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Makes copper-clad laminates and other materials used to manufacture printed circuit boards (PCBs).
Makes copper-clad laminates and other materials used to manufacture printed circuit boards (PCBs).
Sells laminate sheets by volume, priced as a markup over copper foil, glass cloth and resin, so profit depends on volume and on passing those input costs on. It belongs to the Kingboard group, which makes much of its own glass fibre, copper foil and chemicals, and is one of the world's largest laminate producers by volume.
In one line: A Chinese/HK Isola Group for PCB laminate materials.
Moat: narrow (scale, process know-how). Large-scale laminate production and vertical integration with affiliate Kingboard Holdings' chemicals/PCB businesses.
Headquarters: Hong Kong · Founded: 1988 · Employees: 10,800
Size Kingboard Laminates (1888.HK) is a Hong Kong Industrials company (Electrical Products) with a market value of $12.2B, the 140th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$30.40 on 6 Nov 2026.
Performance Over six months the shares fell 26.2%, against -21.4% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 10th lowest of 20 in its peer set.
Growth Revenue grew 31.9% over the last twelve months (peer median +12.6%); the operating margin is 21.1% (peer median 11.6%).
Valuation It trades at 10.8× forward earnings against a peer median of 19.3× (cheapest of 21).
Capital Return on invested capital runs 14.8 points above its cost of capital (5.7% WACC).
Next results Next results expected around 22 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$25.7B | HK$20.4B | HK$18.5B | HK$16.8B | HK$22.4B |
| Revenue growth | — | +10% | +11% | -25% | — |
| Gross profit | HK$6.81B | HK$3.99B | HK$3.28B | HK$2.68B | HK$5.09B |
| EBITDA | HK$6.42B | HK$3.63B | HK$3.04B | HK$2.36B | HK$4.43B |
| Net income | HK$4.40B | HK$2.44B | HK$1.33B | HK$907M | HK$1.91B |
| Free cash flow | n/a | -HK$74.8M | HK$1.45B | HK$522M | HK$3.37B |
| Capital expenditure | n/a | HK$1.28B | HK$774M | HK$627M | HK$2.15B |
| Total debt | n/a | HK$4.63B | HK$3.80B | HK$4.93B | HK$4.88B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Kingboard Laminates 1888.HK | $12.2B | -26% | +32% | 21% | 10.8× | n/a |
| Shengyi Technology 600183.SS | $25.7B | -8% | +56% | 22% | 20.3× | 20.5% |
| Nan Ya Plastic 1303.TW | $57.4B | +155% | +6% | 6% | 11.5× | n/a |
| Elite Material 2383.TW | $41.4B | -19% | +89% | 26% | 15.8× | n/a |
| ITEQ 6213.TW | $5.45B | +75% | +16% | 9% | 16.6× | n/a |
| Taiwan Union Technology 6274.TWO | $8.21B | -26% | +87% | 23% | 13.9× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1888.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -43.3% | -13.1% | 2nd lowest of 21 |
| 6-month return | -26.2% | -21.4% | 10th lowest of 20 |
| Distance from 52-week high | -71.6% | -36.1% | lowest of 21 |
| Revenue growth (TTM) | +31.9% | +12.6% | 4th highest of 20 |
| Operating margin | 21.1% | 11.6% | 3rd highest of 20 |
| Forward P/E | 10.8× | 19.3× | cheapest of 21 |
| ROIC minus cost of capital | +14.8 pp | +4.8 pp | 6th highest of 19 |
| EV / EBITDA | 15.5× | 37.3× | 4th cheapest of 11 |
| Net debt / EBITDA | 0.6× | -0.9× | 4th most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kingboard Laminates 1888.HK | Hong Kong | $12.2B | -26% | +32% | 21% | 10.8× | n/a | n/a |
| Shanghai Electric 2727.HK | Hong Kong | $12.2B | -40% | +22% | n/a | 21.7× | -2.8% | -2.3% |
| Polycab India POLYCAB.NS | India | $12.5B | -13% | +41% | 13% | 33.8× | n/a | n/a |
| Nidec 6594.T | Japan | $11.7B | -33% | +4% | -22% | 11.5× | 8.4% | +10.9% |
| Ls Electric 010120.KS | South Korea | $12.8B | -58% | +32% | 10% | 31.6× | 21.9% | +15.6% |
| Jiangsu Zhongtian Technology 600522.SS | China | $11.7B | -30% | +22% | 8% | 11.6× | 4.1% | +4.5% |
| Dongfang Electric 600875.SS | China | $12.9B | -42% | +2% | 5% | 16.1× | n/a | n/a |
| CG Power & Industrial Solutions CGPOWER.NS | India | $12.9B | -10% | +24% | 12% | 72.3× | n/a | n/a |
| Nordex NDX1.DE | Germany | $11.4B | -7% | +12% | 8% | 19.6× | 3.7% | +10.2% |
| Regal Rexnord RRX | United States | $11.3B | -21% | +5% | 12% | 14.0× | 14.0% | +15.3% |
| Siemens SIEMENS.NS | India | $13.4B | -8% | -12% | 9% | 72.7× | n/a | n/a |
| GE Vernova T&D India GVT&D.NS | India | $10.9B | -16% | +41% | 26% | 62.7× | 45.7% | +12.4% |
| Hyosung Heavy 298040.KS | South Korea | $10.8B | -60% | +13% | 13% | 18.9× | 13.5% | +14.9% |
| Siemens Energy India ENRIN.NS | India | $10.6B | -11% | n/a | 20% | 60.1× | 27.3% | n/a |
| TBEA 600089.SS | China | $14.2B | -29% | +12% | 6% | 15.2× | n/a | n/a |
| Generac GNRC | United States | $10.4B | -34% | +6% | 13% | 14.6× | 20.1% | +11.1% |
| Goneo Group Co., Ltd.Class A 603195.SS | China | $10.4B | -15% | -2% | 25% | 17.4× | -2.1% | +9.8% |
| Innio INIO | United States | $10.3B | n/a | +22% | 13% | 17.5× | 6.5% | +22.1% |
| China Shipbuilding Industry Group Power 600482.SS | China | $10.3B | -21% | +13% | 7% | 23.4× | -19.6% | +16.5% |
| Hengtong Optic-Electric 600487.SS | China | $14.9B | -38% | +21% | 9% | 11.8× | n/a | n/a |
| ABB India ABB.NS | India | $15.2B | -6% | +8% | 13% | 85.7× | 47.3% | +17.8% |