an expected annual compound growth rate of 46% from 2026 to 2028 [1] Financial Projections - The target price for Kingboard Laminates has been increased from HKD 28 to HKD 30, which corresponds to a projected price-to-earnings ratio of 25 to 26 times for this year [1] - The gross margin for Kingboard Laminates is expected to expand from 17.7% in 2024 to 19.6% in 2025, although this is slightly below expectations [1] Dividend Policy - The company declared a final dividend and a special dividend, resulting in an annual payout ratio of 87%, which exceeds Citigroup's expectation of 50% [1] Market Trends - The company is anticipated to benefit from the current investment boom in AI servers, amid a significant shortage of AI fibers [1]
花旗：升建滔积层板目标价至30港元 料可受惠于AI纤维短缺