PerpEquities

Kingboard Holdings Limited (KBHLD) financials

HKSE · Basic Materials · Chemicals - Specialty · 34,000 employees · CEO Chang Wing Yiu

Price
HK$44.76 +1.68%
Market cap
HK$50.2B
Enterprise value
HK$69.7B
Last report
Q2 '26 filed 2026-06-30
Next report
2027-03-22
Revenue (TTM)HK$52.9B+19.4% vs a year agoLast 2 half-years; bars = each half-year
Operating margin (TTM)14.6%+4.2 pp vs a year agoOperating income HK$7.75B
Net income (TTM)HK$4.53B+67.5% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)HK$2.87B+10.0% vs a year agoCapex HK$3.73B
Diluted EPS (TTM)HK$4.06+66.4% vs a year agoSum of the last 2 half-years
Net cash-HK$675M+94.1% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap
HK$50.2B
EV HK$69.7B
Revenue
HK$52.9B
Trailing 12 months
Revenue growth
+31%
FY2026 consensus
Profit margin
8.6%
Net income / revenue, TTM
P/E
11.0×
Forward 5.5× (FY2026)
P/S
0.9×
Price / sales, TTM
EV / EBITDA
6.8×
TTM
Free cash flow
HK$2.87B
Trailing 12 months
Net income
HK$4.53B
Trailing 12 months
Revenue estimate
HK$59.5B
FY2026 consensus
Earnings
2027-03-22
Dividend
HK$2.20
Per share, last 12 months

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

  • Revenue growth accelerating: 34.8% year on yearQ2 '26 revenue HK$29.1B, against an average of 6.9% over the four half-years before.
  • Operating margin 14.6% (TTM), +4.2 pp on a year agoOperating income grew 67.5% while revenue grew 19.4%.
  • 10.0% of pre-tax profit is eaten by non-operating lossesPre-tax income HK$7.04B vs operating income HK$7.75B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
  • Capex 7.1% of revenue (a year ago 9.2%)HK$3.73B invested in the last 2 half-years (-8.3% on a year earlier). Free cash flow HK$2.87B = 63.4% of net income.
  • Returned HK$1.51B to shareholders = 52.7% of free cash flowBuybacks HK$0 (a year earlier HK$0), dividends HK$1.51B, stock-based pay HK$0 (TTM).
  • Diluted share count up 1.0% in a year1.12B diluted shares in Q2 '26, 1.11B a year earlier.
  • Net debt HK$675MCash + short-term investments HK$30.2B, debt incl. leases HK$30.9B; a year ago net debt HK$11.5B.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

Q2 '26Year agoChange
RevenueHK$29.1BHK$21.6B+34.8%
Gross margin27.1%19.6%+7.5 pp
Operating incomeHK$5.99BHK$2.42B+147.3%
Operating margin20.6%11.2%+9.4 pp
Net incomeHK$2.71BHK$2.58B+5.0%
Diluted EPSHK$2.42HK$2.33+3.9%
Operating cash flowHK$2.47BHK$606M+308.2%
CapexHK$0HK$0–
Free cash flowHK$2.47BHK$606M+308.2%
R&DHK$0HK$0–
Stock-based compensationHK$0HK$0–

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 2 half-years

cash flow statement
Operating cash flow
HK$6.61B
Capex
-HK$3.73B
Buybacks
HK$0
Dividends
-HK$1.51B
Acquisitions
HK$487M
Net debt issued
HK$1.07B
Stock-based compensation
HK$0
Free cash flow
HK$2.87B
Returned to shareholders / FCF
52.7%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years
Now5y averageWhere today sits in the 5-year range
P/E (TTM)11.0×8.3×3.9× – 12.7×
EV / EBITDA6.8×5.5×3.1× – 7.9×
EV / Sales1.3×1.0×0.8× – 1.1×
Price / FCF17.5×10.8× 4 of 5 years5.2× – 17.1×
Price / Book0.6×0.5×0.3× – 0.7×
FCF yield5.7%8.6%-2.9% – 19.2%
Return on invested capital5.5%6.5%3.9% – 13.9%
Return on equity6.3%7.2%2.7% – 17.1%

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal yearRevenueGrowthEPSGrowthP/E at today's priceAnalysts (EPS)
FY2026HK$59.5B+31.0%HK$8.08+104.1%5.5×2
FY2027HK$69.4B+16.8%HK$9.06+12.1%4.9×2
FY2028HK$74.5B+7.2%HK$9.98+10.2%4.5×1

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpenBalance sheetCash, investments, assets, debt, liabilities and equityOpenCash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings.

Data as of 2026-11-02