Citibank: KB LAMINATES (01888) is expected to raise prices again in early October, reiterating a Buy rating.
According to F139 data, the average selling price of fiberglass cloth increased by 15-20% in September, with the 1080 series rising to 15.8 RMB per meter, the 2116 series increasing to 15.2 RMB per meter, and the 7628 series climbing to 11.6 RMB per meter.
Citigroup released a report stating that KB LAMINATES (01888) is expected to raise the price of copper-clad laminates again in early October to pass on costs, reiterating a "buy" rating with a target price of HKD 95. According to F139 data, the average price of fiberglass cloth rose by 15-20% in September, with the 1080 series increasing to RMB 15.8 per meter, the 2116 series to RMB 15.2 per meter, and the 7628 series to RMB 11.6 per meter. The absolute increase was RMB 1.55-2.50 per meter, reaching a new high since the beginning of the year, exceeding August's increase of RMB 1.5-2 per meter, and far surpassing the monthly increase of RMB 0.5-1 in the first half of 2026. This increase is higher than the bank's previous expectation of "September's increase being slightly lower than August's," indicating that the tight supply-demand situation in the industry has not eased as it enters the fourth quarter.
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