KINGBOARD LAMINATES (1888.HK) : OW: MAINTAINING STABLE BOTTOM LINE IN DIFFICULT ENVIRONMENT
汇丰银行(中国)有限公司2014-03-24
2H13: Lower copper price not boosting GM as ASP declinesin synch. Opex control supports bottom line 1H14: Expect a seasonal 1H14 with margin holding steady? Remain OW. 2014e EPS 10% lower to HKD0.40. TP HKD4 (prior HKD4.3), now based on 10x 2014e EPS