Kingboard Holdings Ltd (0148) Fair Value & Analysis
Industrials · HK · Market cap HK$132B (≈ $16.9B) · ISIN KYG525621408
What is Kingboard Holdings Ltd really worth?
A solid business, but trading 53% above our fair value of HK$32.91.
Strengths
Risks
For context
Fair value as of: Aug 21, 2026
From 9 valuation models · updated 15 days ago
Fair value updated Aug 21, 2026, revised from HK$33.97 to HK$32.91 (−3.1%) since Aug 13, 2026. Share price +12.3% over the past month.
What runs behind every stock
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What matters now
- The price sits above even our optimistic bull case (HK$43.89). The favourable scenario is already priced in.
- Solid but not exceptional quality (50/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (HK$17.16 to HK$43.89) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 21, 2026.
How to read this chart
60‑month range HK$12.61 – HK$141.10 · fair‑value band HK$17.16 – HK$43.89 · the HK$50.25 price screens above the HK$32.91 fair value. Dashed = 300-day average. As of Aug 21, 2026.
Analysis
Kingboard Holdings Ltd (0148) currently trades at HK$50.25, while our model-based Fair Value estimate is HK$32.91, implying the stock looks roughly 52.7% overvalued today. The Quality Score stands at 50/100 (solid quality), in the Industrials sector. Bull case: the Multiples group reads highest at a median of HK$66.70 per share, and 3 of the 9 models we run sit above the HK$50.25 price. Bear case: the Dividend Discount group reads lowest at HK$20.74, and 6 of the 9 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, Kingboard Holdings Ltd generated revenue of HK$45.4B at a net margin of 9.7%. Revenue grew 4.8% year over year. It earns a return on equity of 7.6%. Net debt stands at HK$19.3B. Fundamentals as of Aug 21, 2026
Our scenario range runs from HK$17.16 (bear case) to HK$43.89 (bull case); at HK$50.25, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 67% below its 52-week high and 119% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at 11% fair-value upside, at −35%, 0148 screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly HK$0.7985 per share, which is 2.4 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 9 models by family
Widest divergence: Multiples (HK$66.70) versus Dividend Discount (HK$20.74). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 21, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 48 · Market factors (momentum, volatility) 52
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Kingboard Holdings Limited, an investment holding company, manufactures and sells laminates, printed circuit boards (PCBs), magnetic products, and chemicals in the People's Republic of China, Europe, Africa, the United States, and Other Asian countries.
Full company description
Kingboard Holdings Limited, an investment holding company, manufactures and sells laminates, printed circuit boards (PCBs), magnetic products, and chemicals in the People's Republic of China, Europe, Africa, the United States, and Other Asian countries. It operates through six segments: laminates, printed circuit boards (PCBs), chemicals, properties, investments, and others. The laminates segment offers PVB, epoxy resin, glass fabric, kraft paper for copper clad laminate, and electronic grade yarn. The PCBs segment offers single, double, multi-layer, and high density interconnect PCBs to the electronic manufacturers. The chemicals segment provides methanol, glacial acetic acid, MTBE, phenol, bisphenol A, PVC, liquefied chlorine, sodium sulfate, hydrogen peroxide, benzene, propylene, LPG, acetone, caustic soda, hydrochloric acid, chlorinated wax-52, formalin, and tetrabromobisphenol. The properties segment involved in property development and property rental business. The investments segment invests in debt instruments at FVTOCI, and equity instruments at FVTPL. The other segment engages in the manufacture and sale of magnetic products, and hotel business. The company was formerly known as Kingboard Chemical Holdings Limited and changed its name to Kingboard Holdings Limited in July 2018. Kingboard Holdings Limited was founded in 1988 and is headquartered in Sha Tin, Hong Kong.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Kingboard Holdings Ltd reported revenue of HK$45.4B in FY2025 versus HK$56.8B in FY2021, a compound −5.4%/yr. Reported net income was HK$4.4B in FY2025, compounding −20.1%/yr from FY2021.
of which total revenue +2.3 % · buybacks/dilution −0.8 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
0148 screens 53% overvalued. Compare with ITOCHU Corporation →
Peer Group
Conglomerates · 375 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Conglomerates median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Conglomerates stocks, each showing price versus our Fair Value estimate (as of Aug 21, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| ITOCHU Corporation ITOCHU19 | 7.20 THB | 14.40 THB | +100% |
| 3M Company MMM | $178.83 | $76.87 | −57% |
| Honeywell International Inc HON | $217.43 | $218.95 | +1% |
| CITIC Limited 0267 | HK$13.02 | HK$26.04 | +100% |
| Poste Italiane S.p.A PST | €26.90 | €7.65 | −72% |
| Swire Pacific Limited 0019 | HK$106.30 | HK$36.88 | −65% |
| SK Inc 034730 | 553,000 KRW | 615,077 KRW | +11% |
| PT Astra International Tbk, ASII | 4,800 IDR | 9,600 IDR | +100% |
| Jardine Matheson Holdings J36 | $59.10 | $79.11 | +34% |
| Keppel Ltd BN4 | 11.27 SGD | 3.89 SGD | −65% |
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