Group 1 - Citigroup has raised the earnings per share forecast for Kingboard Laminates (01888) by 7% to 11% for 2026 and 2027, reflecting the growth in AI fiber and electronic glass fiber businesses [1] - The expected compound annual growth rate for earnings from 2026 to 2028 is projected to be 46% [1] - The target price has been increased from HKD 28 to HKD 30, corresponding to a forecasted price-to-earnings ratio of 25 to 26 times for this year, with a "Buy" rating [1] Group 2 - The gross margin for Kingboard Laminates is expected to expand from 17.7% in 2024 to 19.6% in 2025, slightly below expectations [1] - The company declared a final dividend and a special dividend, resulting in an annual payout ratio of 87%, exceeding the forecasted 50% [1] - 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(01888)目标价至30港元 料可受惠于AI纤维短缺