摩根大通 建滔化工投资价值分析.pdfVIP

Asia Pacific Equity Research 09 November 2010 Overweight Kingboard Chemical 0148.HK, 148 HK Price: HK$39.95 Raising PT to HK$65.0 - Factoring in higher chemical ▲Price Target: HK$65.00 prices and stronger demand from construction Previous: HK$60.00 • Benefiting from robust demand in electronics and construction. China KBC is the largest maker of laminates, PCBs in China and has a Conglomerates Multi-industry significant upstream chemicals business. It is the improvement in the Leon Chik, CFAAC prospects of the demand for chemicals from the construction sector (852) 2800-8590 (including affordable housing) that prompts our latest earnings revisions leon.hk.chik@ and thus raises our price target to HK$65.0. KBC is also well exposed to Andrew Hsu the overall health of exports and domestic demand and should benefit (852) 2800-8572 from quantitative easing, boosting demand in the US. andrew.tj.hsu@