Ac t i o n | 23 Feb 2026 11:49:32 ET │ 16 pages Kingboard Laminates Holdings (1888.HK) Raise TP to HK$28 Post Positive Profit Alert CITI'S TAKE KBL released a positive 2025 net profit alert with growth of >80% yoy to >HK$2.39bn, which beat our forecast of HK$2.14bn. As such, we raise our earnings forecasts by 8%/6%/8% for 2025/26/27E, respectively, and TP to HK$28 (from HK$20.50) at +3SD over mean, which is the peak multiple over historical cycle. Key catalysts for KBL are 1) expectation of further ASP rise ...