Kingboard Laminates Holdings (1888.HK): Higher-than-expected ASP Inflation on e-glass Fabric for Oct; Raise TP Slightly to HK$96

Citi Research on Kingboard Laminates Holdings (1888.HK). Per F139 data, e-glass fabric ASP rose 13-16% mom in Oct-26, to Rmb18.3/m on 1080, Rmb17.7/m on 2116 and Rmb13.1/m on 7628, an absolute addition of Rmb1.50-2.50/m that came in better than expected despite a high base, implying tighter industry supply. We thus lift our 2026-28E earnings estimates by 8-13% and raise our TP slightly to HK$96 from HK$95, reiterating Buy/High Risk. We prefer KBL over KBH for KBL's higher degree of earnings upgrade on the CCL ASP upcycle, also supported by Hallgain's repurchase skew toward KBL. Ample room remains for e-glass fabric price inflation, and KBL's advantage in securing Toyota weaving looms should support its AI-fabric delivery. We expect CCL ASP to reach ~Rmb420/sheet and GM to expand to 36.9% in 2026 from 19.6% in 2025.