On June 12, Kingboard Laminates rose 5.65% in regular trading, trading at HK$69.8/share, with turnover of HK$645 million, extending its multi-day rally.

On the news front, the global PCB sector is experiencing a broad expansion wave, with 13 PCB manufacturers announcing capacity expansions totaling over RMB 60 billion year-to-date. Meanwhile, Citigroup noted that major CCL producers are expanding capacity by only around 20%, significantly lagging downstream PCB expansion, potentially creating CCL allocation shortfalls as AI demand accelerates in Q3. The ongoing Middle East conflict has disrupted approximately 70% of global PPE resin supply — a core raw material for high-end CCL — following the shutdown of Saudi Arabia's Jubail industrial zone since late March. The company issued its fourth price hike notice this year on May 27, raising board material prices by 10% and PP products by 20%, with cumulative increases exceeding 40%. Citigroup raised its target price for parent Kingboard Holdings from HK$65 to HK$90, maintaining a Buy rating, and expects the company to issue a strong profit alert for H1 results.

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