Kingboard Holdings Ltd (0148) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Kingboard Holdings Ltd stock HK$80.80, price HK$39.02, upside +107.1%, quality 50 out of 100. Rating: strongly undervalued. Calculated from audited financials with 8 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range HK$12.61 – HK$141.10 · fair‑value band HK$41.94 – HK$107.74 · the HK$39.02 price screens below the HK$80.80 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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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.
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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 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.
Stock analysis
Kingboard Holdings Ltd (0148) currently trades at HK$39.02, while our model-based Fair Value estimate is HK$80.80, implying the stock looks roughly 52% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of HK$70.04 per share, and 3 of the 8 models we run sit above the HK$39.02 price.
Bear case: the Dividend Discount group reads lowest at HK$18.28, and 5 of the 8 models stay below the price. Data coverage for this calculation is medium.
Scenario range: HK$41.94 (bear) to HK$107.74 (bull), the price of HK$39.02 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 50/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
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.
Key figures
Market cap HK$43.8B (≈ $5.6B) Mid · P/E ratio 11.1 · P/S ratio 1.08 · Dividend yield 2.9% · Net margin 9.7% · Return on equity 7.7% · Return on assets (EBIT) 7.4% (5-year average) · Operating margin 20.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 72% below its 52-week high and 61% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 5% fair-value upside, at 107%, 0148 screens cheaper than that median.
Fair Value models
BearHK$41.94Fair Value HK$80.80BullHK$107.74
Price HK$39.02 · Upside +107.1%
Capped: our models arrive at a very high value here. We deliberately show a more cautious Fair Value.
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.27/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+5.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.8%
Start year 2020 (pandemic). Over 10 years: +3.3% a year
Revenue growth 26 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.8%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
≈ −11.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−14.4%
Dividend (yield on the price)2.9%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−1.4% vs 4.8%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.21% → 9%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Rate on operating basis: 2025 sits 113% above its own trend.
News mood ⓘNews mood, the average tone of recent news (7 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Conglomerates · 304 stocks
Beats the industry median on 13/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score50 · Below median
Fair Value upside+107.1% · Top 25%
Profitability
Return on equity (12 months)7.7% · Above median
Return on assets4.2% · Above median
Net margin (12 months)8.6% · Above median
Operating margin (12 months)20.6% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)34.8% · Top 25%
Dividend yield (12 months)2.9% · Above median
Balance sheet
Debt / equity0.17× · Below median
Valuation Multiplesvs Conglomerates median · lower = cheaper
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Is Kingboard Holdings Ltd (0148) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of HK$80.80 versus a price of HK$39.02, about +107% upside (undervalued).
What is the fair value of 0148?
Our model-based fair value for Kingboard Holdings Ltd is HK$80.80 (as of Nov 8, 2026), built from audited fundamentals. The current price: HK$39.02.
What is the quality score of 0148?
Kingboard Holdings Ltd has a Quality Score of 50/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Kingboard Holdings Ltd (0148)?
Our model-based price target is the fair value of HK$80.80 (as of Nov 8, 2026) from 8 valuation models. Cautious scenario HK$41.94, optimistic scenario HK$107.74. It is a calculation from audited fundamentals, not an analyst target.
What is the Kingboard Holdings Ltd stock forecast for 2026?
Our models put fair value at HK$80.80, about +107% upside versus a price of HK$39.02 (undervalued). Cautious scenario HK$41.94, optimistic scenario HK$107.74. The calculation is refreshed regularly with new filings.
What is the revenue of Kingboard Holdings Ltd (0148)?
Kingboard Holdings Ltd reported trailing-twelve-month revenue of about HK$52.9B (latest available figure, as of Nov 8, 2026).
Does Kingboard Holdings Ltd pay a dividend?
Kingboard Holdings Ltd currently shows a dividend yield of 2.95% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Kingboard Holdings Ltd (0148) and when is the ex-dividend date?
Kingboard Holdings Ltd pays a dividend of HK$1.15 per share a year, a dividend yield of 2.9%. The next ex-dividend date is Dec 11, 2026. A dividend has been paid every year since at least 1994. The payout ratio is 29.3% of earnings. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What is the intrinsic value of Kingboard Holdings Ltd (0148)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Kingboard Holdings Ltd it is HK$80.80 per share (as of Nov 8, 2026), against a price of HK$39.02. It is the blended result of 8 valuation models in 5 families (Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Kingboard Holdings Ltd stock overvalued or undervalued in 2026?
As of Nov 8, 2026, 0148 trades below its calculated fair value: price HK$39.02, fair value HK$80.80, a gap of about +107% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0148?
No. The price is what the market pays today (HK$39.02); the fair value is what the company's own numbers justify (HK$80.80). For Kingboard Holdings Ltd the two are HK$41.78 per share apart. That gap is exactly why we show both numbers side by side.
How much is Kingboard Holdings Ltd worth?
The market values Kingboard Holdings Ltd at about HK$43.8B (market capitalisation, as of Nov 8, 2026). Per share that is HK$39.02; our models calculate a fair value of HK$80.80 per share.
What do the bullish and bearish scenarios say about 0148?
Our models span a range for Kingboard Holdings Ltd: cautious scenario HK$41.94, base HK$80.80, optimistic HK$107.74 per share (as of Nov 8, 2026, price HK$39.02). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 0148?
Kingboard Holdings Ltd trades at a price-to-earnings ratio of 11.1 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$80.80 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 7.6. Other multiples: PEG 0.5, P/B 0.7, P/S 0.8, EV/EBITDA 5.0.
What is the PEG ratio of 0148?
The PEG ratio of Kingboard Holdings Ltd is 0.55 (P/E divided by earnings growth, as of Nov 8, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Kingboard Holdings Ltd (0148)?
Balance-sheet figures for Kingboard Holdings Ltd (as of Nov 8, 2026): return on equity 7.7%, debt of 0.17 per unit of equity. They feed the Quality Score of 50/100, which measures business quality independently of the share price.
How far is 0148 from its 52-week high?
Kingboard Holdings Ltd trades at HK$39.02, about 72% below its 52-week high of HK$141.10 and 61% above the low of HK$24.25 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of HK$80.80 is for.
Which stocks are comparable to Kingboard Holdings Ltd?
From the same area (Industrials) we also value 3M Company, Honeywell International Inc, Swire Pacific Limited, SGH Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Kingboard Holdings Ltd stock attractive at the current price?
The data as of Nov 8, 2026: price HK$39.02, calculated fair value HK$80.80 (+107%), Quality Score 50/100, from 8 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0148 calculated?
We run Kingboard Holdings Ltd through 8 models from 5 families: Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of HK$80.80 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.7% above its aggregate fair value. Kingboard Holdings Ltd currently trades 52% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Kingboard Holdings Ltd (0148)?
The closing price on Nov 9, 2026 was HK$39.02. Our model-based fair value is HK$80.80, about +107% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Kingboard Holdings Ltd right now?
The price is below even our cautious bear case (HK$41.94). The market is more pessimistic than our downside scenario. Solid quality (50/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (HK$41.94 to HK$107.74) leaves room in how you read the outcome.
Where does the earnings growth of Kingboard Holdings Ltd (0148) come from?
Earnings per share at Kingboard Holdings Ltd grew −2.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.4 %, EBIT margin +0.7 %, tax rate +0.4 %, residual (interest, one-offs) −4.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Kingboard Holdings Ltd
How large is the market capitalisation of Kingboard Holdings Ltd (0148)?
The market capitalisation of Kingboard Holdings Ltd is HK$43.8B (≈ $5.6B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Kingboard Holdings Ltd (0148)?
The price-to-sales ratio of Kingboard Holdings Ltd is 1.08 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of Kingboard Holdings Ltd (0148)?
The dividend yield of Kingboard Holdings Ltd is 2.9%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Kingboard Holdings Ltd (0148)?
The net margin of Kingboard Holdings Ltd is 9.7% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Kingboard Holdings Ltd (0148)?
The return on equity (ROE) of Kingboard Holdings Ltd is 7.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Kingboard Holdings Ltd (0148)?
On an EBIT basis the return on assets of Kingboard Holdings Ltd is 7.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Kingboard Holdings Ltd (0148)?
The operating margin of Kingboard Holdings Ltd is 20.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Kingboard Holdings Ltd (0148)?
Revenue at Kingboard Holdings Ltd is growing +34.8% versus a year earlier (3y avg −2.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Kingboard Holdings Ltd (0148)?
Earnings per share at Kingboard Holdings Ltd are growing +4.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Kingboard Holdings Ltd (0148) generate?
The free cash flow of Kingboard Holdings Ltd is −HK$954M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Kingboard Holdings Ltd (0148) carry?
The net debt of Kingboard Holdings Ltd is HK$19.3B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Nov 8, 2026