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Kingboard Laminates Holdings

SEHK:1888
Snowflake Description

Flawless balance sheet established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
1888
SEHK
HK$22B
Market Cap
  1. Home
  2. HK
  3. Tech
Company description

Kingboard Laminates Holdings Limited, an investment holding company, operates as a vertically-integrated electronic materials manufacturer in the People's Republic of China, other Asian countries, Europe, and America. The last earnings update was 41 days ago. More info.


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  • Kingboard Laminates Holdings has significant price volatility in the past 3 months.
1888 Share Price and Events
7 Day Returns
3%
SEHK:1888
-5.6%
HK Electronic
-2.4%
HK Market
1 Year Returns
-36.8%
SEHK:1888
-44.2%
HK Electronic
-16.5%
HK Market
1888 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Kingboard Laminates Holdings (1888) 3% -13.2% -28.7% -36.8% 75.2% 154.9%
HK Electronic -5.6% -20% -24.1% -44.2% -2.8% 12%
HK Market -2.4% -9.1% -9.1% -16.5% 19.3% 4.9%
1 Year Return vs Industry and Market
  • 1888 outperformed the Electronic industry which returned -44.2% over the past year.
  • 1888 underperformed the Market in Hong Kong which returned -16.5% over the past year.
Price Volatility
1888
Industry
5yr Volatility vs Market

Value

 Is Kingboard Laminates Holdings undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Kingboard Laminates Holdings to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Kingboard Laminates Holdings.

SEHK:1888 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.7%
Perpetual Growth Rate 10-Year HK Government Bond Rate 2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SEHK:1888
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year HK Govt Bond Rate 2%
Equity Risk Premium S&P Global 6.7%
Electronic Unlevered Beta Simply Wall St/ S&P Global 1.04
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.042 (1 + (1- 25%) (26.08%))
1.165
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.16
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (1.165 * 6.65%)
9.75%

Discounted Cash Flow Calculation for SEHK:1888 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Kingboard Laminates Holdings is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SEHK:1888 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (HKD, Millions) Source Present Value
Discounted (@ 9.75%)
2019 1,925.00 Analyst x1 1,754.03
2020 3,295.50 Analyst x2 2,736.12
2021 2,860.00 Analyst x1 2,163.65
2022 2,593.72 Est @ -9.31% 1,787.93
2023 2,440.26 Est @ -5.92% 1,532.75
2024 2,353.86 Est @ -3.54% 1,347.17
2025 2,309.66 Est @ -1.88% 1,204.48
2026 2,293.18 Est @ -0.71% 1,089.67
2027 2,295.51 Est @ 0.1% 993.90
2028 2,310.94 Est @ 0.67% 911.71
Present value of next 10 years cash flows HK$15,521.42
SEHK:1888 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= HK$2,310.94 × (1 + 2%) ÷ (9.75% – 2%)
HK$30,439.12
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= HK$30,439.12 ÷ (1 + 9.75%)10
HK$12,008.90
SEHK:1888 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= HK$15,521.42 + HK$12,008.90
HK$27,530.32
Equity Value per Share
(HKD)
= Total value / Shares Outstanding
= HK$27,530.32 / 3,081.00
HK$8.94
SEHK:1888 Discount to Share Price
Calculation Result
Value per share (HKD) From above. HK$8.94
Current discount Discount to share price of HK$7.29
= -1 x (HK$7.29 - HK$8.94) / HK$8.94
18.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Kingboard Laminates Holdings is available for.
Intrinsic value
18%
Share price is HK$7.29 vs Future cash flow value of HK$8.94
Current Discount Checks
For Kingboard Laminates Holdings to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Kingboard Laminates Holdings's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Kingboard Laminates Holdings's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Kingboard Laminates Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Kingboard Laminates Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:1888 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in HKD HK$1.05
SEHK:1888 Share Price ** SEHK (2019-05-27) in HKD HK$7.29
Hong Kong Electronic Industry PE Ratio Median Figure of 59 Publicly-Listed Electronic Companies 10.92x
Hong Kong Market PE Ratio Median Figure of 1,478 Publicly-Listed Companies 10.99x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Kingboard Laminates Holdings.

SEHK:1888 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:1888 Share Price ÷ EPS (both in HKD)

= 7.29 ÷ 1.05

6.91x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Kingboard Laminates Holdings is good value based on earnings compared to the HK Electronic industry average.
  • Kingboard Laminates Holdings is good value based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does Kingboard Laminates Holdings's expected growth come at a high price?
Raw Data
SEHK:1888 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 6.91x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
-3%per year
Hong Kong Electronic Industry PEG Ratio Median Figure of 13 Publicly-Listed Electronic Companies 0.45x
Hong Kong Market PEG Ratio Median Figure of 463 Publicly-Listed Companies 0.77x

*Line of best fit is calculated by linear regression .

SEHK:1888 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 6.91x ÷ -3%

-2.31x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Kingboard Laminates Holdings earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Kingboard Laminates Holdings's assets?
Raw Data
SEHK:1888 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in HKD HK$5.68
SEHK:1888 Share Price * SEHK (2019-05-27) in HKD HK$7.29
Hong Kong Electronic Industry PB Ratio Median Figure of 83 Publicly-Listed Electronic Companies 1.13x
Hong Kong Market PB Ratio Median Figure of 2,157 Publicly-Listed Companies 0.94x
SEHK:1888 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:1888 Share Price ÷ Book Value per Share (both in HKD)

= 7.29 ÷ 5.68

1.28x

* Primary Listing of Kingboard Laminates Holdings.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Kingboard Laminates Holdings is overvalued based on assets compared to the HK Electronic industry average.
X
Value checks
We assess Kingboard Laminates Holdings's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Electronic industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Electronic industry average (and greater than 0)? (1 check)
  5. Kingboard Laminates Holdings has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

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

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Kingboard Laminates Holdings expected to grow at an attractive rate?
  • Kingboard Laminates Holdings's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2%.
Growth vs Market Checks
  • Kingboard Laminates Holdings's earnings are expected to decrease over the next 1-3 years, this is below the Hong Kong market average.
  • Kingboard Laminates Holdings's revenue growth is positive but not above the Hong Kong market average.
Annual Growth Rates Comparison
Raw Data
SEHK:1888 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:1888 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts -3%
SEHK:1888 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 1.2%
Hong Kong Electronic Industry Earnings Growth Rate Market Cap Weighted Average 18.1%
Hong Kong Electronic Industry Revenue Growth Rate Market Cap Weighted Average 12.5%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average 11.5%
Hong Kong Market Revenue Growth Rate Market Cap Weighted Average 10.6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SEHK:1888 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in HKD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SEHK:1888 Future Estimates Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 20,755 3,692 2,553 1
2020-12-31 21,475 4,408 3,383 3
2019-12-31 19,145 4,444 3,499 1
SEHK:1888 Past Financials Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income *
2018-12-31 20,646 3,528 3,250
2018-09-30 19,775 3,051 3,392
2018-06-30 18,809 2,493 3,534
2018-03-31 18,526 2,809 3,649
2017-12-31 18,338 3,206 3,765
2017-09-30 17,691 4,298 4,640
2017-06-30 17,044 5,390 5,515
2017-03-31 16,288 5,623 4,931
2016-12-31 15,532 5,856 4,347
2016-09-30 14,632 3,935 2,916
2016-06-30 13,733 2,014 1,485
2016-03-31 13,251 1,329 1,375

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Kingboard Laminates Holdings's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Kingboard Laminates Holdings's revenue is expected to grow by 1.2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SEHK:1888 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Kingboard Laminates Holdings Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:1888 Future Estimates Data
Date (Data in HKD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.83 0.83 0.83 1.00
2020-12-31 1.10 1.34 0.89 3.00
2019-12-31 1.14 1.30 0.94 3.00
SEHK:1888 Past Financials Data
Date (Data in HKD Millions) EPS *
2018-12-31 1.05
2018-09-30 1.10
2018-06-30 1.15
2018-03-31 1.19
2017-12-31 1.23
2017-09-30 1.52
2017-06-30 1.81
2017-03-31 1.63
2016-12-31 1.45
2016-09-30 0.97
2016-06-30 0.49
2016-03-31 0.46

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Kingboard Laminates Holdings is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Kingboard Laminates Holdings's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Hong Kong market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Hong Kong market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Kingboard Laminates Holdings has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Kingboard Laminates Holdings performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Kingboard Laminates Holdings's growth in the last year to its industry (Electronic).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Kingboard Laminates Holdings has delivered over 20% year on year earnings growth in the past 5 years.
  • Kingboard Laminates Holdings's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Kingboard Laminates Holdings's 1-year earnings growth is negative, it can't be compared to the HK Electronic industry average.
Earnings and Revenue History
Kingboard Laminates Holdings's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Kingboard Laminates Holdings Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:1888 Past Revenue, Cash Flow and Net Income Data
Date (Data in HKD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 20,645.78 3,250.38 1,073.49
2018-09-30 19,774.78 3,392.28 1,005.45
2018-06-30 18,808.63 3,534.17 937.42
2018-03-31 18,525.72 3,649.35 922.57
2017-12-31 18,337.95 3,764.54 907.73
2017-09-30 17,691.15 4,639.94 946.93
2017-06-30 17,044.36 5,515.34 986.13
2017-03-31 16,288.04 4,930.95 944.27
2016-12-31 15,531.72 4,346.56 902.42
2016-09-30 14,632.31 2,915.53 859.33
2016-06-30 13,732.89 1,484.50 816.24
2016-03-31 13,251.31 1,374.95 818.49
2015-12-31 12,769.72 1,265.40 820.75
2015-09-30 13,089.91 1,208.64 798.04
2015-06-30 13,410.11 1,151.88 775.33
2015-03-31 13,346.40 1,136.86 764.73
2014-12-31 13,282.69 1,121.84 754.13
2014-09-30 13,101.03 1,175.20 745.59
2014-06-30 12,919.36 1,228.57 737.05
2014-03-31 12,858.83 1,217.87 732.95
2013-12-31 12,798.30 1,207.18 728.85
2013-09-30 12,809.23 1,187.32 723.48
2013-06-30 12,820.15 1,167.46 718.12
2013-03-31 12,651.69 1,165.70 722.38
2012-12-31 12,483.23 1,163.94 726.65
2012-09-30 12,371.91 1,087.27 736.07
2012-06-30 12,260.59 1,010.60 745.50

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Kingboard Laminates Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Kingboard Laminates Holdings used its assets more efficiently than the HK Electronic industry average last year based on Return on Assets.
  • Kingboard Laminates Holdings has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Kingboard Laminates Holdings's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Electronic industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Kingboard Laminates Holdings has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Kingboard Laminates Holdings's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Kingboard Laminates Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Kingboard Laminates Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Kingboard Laminates Holdings's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Kingboard Laminates Holdings's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 2.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Kingboard Laminates Holdings Company Filings, last reported 4 months ago.

SEHK:1888 Past Debt and Equity Data
Date (Data in HKD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 17,843.00 5,842.50 3,803.13
2018-09-30 17,843.00 5,842.50 3,803.13
2018-06-30 17,609.53 6,219.83 5,915.97
2018-03-31 17,609.53 6,219.83 5,915.97
2017-12-31 17,986.93 3,402.11 5,243.23
2017-09-30 17,986.93 3,402.11 5,243.23
2017-06-30 16,614.91 4,007.50 5,370.86
2017-03-31 16,614.91 4,007.50 5,370.86
2016-12-31 15,347.13 2,767.77 4,518.27
2016-09-30 15,347.13 2,767.77 4,518.27
2016-06-30 14,312.77 4,276.53 3,305.29
2016-03-31 14,312.77 4,276.53 3,305.29
2015-12-31 14,153.16 4,895.65 2,840.25
2015-09-30 14,153.16 4,895.65 2,840.25
2015-06-30 14,770.73 5,567.05 2,549.96
2015-03-31 14,770.73 5,567.05 2,549.96
2014-12-31 14,393.66 5,034.24 2,447.60
2014-09-30 14,393.66 5,034.24 2,447.60
2014-06-30 14,128.96 5,108.78 2,069.32
2014-03-31 14,128.96 5,108.78 2,069.32
2013-12-31 14,024.54 5,384.18 2,427.70
2013-09-30 14,024.54 5,384.18 2,427.70
2013-06-30 13,236.77 5,819.42 1,825.74
2013-03-31 13,236.77 5,819.42 1,825.74
2012-12-31 12,890.69 4,352.48 2,328.20
2012-09-30 12,890.69 4,352.48 2,328.20
2012-06-30 12,270.03 5,549.57 2,252.11
  • Kingboard Laminates Holdings's level of debt (32.7%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (38.4% vs 32.7% today).
  • Debt is well covered by operating cash flow (60.4%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 54.7x coverage).
X
Financial health checks
We assess Kingboard Laminates Holdings's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Kingboard Laminates Holdings has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
7.2%
Current annual income from Kingboard Laminates Holdings dividends. Estimated to be 9.35% next year.
If you bought HK$2,000 of Kingboard Laminates Holdings shares you are expected to receive HK$144 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Kingboard Laminates Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in Hong Kong (2.1%).
  • Kingboard Laminates Holdings's dividend is above the markets top 25% of dividend payers in Hong Kong (5.83%).
Upcoming dividend payment

Purchase Kingboard Laminates Holdings before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SEHK:1888 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
Hong Kong Electronic Industry Average Dividend Yield Market Cap Weighted Average of 39 Stocks 3.2%
Hong Kong Market Average Dividend Yield Market Cap Weighted Average of 965 Stocks 3.7%
Hong Kong Minimum Threshold Dividend Yield 10th Percentile 1.2%
Hong Kong Bottom 25% Dividend Yield 25th Percentile 2.1%
Hong Kong Top 25% Dividend Yield 75th Percentile 5.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SEHK:1888 Future Dividends Estimate Data
Date (Data in HK$) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.62 2.00
2020-12-31 0.75 3.00
2019-12-31 0.64 2.00
SEHK:1888 Past Annualized Dividends Data
Date (Data in HK$) Dividend per share (annual) Avg. Yield (%)
2019-04-16 0.525 6.701
2019-03-20 0.525 6.101
2018-08-24 0.701 9.600
2018-03-23 1.052 10.704
2017-09-11 0.652 4.910
2017-08-18 0.652 5.072
2017-03-24 0.320 3.276
2016-04-18 0.177 2.953
2016-03-21 0.177 4.857
2015-04-14 0.160 4.714
2015-03-16 0.160 4.916
2014-04-15 0.170 5.416
2014-03-21 0.170 5.806
2013-04-02 0.170 5.412
2013-03-08 0.170 4.868
2012-08-31 0.150 4.282
2012-04-23 0.150 5.055
2012-03-29 0.150 3.837
2011-09-19 0.100 2.572
2011-08-29 0.280 5.976
2011-03-07 0.340 5.785
2010-03-01 0.280 3.781
2009-08-28 0.200 3.738

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Kingboard Laminates Holdings's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.7x coverage).
X
Income/ dividend checks
We assess Kingboard Laminates Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Kingboard Laminates Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Kingboard Laminates Holdings has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

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

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Kwok Keung Cheung
COMPENSATION HK$18,494,000
AGE 65
CEO Bio

Mr. Kwok Keung Cheung has been the Managing Director of Kingboard Laminates Holdings Ltd. since July 20, 2006 and serves as its Chief Executive Officer. Mr. Cheung has over 13 years' experience in the laminates industry. Mr. Cheung serves as President of the Kingboard Chemical's factory in Kunshan City, the PRC. Mr. Cheung joined KCHL in 1991 and has over 15 years' experience in the laminate industry. He is responsible for the overall implementation of the strategic plans and goals of the Group and supervises the management of the day-to-day operations of the Group. He has been an Executive Director of Kingboard Laminates Holdings Ltd. since July 20, 2006. He served as Executive Director of Kingboard Chemical Holdings Ltd. until December 2006. He is the brother of Mr. Cheung Kwok Wing.

CEO Compensation
  • Kwok Keung's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Kwok Keung's remuneration is higher than average for companies of similar size in Hong Kong.
Management Team

Kwok Wa Cheung

TITLE
Executive Chairman
COMPENSATION
HK$24M
AGE
54

Kwok Keung Cheung

TITLE
CEO, MD & Executive Director
COMPENSATION
HK$18M
AGE
65

Pei Feng Zhou

TITLE
Executive Director
COMPENSATION
HK$3M
AGE
49

Min Liu

TITLE
Executive Director
COMPENSATION
HK$3M
AGE
49

Ka Po Lam

TITLE
Executive Director
COMPENSATION
HK$18M
AGE
61

Kwok Ping Cheung

TITLE
Executive Director
COMPENSATION
HK$19M
AGE
57

Ka Ho Cheung

TITLE
Executive Director
COMPENSATION
HK$5M
AGE
34

Ting Hin Lam

TITLE
Company Secretary
AGE
30
TENURE
1.3 yrs
Board of Directors Tenure

Average tenure and age of the Kingboard Laminates Holdings board of directors in years:

12.5
Average Tenure
59
Average Age
  • The average tenure for the Kingboard Laminates Holdings board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Kwok Wa Cheung

TITLE
Executive Chairman
COMPENSATION
HK$24M
AGE
54
TENURE
12.8 yrs

Kwok Keung Cheung

TITLE
CEO, MD & Executive Director
COMPENSATION
HK$18M
AGE
65
TENURE
12.8 yrs

Pei Feng Zhou

TITLE
Executive Director
COMPENSATION
HK$3M
AGE
49
TENURE
12.5 yrs

Min Liu

TITLE
Executive Director
COMPENSATION
HK$3M
AGE
49
TENURE
12.5 yrs

Ka Po Lam

TITLE
Executive Director
COMPENSATION
HK$18M
AGE
61
TENURE
12.5 yrs

Kwok Ping Cheung

TITLE
Executive Director
COMPENSATION
HK$19M
AGE
57
TENURE
13 yrs

Ka Ho Cheung

TITLE
Executive Director
COMPENSATION
HK$5M
AGE
34
TENURE
12.8 yrs

Tai Chiu Leung

TITLE
Independent Non-Executive Director
COMPENSATION
HK$342K
AGE
72
TENURE
12.5 yrs

Stephen Ip

TITLE
Independent Non-Executive Director
COMPENSATION
HK$630K
AGE
67
TENURE
8 yrs

Kaizer Lau

TITLE
Independent Non-Executive Director
COMPENSATION
HK$390K
AGE
66
TENURE
3.8 yrs
Who owns this company?
Recent Insider Trading
  • Kingboard Laminates Holdings insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (HK$) Value (HK$)
09. May 19 Sell Ka Po Lam Individual 06. May 19 06. May 19 -50,000 HK$7.80 HK$-390,000
09. May 19 Sell Ka Po Lam Individual 07. May 19 07. May 19 -450,000 HK$7.78 HK$-3,501,945
08. May 19 Sell Kwok Keung Cheung Individual 07. May 19 07. May 19 -800,000 HK$7.77 HK$-6,215,998
12. Apr 19 Sell Kingboard Holdings Limited Company 08. Apr 19 08. Apr 19 -49,678,000 HK$8.60 HK$-427,230,609
12. Sep 18 Buy Kingboard Holdings Limited Company 10. Sep 18 10. Sep 18 1,000,000 HK$6.80 HK$6,795,796
X
Management checks
We assess Kingboard Laminates Holdings's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Kingboard Laminates Holdings has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Top Bear Market Investment: Kingboard Laminates Holdings Limited (HKG:1888)

Kingboard Laminates Holdings Limited is a financially healthy and robust stock with a proven track record of outperformance. … We all know Kingboard Laminates Holdings, and having this large-cap to cushion your portfolio during a volatile period in the stock market isn't a bad idea. … See our latest analysis for Kingboard Laminates Holdings Kingboard Laminates Holdings Limited, an investment holding company, operates as a vertically-integrated electronic materials manufacturer in the People's Republic of China, other Asian countries, Europe, and America.

Simply Wall St -

Was Kingboard Laminates Holdings Limited's (HKG:1888) Earnings Decline Part Of A Broader Industry Downturn?

Assessing Kingboard Laminates Holdings Limited's (HKG:1888) past track record of performance is a useful exercise for investors. … Furthermore, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 30%, indicating the rate at which 1888 is growing has slowed down. … I recommend you continue to research Kingboard Laminates Holdings to get a more holistic view of the stock by looking at: Future Outlook: What are well-informed industry analysts predicting for 1888’s future growth?

Simply Wall St -

Kingboard Laminates Holdings Limited (HKG:1888) Earns A Nice Return On Capital Employed

Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … Return On Capital Employed (ROCE): What is it? … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.

Simply Wall St -

These Factors Make Kingboard Laminates Holdings Limited (HKG:1888) An Interesting Investment

Building up an investment case requires looking at a stock holistically. … Today I've chosen to put the spotlight on Kingboard Laminates Holdings Limited (HKG:1888) due to its excellent fundamentals in more than one area. … that has been able to sustain great financial health over the past.

Simply Wall St -

What Kind Of Share Price Volatility Should You Expect For Kingboard Laminates Holdings Limited (HKG:1888)?

Modern finance theory considers volatility to be a measure of risk, and there are two main types of price volatility. … Every stock in the market is exposed to this volatility, which is linked to the fact that stocks prices are correlated in an efficient market. … Beta is a widely used metric to measure a stock's exposure to market risk (volatility).

Simply Wall St -

Should We Be Delighted With Kingboard Laminates Holdings Limited's (HKG:1888) ROE Of 18%?

By way of learning-by-doing, we'll look at ROE to gain a better understanding of Kingboard Laminates Holdings Limited (HKG:1888). … Kingboard Laminates Holdings has a ROE of 18%, based on the last twelve months. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

What Do Analysts Think About Kingboard Laminates Holdings Limited's (HKG:1888) Future?

After Kingboard Laminates Holdings Limited's (HKG:1888) earnings announcement on 31 December 2018, … with earnings expected to grow by 7.6% in the upcoming year … the higher past 5-year average growth rate of 30%.

Simply Wall St -

Should Kingboard Laminates Holdings Limited (HKG:1888) Be Part Of Your Dividend Portfolio?

Over the past 10 years Kingboard Laminates Holdings Limited (HKG:1888) has been paying dividends to shareholders. … Let's dig deeper into whether Kingboard Laminates Holdings should have a place in your portfolio. … Check out our latest analysis for Kingboard Laminates Holdings

Simply Wall St -

How Should Investors Feel About Kingboard Laminates Holdings Limited's (HKG:1888) CEO Pay?

First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Kwok Cheung's Compensation Compare With Similar Sized Companies. … At the time of writing our data says that Kingboard Laminates Holdings Limited has a market cap of HK$29b, and is paying total annual CEO compensation of HK$18m.

Simply Wall St -

Does Kingboard Laminates Holdings Limited (HKG:1888) Have A Good P/E Ratio?

We'll look at Kingboard Laminates Holdings Limited's (HKG:1888) P/E ratio and reflect on what it tells us about the company's share price. … Kingboard Laminates Holdings has a price to earnings ratio of 8.46, based on the last twelve months. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

Company Info

Description

Kingboard Laminates Holdings Limited, an investment holding company, operates as a vertically-integrated electronic materials manufacturer in the People's Republic of China, other Asian countries, Europe, and America. The company manufactures and sells laminates, including glass epoxy laminates, paper laminates, and composite epoxy material laminates. It also provides upstream component materials, such as copper foils, glass yarn, glass fabrics, bleached Kraft paper, epoxy resin, Kraft paper for copper-clad laminates, and polyvinyl butyral products, as well as chemicals; and offers drilling services comprising drilling of holes into the laminates. In addition, the company invests in and rents properties; and provides hotel accommodation services, and food and beverage and other ancillary services, as well as sells residential units. The company is headquartered in Shatin, Hong Kong. Kingboard Laminates Holdings Limited is a subsidiary of Jamplan (BVI) Limited.

Details
Name: Kingboard Laminates Holdings Limited
1888
Exchange: SEHK
Founded:
HK$22,398,870,000
3,081,000,000
Website: http://www.kblaminates.com
Address: Kingboard Laminates Holdings Limited
Delta House,
23rd Floor,
Shatin,
New Territories, Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 1888 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 07. Dec 2006
OTCPK KGBL.F Ordinary Shares Pink Sheets LLC US USD 07. Dec 2006
DB KLN Ordinary Shares Deutsche Boerse AG DE EUR 07. Dec 2006
SHSC 1888 Ordinary Shares Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 07. Dec 2006
SZSC 1888 Ordinary Shares The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 07. Dec 2006
Number of employees
Current staff
Staff numbers
10,200
Kingboard Laminates Holdings employees.
Industry
Electronic Components
Tech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/27 12:47
End of day share price update: 2019/05/27 00:00
Last estimates confirmation: 2019/04/01
Last earnings filing: 2019/04/16
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.