HK Stock Market Move | KB LAMINATES (01888) extends gains by over 10%; huge market space for PCB copper-clad laminates; JP Morgan gives a target price of HK$65.

KB LAMINATES (01888) extended its gains by over 10%, rising 10.59% as of press time to HK$51.05, with turnover of HK$6.099 billion. On the news front, Morgan Stanley said in its latest report that it expects the global CCL total addressable market (TAM) to grow from US$19 billion in 2025 to US$47 billion in 2030, corresponding to a 20% compound annual growth rate, significantly higher than the market consensus of US$35 billion to US$40 billion; of which AI and data center applications will contribute 90% of incremental growth. In addition, JP Morgan initiated coverage on the company with an "Overweight" rating and a target price of HK$65, implying about 41% upside from Tuesday's closing price. It is worth mentioning that, disclosure filings from the Hong Kong Stock Exchange show that KINGBOARD HLDG increased its holdings in KB LAMINATES by 800,000 shares on September 21 at an average price of about HK$46.8 per share, involving about HK$37.5 million. It is understood that since March this year, KB LAMINATES has raised prices seven times, and on a compound basis, the cumulative increase in FR-4 copper-clad laminates (1.3mm and above) alone has exceeded 100%. The acceleration of copper-clad laminate price increases further drove a sharp rise in the company's performance. In the first half of this year, the company achieved net profit attributable to shareholders of HK$2.887 billion, a year-on-year increase of 209%.