SEHK:148

Stock Analysis Report

Kingboard Holdings

Executive Summary

Kingboard Holdings Limited, an investment holding company, manufactures and sells laminates and printed circuit boards.

Snowflake

Fundamentals

Undervalued with excellent balance sheet and pays a dividend.


Similar Companies

Share Price & News

How has Kingboard Holdings's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: 148's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

3.9%

148

-1.0%

HK Electronic

-0.7%

HK Market


1 Year Return

4.4%

148

1.9%

HK Electronic

-2.3%

HK Market

Return vs Industry: 148 exceeded the Hong Kong Electronic industry which returned 1.9% over the past year.

Return vs Market: 148 exceeded the Hong Kong Market which returned -2.3% over the past year.


Shareholder returns

148IndustryMarket
7 Day3.9%-1.0%-0.7%
30 Day10.7%1.8%0.2%
90 Day28.5%9.4%2.8%
1 Year9.3%4.4%4.9%1.9%1.2%-2.3%
3 Year23.5%3.6%5.1%-3.2%20.4%8.4%
5 Year104.2%59.3%61.0%40.1%16.9%-2.6%

Price Volatility Vs. Market

How volatile is Kingboard Holdings's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Kingboard Holdings undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: 148 (HK$22.75) is trading below our estimate of fair value (HK$46.01)

Significantly Below Fair Value: 148 is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: 148 is good value based on its PE Ratio (7.3x) compared to the Electronic industry average (9.3x).

PE vs Market: 148 is good value based on its PE Ratio (7.3x) compared to the Hong Kong market (10.2x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate 148's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: 148 is good value based on its PB Ratio (0.5x) compared to the HK Electronic industry average (0.9x).


Next Steps

Future Growth

How is Kingboard Holdings forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

22.2%

Forecasted Tech industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Kingboard Holdings has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has Kingboard Holdings performed over the past 5 years?

21.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: 148 has high quality earnings.

Growing Profit Margin: 148's current net profit margins (8%) are lower than last year (16.2%).


Past Earnings Growth Analysis

Earnings Trend: 148's earnings have grown significantly by 21% per year over the past 5 years.

Accelerating Growth: 148's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: 148 had negative earnings growth (-55.8%) over the past year, making it difficult to compare to the Electronic industry average (-10.9%).


Return on Equity

High ROE: 148's Return on Equity (7.3%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Kingboard Holdings's financial position?


Financial Position Analysis

Short Term Liabilities: 148's short term assets (HK$44.0B) exceeds its short term liabilities (HK$22.1B)

Long Term Liabilities: 148's short term assets (HK$44.0B) exceeds its long term liabilities (19.9B)


Debt to Equity History and Analysis

Debt Level: 148's debt to equity ratio (49.8%) is considered high.

Reducing Debt: 148's debt to equity ratio has reduced from 54.2% to 49.8% over the past 5 years.

Debt Coverage: 148's debt is well covered by operating cash flow (26.9%).

Interest Coverage: 148's interest payments on its debt are well covered by EBIT (9.2x coverage).


Balance Sheet

Inventory Level: 148 has a high level of physical assets or inventory.

Debt Coverage by Assets: 148's debt is covered by short term assets (assets are 1.6x debt).


Next Steps

Dividend

What is Kingboard Holdings's current dividend yield, its reliability and sustainability?

5.71%

Current Dividend Yield


Dividend Yield vs Market

company5.7%marketbottom25%2.2%markettop25%6.4%industryaverage2.7%forecastin3Years4.6%

Current dividend yield vs market & industry

Notable Dividend: 148's dividend (5.71%) is higher than the bottom 25% of dividend payers in the Hong Kong market (2.24%).

High Dividend: 148's dividend (5.71%) is low compared to the top 25% of dividend payers in the Hong Kong market (6.39%).


Stability and Growth of Payments

Stable Dividend: 148's dividend payments have been volatile in the past 10 years.

Growing Dividend: 148's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (31.5%), 148's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: 148's dividends in 3 years are forecast to be well covered by earnings (30% payout ratio).


Next Steps

Management

What is the CEO of Kingboard Holdings's salary, the management and board of directors tenure and is there insider trading?

8.8yrs

Average management tenure


CEO

Wing Yiu Chang (52yo)

0yrs

Tenure

HK$22,359,000

Compensation

Mr. Wing Yiu Chang has been Managing Director of Kingboard Chemical Holdings Ltd. since August 1, 2014. Mr. Chan serves as the Chief Executive Officer of the PRC Company and is responsible for supervising  ...


CEO Compensation Analysis

Compensation vs Market: Wing Yiu's total compensation ($USD2.86M) is above average for companies of similar size in the Hong Kong market ($USD507.78K).

Compensation vs Earnings: Wing Yiu's compensation has been consistent with company performance over the past year.


Management Age and Tenure

8.8yrs

Average Tenure

53yo

Average Age

Experienced Management: 148's management team is seasoned and experienced (8.8 years average tenure).


Board Age and Tenure

5.3yrs

Average Tenure

58.5yo

Average Age

Experienced Board: 148's board of directors are considered experienced (5.3 years average tenure).


Insider Trading

Insider Buying: 148 insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

BuyHK$1,425,97006 Nov 19
Kwok Wing Cheung
EntityIndividual
Role
Chairman of the Board
Co-Founder & Chairman
Shares65,000
Max PriceHK$21.94
BuyHK$975,33511 Sep 19
Kwok Wing Cheung
EntityIndividual
Role
Chairman of the Board
Co-Founder & Chairman
Shares48,500
Max PriceHK$20.11
BuyHK$3,023,49507 Sep 19
Kwok Wing Cheung
EntityIndividual
Role
Chairman of the Board
Co-Founder & Chairman
Shares152,500
Max PriceHK$19.83
BuyHK$4,261,94906 Sep 19
Kwok Wing Cheung
EntityIndividual
Role
Chairman of the Board
Co-Founder & Chairman
Shares225,500
Max PriceHK$18.90
BuyHK$277,76030 Aug 19
Kwok Wing Cheung
EntityIndividual
Role
Chairman of the Board
Co-Founder & Chairman
Shares16,000
Max PriceHK$17.36
BuyHK$8,657,16430 Aug 19
Kwong Kwan Cheung
EntityIndividual
Role
Member of the Board of Directors
Executive Director
Shares492,500
Max PriceHK$17.58
BuyHK$915,00030 Aug 19
Kwok Wing Cheung
EntityIndividual
Role
Chairman of the Board
Co-Founder & Chairman
Shares50,000
Max PriceHK$18.30
BuyHK$17,748,20328 Aug 19
Kwong Kwan Cheung
EntityIndividual
Role
Member of the Board of Directors
Executive Director
Shares1,000,000
Max PriceHK$17.75
BuyHK$2,280,59328 Aug 19
Kwok Wing Cheung
EntityIndividual
Role
Chairman of the Board
Co-Founder & Chairman
Shares127,500
Max PriceHK$17.89
BuyHK$8,653,62928 Aug 19
Kwok Wing Cheung
EntityIndividual
Role
Chairman of the Board
Co-Founder & Chairman
Shares493,000
Max PriceHK$17.55
BuyHK$5,450,70119 Aug 19
Kwok Wing Cheung
EntityIndividual
Role
Chairman of the Board
Co-Founder & Chairman
Shares300,000
Max PriceHK$18.17
BuyHK$6,200,53516 Aug 19
Kwok Wing Cheung
EntityIndividual
Role
Chairman of the Board
Co-Founder & Chairman
Shares361,000
Max PriceHK$17.18
BuyHK$5,844,69816 Aug 19
Kwok Wing Cheung
EntityIndividual
Role
Chairman of the Board
Co-Founder & Chairman
Shares339,000
Max PriceHK$17.24
BuyHK$10,090,79914 Aug 19
Kwok Wing Cheung
EntityIndividual
Role
Chairman of the Board
Co-Founder & Chairman
Shares600,000
Max PriceHK$16.82
BuyHK$778,75013 Aug 19
Ka Shing Cheung
EntityIndividual
Role
Member of the Board of Directors
Executive Director
Shares44,500
Max PriceHK$17.50
BuyHK$3,503,80013 Aug 19
Kwok Wing Cheung
EntityIndividual
Role
Chairman of the Board
Co-Founder & Chairman
Shares200,000
Max PriceHK$17.52
SellHK$2,449,64712 Jun 19
Wai Lin Cheung
EntityIndividual
Role
Member of the Board of Directors
Executive Director
Shares121,500
Max PriceHK$20.16
SellHK$15,472,42202 May 19
Kwok Wing Cheung
EntityIndividual
Role
Chairman of the Board
Co-Founder & Chairman
Shares598,065
Max PriceHK$25.87
SellHK$5,327,76029 Apr 19
Wai Lin Cheung
EntityIndividual
Role
Member of the Board of Directors
Executive Director
Shares200,000
Max PriceHK$26.64
SellHK$5,303,78029 Apr 19
Wai Lin Cheung
EntityIndividual
Role
Member of the Board of Directors
Executive Director
Shares200,000
Max PriceHK$26.52
SellHK$1,449,07424 Apr 19
Yin Sang Ho
EntityIndividual
Role
Member of the Board of Directors
Head of Chemical Business Operations & Executive Director
Shares54,000
Max PriceHK$26.83
SellHK$2,787,84618 Apr 19
Wai Lin Cheung
EntityIndividual
Role
Member of the Board of Directors
Executive Director
Shares98,500
Max PriceHK$28.30
SellHK$31,305,99911 Apr 19
Kwong Kwan Cheung
EntityIndividual
Role
Member of the Board of Directors
Executive Director
Shares1,100,000
Max PriceHK$28.46
SellHK$9,978,49911 Apr 19
Wing Yiu Chang
EntityIndividual
Role
Chief Executive Officer
Chief Executive
Shares350,000
Max PriceHK$28.51
SellHK$53,165,65711 Apr 19
Kwok Wing Cheung
EntityIndividual
Role
Chairman of the Board
Co-Founder & Chairman
Shares1,863,500
Max PriceHK$28.53
SellHK$15,696,99811 Apr 19
Wing Yiu Chang
EntityIndividual
Role
Chief Executive Officer
Chief Executive
Shares550,000
Max PriceHK$28.54
SellHK$8,580,00111 Apr 19
Wing Yiu Chang
EntityIndividual
Role
Chief Executive Officer
Chief Executive
Shares300,000
Max PriceHK$28.60
SellHK$39,082,70311 Apr 19
Kwok Wing Cheung
EntityIndividual
Role
Chairman of the Board
Co-Founder & Chairman
Shares1,372,500
Max PriceHK$28.49
BuyHK$1,390,16307 Jan 19
Kwong Kwan Cheung
EntityIndividual
Role
Member of the Board of Directors
Executive Director
Shares67,500
Max PriceHK$20.60
BuyHK$19,110,65607 Jan 19
Kwong Kwan Cheung
EntityIndividual
Role
Member of the Board of Directors
Executive Director
Shares932,500
Max PriceHK$20.49
BuyHK$545,82602 Jan 19
Kwok Wing Cheung
EntityIndividual
Role
Chairman of the Board
Co-Founder & Chairman
Shares26,500
Max PriceHK$20.60
BuyHK$5,789,09513 Dec 18
Hallgain Management Limited
EntityCompany
Shares263,500
Max PriceHK$21.97
SellHK$5,139,94405 Dec 18
FMR LLC
EntityCompany
Shares235,000
Max PriceHK$21.87
BuyHK$5,206,82404 Dec 18
Kwok Wing Cheung
EntityIndividual
Role
Chairman of the Board
Co-Founder & Chairman
Shares216,500
Max PriceHK$24.05

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • Kwong Kwan Cheung (54yo)

    Executive Director

    • Tenure: 0yrs
    • Compensation: HK$18.78m
  • Wing Yiu Chang (52yo)

    Chief Executive

    • Tenure: 0yrs
    • Compensation: HK$22.36m
  • Kwok Wing Cheung (63yo)

    Co-Founder & Chairman

    • Tenure: 0yrs
    • Compensation: HK$31.67m
  • Ka Leong Lo (45yo)

    Company Secretary

    • Tenure: 20.5yrs
  • Yin Sang Ho (64yo)

    Head of Chemical Business Operations & Executive Director

    • Tenure: 12.8yrs
    • Compensation: HK$18.63m
  • Stephanie Cheung (48yo)

    Executive Director

    • Tenure: 12.8yrs
    • Compensation: HK$17.26m
  • Maosheng Chen (55yo)

    Executive Director

    • Tenure: 8.8yrs
    • Compensation: HK$3.39m
  • Ka Shing Cheung (31yo)

    Executive Director

    • Tenure: 5.3yrs
    • Compensation: HK$10.52m

Board Members

  • Ming Man Cheung (62yo)

    Independent Non-Executive Director

    • Tenure: 4yrs
    • Compensation: HK$390.00k
  • Kwong Kwan Cheung (54yo)

    Executive Director

    • Tenure: 0yrs
    • Compensation: HK$18.78m
  • Wing Yiu Chang (52yo)

    Chief Executive

    • Tenure: 0yrs
    • Compensation: HK$22.36m
  • Kwok Wing Cheung (63yo)

    Co-Founder & Chairman

    • Tenure: 0yrs
    • Compensation: HK$31.67m
  • Yin Sang Ho (64yo)

    Head of Chemical Business Operations & Executive Director

    • Tenure: 12.8yrs
    • Compensation: HK$18.63m
  • Stephanie Cheung (48yo)

    Executive Director

    • Tenure: 12.8yrs
    • Compensation: HK$17.26m
  • Tai Chiu Leung (73yo)

    Independent Non-Executive Director

    • Tenure: 3.1yrs
    • Compensation: HK$158.00k
  • Maosheng Chen (55yo)

    Executive Director

    • Tenure: 8.8yrs
    • Compensation: HK$3.39m
  • Ka Shing Cheung (31yo)

    Executive Director

    • Tenure: 5.3yrs
    • Compensation: HK$10.52m
  • Kin Ki Chong (63yo)

    Independent Non-Executive Director

    • Tenure: 3.3yrs
    • Compensation: HK$450.00k

Company Information

Kingboard Holdings Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Kingboard Holdings Limited
  • Ticker: 148
  • Exchange: SEHK
  • Founded:
  • Industry: Electronic Components
  • Sector: Tech
  • Market Cap: HK$23.099b
  • Shares outstanding: 1.08b
  • Website: https://www.kingboard.com

Number of Employees


Location

  • Kingboard Holdings Limited
  • Delta House
  • 23rd Floor
  • Shatin
  • New Territories
  • Hong Kong

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
KBDC.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1994
148SEHK (The Stock Exchange of Hong Kong Ltd.)YesOrdinary SharesHKHKDJan 1994
KGZDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1994
148SHSC (Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect)YesOrdinary SharesHKHKDJan 1994
148SZSC (The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect)YesOrdinary SharesHKHKDJan 1994

Biography

Kingboard Holdings Limited, an investment holding company, manufactures and sells laminates and printed circuit boards. The company also offers chemical products, including coke, methanol, benzene, tar, ac ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/19 12:37
End of Day Share Price2019/11/19 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.