Kingboard Holdings Limited (0148.HK) stock analysis

In our weekly check, Kingboard Holdings Limited is graded D (A to F). Of 25 checks on debt, profit, cash flow and trend: 11 pass, warnings: 4, red flags: 10.

About Kingboard Holdings Limited

Kingboard Holdings Limited is a Basic Materials company (Chemicals - Specialty) based in Hong Kong, listed on HKSE as 0148.HK.

What our checks show for 0148.HK

Red flags

• Operating profit does not cover the interest bill (0.7x): interest is paid from cash or new debt.
• The net margin fell by 9.3 points over 5 years, to 9.7%: the company keeps less of each sale as profit.
• The gross margin fell by 15.7 points, to 17.5%: costs are rising faster than prices.
• Revenue fell 2.8% a year over the last 3 years.
• Free cash flow is negative (-2.1% of revenue): the business spends more cash than it brings in.
• The dividend takes 270% of profit: little cushion if profit falls.
• The price swings a lot: 76.7% annual volatility. Expect large ups and downs.
• The stock has fallen as much as 83% from a peak. Would you have held through that?
• Recovering from its deepest fall took about 8.5 years.
• Pay in shares equals 0% of free cash flow: it dilutes shareholders.

Warning signs

• Operating cash flow is only 0.67x net profit: part of the reported profit does not arrive as cash.
• The net margin is only 9.7%: little room if costs rise.
• Beta 1.25: the stock usually moves more than the market, both up and down.
• Return on capital (ROCE) is only 7.5%.

Strengths

• Analysts expect earnings per share to grow about 36% a year over the next years.
• Analysts expect revenue to grow about 17.9% a year over the next years.
• Analysts expect the net margin to improve by 5.2 points from today's 9.7%.
• The price is 11.3 times earnings (P/E), reasonable for its growth.
• Actively traded: about 27 million shares a day.

Similar companies

APD · GIVN.SW · ECL · SHW · SIKA.SW · DSFIR.AS

Questions

What grade does Kingboard Holdings Limited (0148.HK) have?

In our weekly check, Kingboard Holdings Limited is graded D (A to F). Of 25 checks on debt, profit, cash flow and trend: 11 pass, warnings: 4, red flags: 10. The grade is a risk check, not a buy or sell recommendation.

What are the main risks of 0148.HK stock?

This week's biggest flags for Kingboard Holdings Limited: Weak interest cover, Margins falling, Gross margin falling. In total 14 of 25 checks show a warning or a red flag.

What does Kingboard Holdings Limited do?

Kingboard Holdings Limited is a Basic Materials company (Chemicals - Specialty) based in Hong Kong, listed on HKSE as 0148.HK.

The grade is a risk check, not a price forecast, and not investment advice. In our 10-year test (S&P 500, 2016-2026), stocks we graded A or B fell more than 30% 2-3 times less often than D or F, without a lower average return.

Updated 2026-10-24

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