KINGBOARD LAMINATES(1888.HK):N(V):SCALING BACK MARGIN EXPECTATIONS
汇丰银行(中国)有限公司2013-01-22
Strong unit demand but pricing pressure offsets Advanced laminates a move in the right direction Remain N(V). Raise TP to HKD4.5 from HKD3, now based on10x 2013e EPS (prior 0.8x PB)