Goldman Sachs 2026 Asia Leaders Conference Takeaways: Kingboard Laminates — Vertically Integrated CCL Solutions Secure Supply
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At its 2026 Asia Leaders Conference, Goldman Sachs hosted management of Kingboard Laminates (1888.HK, not covered by Goldman Sachs), with discussion centered on CCL pricing, capacity expansion, and the upstream supply chain. Management is broadly positive that strong CCL demand will keep driving prices higher, with some existing capacity shifting toward AI-related products, although the pass-through to revenue and profit can take around two months. The company's full CCL supply-chain vertical integration—spanning fiberglass cloth, fiberglass yarn, and copper foil—has allowed near-full utilization and on-time delivery despite supply tightness. Goldman Sachs projects the global AI-server CCL market to grow at a 161% CAGR over 2026-28E, reaching US$48bn in 2028E. On expansion, the company is adding specialty fiberglass yarn capacity in Qingyuan (Gen 1/Gen 2 low-DK, low-CTE and quartz yarn), with accelerated specialty yarn growth expected in 2H26E; fiberglass cloth is expanding across three lines—Shaoguan targeting 95 million meters of annual capacity, the Nansha project slated to start in 3Q27E, and Qingyuan focused on AI applications. After 1H26 upstream material tightness, management remains optimistic on further price increases, though supply-demand rebalancing will take time. Disclosed data show the share price at HK$43.80; Goldman Sachs assigns no rating.