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2026-09-18 09:36:26 Morgan Stanley published a research report citing feedback from KB LAMINATES (01888.HK) at the China BEST conference indicating that capacity expansion for printed circuit board (PCB) glass fiber cloth and copper foil is constrained by equipment supply limitations. The company expects the shortage of glass fiber cloth to continue through 2027, supporting strong pricing power potential. M Stanley gave KB LAMINATES (01888.HK) an Overweight rating with a TP of HKD75. The broker said KB LAMINATES (01888.HK) expects to add 450 to 500 Toyota looms in 2026 and another approximately 1,100 units in 2027, or around 100 units per month. Surface treatment equipment for high-end HVLP copper foil is mainly procured from Mitsufune, with current delivery lead times of around 9 to 12 months. For lower-end copper foil products, the company may consider sourcing equipment from local suppliers. In Sep, price increases for thin E-glass (1080) exceeded those for thick E-glass (7628), while the price hikes for both products were broadly similar in Aug. The broker added that KB LAMINATES (01888.HK) expects to add four new specialty glass fiber cloth production lines (LDK1/2/CTE) from mid-2026, followed by two more lines by year-end. Specialty glass fiber cloth products have passed certification from six new CCL customers. HVLP1/2/3 copper foil products have also passed customer certification, and the company is attempting certification for HVLP4. In terms of gross margin, LDK1 is around 40%, LDK2 around 50%, while low-CTE products exceed 50%. (da/ad)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |