Kingboard Holdings (0148.HK): Implication of Hallgain Share Disposal and Business Updates

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Kingboard Holdings (0148.HK): Implication of Hallgain Share Disposal and Business Updates

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25 Jun 2026 12:40:03 ET │ 14 pages

Kingboard Holdings (0148.HK)

Implication of Hallgain Share Disposal and Business Updates

CITI’S TAKE

According to HKEx, Hallgain, KBH’s largest shareholder, disposed of

Buy 67.381m of the company’s shares on 22–24 June for an average

Catalyst Watch: Upside, expires 22-JUL-26 transaction price of HK$132.7/sh and a total consideration of US$1.147bn

Price (25 Jun 26 16:10) HK$128.70 (Figure 1). We think this explains why KBH has significantly

underperformed KBL (by ~12%) over the past three days. Per HKEx, one Target price HK$202.00

major shareholder allocated 30m shares to a CITIC CCASS account, which Expected share price return 57.0%

may be sold into the market in our view. We expect KBH to come under Expected dividend yield 1.9%

pressure in the near term but think the stock weakness should present a Expected total return 58.8%

good buying opportunity given its low valuation of ~2x P/B and 15x P/E Market Cap HK$144,373M

2027E. On a fundamental basis, we still prefer KBL over KBH due to its

US$18,413M potential for higher earnings upgrades as laminate remains the group’s

best-performing segment.

Update on Hallgain ownership — The share disposals on 22–24 June (Figure 1) imply Eric LauAC

that Hallgain’s ownership of KBH has fallen by ~6% to a 37.5% stake from 43.5%. +852-2501-2726

Hallgain is privately owned by the family of company founder, Mr Cheung Kwok Wing. eric.h.lau@citi.com

Alice Cai

Secure looms supply means assured supply of low-Dk fabric — Recall that KBL +852-2501-2704

(1888.HK) recently commenced operations for its first kiln for low Dk gen 1 and has alice.cai@citi.com